Topic
Reinsurance
Cat bonds including Canadian coverage totalled $2.8 billion in first nine months of 2017: PCS
October 12, 2017 by Canadian UnderwriterSponsors raised $2.8 billion through catastrophe bond transactions that included Canada, “the most robust year in catastrophe bond market history,” Property Claims Services (PCS) said in a new report. Bigger and More Mature: PCS Q3 2017 Catastrophe Bond Report was…
Bermuda’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes
October 11, 2017 by Canadian UnderwriterBermuda market firms may fund at least a quarter of the estimated US$100 billion in aggregate insured losses from hurricanes Harvey, Irma and Maria, suggest preliminary aggregated loss estimates from the Association of Bermuda Insurers & Reinsurers (ABIR). “Based on…
Landscaping ‘absolutely key’ to reducing wildfire risk: ICLR
October 11, 2017 Greg Meckbach, Associate EditorCanadian property owners can do more to “take the weak links” out of the chain of events causing homes to burn from wildfire, a speaker suggested at the recent Annual Engineering Insurance Conference (AEIC). “How a property is landscaped is…
Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR
October 10, 2017 by Canadian UnderwriterCatastrophe losses “should reach” US$95 billion, for the private insurance market, from three recent North Atlantic hurricanes and the earthquake in Mexico, SCOR SE suggested Monday. That figure is the “total private insured market loss for the combined Harvey-Irma-Maria hurricanes…
OSFI to release reinsurance discussion paper, likely by early next year
October 10, 2017 Jason Contant, Online EditorThe Office of the Superintendent of Financial Institutions (OSFI) will release a discussion paper related to reinsurance, likely early next year, Neville Henderson, assistant superintendent of the regulator’s insurance supervision sector, said last week. Speaking at the National Insurance Conference…
Move critical infrastructure protection burden ‘on to the back’ of reinsurers: engineering conference speaker
October 6, 2017 Greg Meckbach, Associate EditorA lack of insurance coverage for critical infrastructure is one reason for the growing gap between insured and economic losses and 2017 “is going to be the costliest year in world insurance history,” a speaker said Thursday at the 44th…
Beware ‘event amnesia’ following Fort McMurray wildfire, NICC speaker warns
October 5, 2017 Jason Contant, Online EditorFollowing Canada’s costliest natural disaster, Fort McMurray may be more resilient in the short- and medium-term, but there needs to be an avoidance of “event amnesia,” a speaker suggested earlier this week at the National Insurance Conference of Canada (NICC).…
Record month of Atlantic tropical cyclones leads to major financial toll: Aon Benfield
October 5, 2017 by Canadian UnderwriterHurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model…
Property Claim Services and NFIP to report aggregate flood loss estimates
October 5, 2017 by Canadian UnderwriterProperty Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the…
Willis Re supports B3i blockchain insurance industry initiative
October 2, 2017 by Canadian UnderwriterWillis Re is supporting the B3i initiative – the global blockchain effort launched last fall – by becoming a member and taking part in its prototype market testing phase. The announcement follows the successful launch of a working market testing…
RMS estimates insured losses from Hurricane Maria at between US$15-30 billion
September 28, 2017 by Canadian UnderwriterGlobal risk modelling and analytics firm RMS is estimating that the insured losses from Hurricane Maria will be between US$15-30 billion. RMS said in a press release on Thursday that the estimate represents the insured losses associated with wind, storm…
Andrew: Now and Then
September 28, 2017 Karen Clark, Co-founder, Karen Clark & CompanyHurricane Andrew brought with it great devastation and loss a quarter-century ago, but also helped cement the value of well-informed catastrophe modelling. Fast forward 25 years and, once again, rethinking modelling is in order