Topic
Reinsurance
Wildfire catastrophe models need improvement: Reinsurer
March 8, 2019 by Greg MeckbachThe world’s second-largest reinsurer is looking for partners in the artificial intelligence space to help the reinsurer get a better idea of how much insured damage future wildfires could cause. Swiss Re is working with the Massachusetts Institute of technology…
One solution for non-damage business interruption
February 21, 2019 by Jason ContantParametric insurance can help fill a gap in some policies by covering non-damage business interruption, a speaker said Tuesday at AXA XL’s Fast Forward LIVE event in downtown Toronto. Caused by a variety of factors, including severe weather conditions, non-damage…
The two main benefits of parametric insurance
February 20, 2019 by Jason ContantSpeed is one of the main benefits of parametric insurance compared to traditional forms of insurance, with the underwriting process taking just several days to two weeks, speakers from AXA Global Parametrics in France said Tuesday. Parametrics is index-based insurance,…
Executive challenges brokers regarding earthquake take-up rates in Quebec
February 8, 2019 by Jason ContantSparks flew during a recent conference discussion about mortgage impairment and earthquake loss, when a senior reinsurance company executive drew a link between the practices of Quebec brokers and the low take-up rates of earthquake insurance in the province. Philipp…
Hard market? Not so fast.
January 16, 2019 by Jason ContantThe Canadian insurance industry is not at the beginning of a hard market, says Phil Cook, a P&C industry consultant and CEO of Omega Insurance Holdings. “There are some commentators out there that will say we are at the beginning…
What could drive reinsurers away from some markets
December 10, 2018 by Greg MeckbachReinsurance is extremely important but could get too expensive in certain areas, industry leaders said at a recent event. Some insurance companies today are “dialing up their reinsurance protection – property and cat risk in particular in the United States,”…
Why A.M. Best gave the global reinsurance segment a ‘stable’ outlook
December 6, 2018 by David GambrillCORRECTION: An earlier version of this story incorrectly stated that A.M. Best had changed its outlook for the global reinsurance sector from ‘Stable’ to ‘Negative.’ In fact, the outlook changed to ‘Stable’ from ‘Negative.’ Canadian Underwriter apologizes for the error.…
What’s making wildfires more severe?
November 12, 2018 By Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – Both nature and humans share blame for California’s devastating wildfires, but forest management did not play a major role, despite President Donald Trump’s claims, fire scientists say. Nature provides the dangerous winds that have whipped the fires, and…
Power of Small
November 2, 2018 David Gambrill, Editor-in-ChiefCanada’s reinsurance marketplace, featuring a relatively small piece of the global premium pie, creates a challenge for reinsurers to grow their business. So why do reinsurers remain optimistic about their future prospects?
How blockchain can help fight insurance fraud
September 24, 2018 by Jason ContantBlockchain for insurance has various oft-touted benefits – reduced costs and simpler and faster transactions, among them – but it can also be used to combat fraud, said David Verbeeten, a domain expert in insurance at software company ConsenSys. Verbeeten…
Will Hurricane Florence affect reinsurance rates in Canada?
September 12, 2018 by Jason ContantAs the southeastern United States braces for Hurricane Florence – one year after Hurricanes Harvey, Irma and Maria caused widespread destruction in the country – the question of whether there is sufficient reinsurance capacity is again thrust into the spotlight.…
This reinsurer says rates need to go up
September 10, 2018 by Jason ContantUnderwriting margins will need to improve by at least six to nine points in major western markets to deliver sustainable returns, according to the latest sigma report from global reinsurer Swiss Re. The report Profitability in non-life insurance: mind the…