Canadian Underwriter

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Reinsurance

News CatastrophesClimate ChangeInsuranceReinsurance

Cat bonds starting to attract this type of investor

October 15, 2020 by Greg Meckbach

Catastrophe bonds are gaining a reputation as a socially responsible investment, a CatIQ Connect speaker said Wednesday. “Investors seeking investments in the [environmental, social and governance] market are starting to classify cat bonds as a responsible investment,” said Alyson Slater,

News Climate ChangeInsuranceReinsurance

The tough question for insurers withdrawing coverage from coal

October 14, 2020 by Greg Meckbach

The industry’s concern over carbon emissions, and their impact on climate change, raises the question of whether nuclear energy is better for the environment. “One the one hand, nuclear [energy] is a source of carbon-free power generation. On the other

News BrokersClaimsClaims CanadaCommercial LinesInsuranceLegalReinsurance

Insurers adding pandemic exclusions in commercial policies that go beyond just BI

September 2, 2020 by Greg Meckbach

Many insurers that did not start adding pandemic exclusions this past July may have to do so in January, a Winnipeg-based executive with commercial brokerage Gallagher reports. “The majority of insurers – or all insurers – are adding specific wording

News Reinsurance

Intact’s Brindamour: Why the hard market could last for up to two more years

August 20, 2020 by Greg Meckbach

A hard market in reinsurance is among three main reasons why primary insurance rates will continue to rise for brokers’ clients for at least another year or two, Intact Financial Corp. CEO Charles Brindamour suggests. In a recent virtual fireside

News Earnings / RatingsInsuranceReinsurance

Reinsurers discuss the hard market, new bricks-and-mortar locations

August 18, 2020 by Jason Contant

Given the persisting novel coronavirus infections and the economic fallout from the pandemic, it seems unlikely any reinsurers would want to set up new physical locations this year, but that’s exactly what may happen, speakers said recently during an A.M.

News InsuranceReinsuranceRisk

What an insurance solution for pandemic risk might look like

August 17, 2020 by Jason Contant

The P&C insurance industry has technical expertise it could bring to bear in covering future pandemics (risk management and claims adjustment experience, for example), but the financial losses would best be covered through public-private partnerships, speakers said recently during an

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Why A.M. Best sees the global reinsurance market as ‘stable’

August 13, 2020 by Jason Contant

Months into the COVID-19 pandemic, reinsurance industry observers are seeing a mixed forecast ahead and it’s too early to tell how the pandemic will affect rating actions, according to a recent A.M. Best webinar. “Obviously, the situation has gotten complicated

News AdjustersCatastrophesClaimsInsuranceReinsurance

The impact of Calgary’s hailstorm on North American H1 storm losses

August 11, 2020 by Jason Contant

Canada’s costliest-ever hailstorm contributed to the largest insured losses in North America since the first half of 2011, according to preliminary natural catastrophe estimates from Swiss Re. The hailstorm that struck Calgary in June cost the industry $1.2 billion based

News AnnouncementsAppointmentsBrokersInsuranceReinsurance

Guy Carpenter names new head of Canadian operations

August 5, 2020 by David Gambrill

Peter Askew has been named president and CEO of the Canadian business of global reinsurance specialist Guy Carpenter & Company LLC, a business of Marsh & McLennan Companies. Effective immediately, Askew will be responsible for Guy Carpenter’s reinsurance broking activities

News AnnouncementsCatastrophesInsuranceReinsurance

Swiss Re Group books $2.5 billion for pandemic-related losses

July 31, 2020 by David Gambrill

Swiss Re today reported COVID-19 claims and reserves totalling $2.5 billion across the Group, resulting in a net loss of $1.1 billion in the first half of 2020 (all figures in U.S. dollars). “Based on current information and a prudent

News CatastrophesClaimsInsuranceReinsurance

Lloyd’s proposes “open source” frameworks for future pandemic coverage

July 6, 2020 by David Gambrill

Lloyd’s of London is proposing three “open-source frameworks” to provide a blueprint for better protecting society against systemic catastrophic events such as pandemics, after noting the market will pay out between $3 billion and $4.3 billion to its global customers

News BrokersCatastrophesClaimsCommercial LinesEarnings / RatingsEmploymentInsuranceMarkets / CoveragesReinsuranceRisk

CU Webinar: Industry execs to discuss impact of economic recession on Canada’s P&C industry

June 12, 2020 by David Gambrill

Way back in 2020 Q1, before the world turned upside down, the Canadian property and casualty insurance results were on the rebound from a difficult prior year. But on Mar. 11, 2020, the World Health Organization declared the novel coronavirus