Topic
Reinsurance
Combined ratio down 4.6 points for Everest Re
July 25, 2017 by Canadian UnderwriterEverest Re Group Ltd. reported Monday catastrophe losses, net of reinsurance, of $53.5 million in the three months ending June 30, with a 4.6-point improvement in its Q2 combined ratio to 90.5%. All figures are in United States dollars. Hamilton,…
Global insurance brokers sector will hit US$54.8 billion in 2021 as growth remains impressive despite deceleration: report
July 25, 2017 by Canadian UnderwriterThe global insurance brokers sector will reach US$54.8 billion in 2021, according to data from research company MarketLine. The global insurance brokers sector has experienced “impressive growth” in recent years, registering a compound annual growth rate (CAGR) of 7% between…
Pitch Perfected
July 20, 2017 Angela Stelmakowich, EditorReinsurance pricing has hit a low note. Global conditions continue to put downward pressure on rates, but forces are in place that could foster more effective and efficient response. Will innovation and partnerships both within and outside the industry allow reinsurers to hit a higher note in future?
Wildfires prompt evacuations on outskirts of Penticton, B.C.
July 20, 2017 THE CANADIAN PRESSPENTICTON, B.C. – Residents of a rural area on the outskirts of Penticton, B.C., on Thursday joined the more than 45,000 people in British Columbia who have fled their homes due to fast-moving fires. The blaze broke out around 9…
British Columbia extends state of emergency two weeks due to wildfires
July 19, 2017 THE CANADIAN PRESSVICTORIA – British Columbia’s new government is extending the state of emergency for two more weeks as wildfires sweeping across the province’s Interior show no signs of slowing. Premier John Horgan said his government’s first priority is to support the…
Capital markets could help transfer U.S. flood risk to private market: Artemis
July 19, 2017 by Canadian UnderwriterThe “glut of reinsurance capital and interest from capital markets” could help the United States government reform its flood insurance subsidy program by making the heavily-indebted National Flood Insurance Program a “much smaller insurer of last-resort,” Artemis.bm suggested Wednesday on…
Nat cat insured losses total US$19.5 billion for first six months of 2017: Munich Re
July 18, 2017 by Canadian UnderwriterFour of the five costliest natural catastrophes, measured by insured losses, during the first half of this year, occurred in the United States, while four of the five deadliest events occurred in Asia, Munich Re announced. Munich Re released Tuesday…
B.C. officials face challenges in bringing people home after fire evacuations
July 18, 2017 THE CANADIAN PRESSKAMLOOPS, B.C. – A British Columbia official says getting people to safety as fast-Moving wildfires approached was only half the battle _ the other half will be returning them home. Al Richmond, chairman of the Cariboo Regional District in B.C.’s…
Judicial determination on interpretation of property Cat XOL with reinsurers sought
July 18, 2017 by Angela StelmakowichAlberta Motor Association Insurance Company is looking to divide the loss arising out of the Fort McMurray wildfire, which exceeded a duration of 168 hours, into six multiple loss occurrences in line with its reading of its property catastrophe excess…
Trisura licensed to sell insurance in the U.S.
July 14, 2017 by Canadian UnderwriterTrisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States. In a July 12 press release, Trisura said it “has…
Alberta Motor Association takes legal action to recover money from reinsurance companies providing Fort McMurray wildfire coverage
July 13, 2017 by Canadian UnderwriterThe Alberta Motor Association Insurance Company (AMA) has announced that it has filed a statement of claim with the Court of Queen’s Bench of Alberta to take “legal action to recover money owed to it by a number of companies…
Property market loss estimate for Europe’s Cyclone Egon reaches 275 million euros: PERILS
July 13, 2017 by Canadian UnderwriterThe latest property insurance market loss estimate for extratropical cyclone Egon, which hit parts of France and Germany in mid-January, has increased to 275 million euros, Zurich-based PERILS reported on Wednesday. Representing the third of four estimates to be issued…