The Canadian P&C industry’s combined ratio improved 7.06% in the second quarter of this year from the same quarter last year to 97.71% from 104.77%, according to the MSA Quarterly Outlook Report, released on Thursday. “What a difference a year…
Low insurance penetration rates across Mexico, particularly in residential lines, has prompted RMS to issue a preliminary estimate that insured losses from the Puebla earthquake in central Mexico on Sept. 19 will not exceed US$1.2 billion. “This estimate accounts for…
The Allstate Corporation has estimated gross catastrophe losses, excluding homeowners flood, of US$576 pre-tax for Hurricane Harvey. The losses will be reduced by US$23 million in anticipated reinsurance recoveries, for a net estimated loss of US$553 million, Northbrook, Ill.-based Allstate…
Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of…
Nearly 8.5 million residential and commercial properties in Florida are at either “extreme,” “very high” or “high” risk of wind damage from Hurricane Irma, new data from CoreLogic shows. According to data analysis from the global property information, analytics and…
A.M. Best Company Inc. expects its new methodology – which will yield five different scores for capital adequacy ratio – will become effective early in the fourth quarter but will not be a “fundamental change” to how the ratings firm…
Property losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties…
Catastrophe bond issuance in the 12 months ending June 30, 2017, reached a historic US$11.3 billion, nearly US$2 billion larger than the previous all-time record, Aon Securities said in a new report. Aon Securities, the investment banking division of global…
The global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick,…
Gross losses accrued in the National Flood Insurance Program (NFIP) from Hurricane Harvey will be between US$7-10 billion, Pete Dailey, vice president of product management with Risk Management Solutions, Inc. (RMS), suggested in a blog posted on Friday. About 40%…
Property Claim Services (PCS) announced that it has launched PCS Global Cyber, a new loss aggregation service that provides “industry loss estimates for individual affirmative worldwide cyber events with insured losses of at least $20 million industrywide.” Developed in collaboration…
What has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat…