Topic
Reinsurance
Record new Cat bond, ILS issuance in 2016 spurs highest-ever outstanding market size: Artemis.bm
January 3, 2017 by Canadian UnderwriterCatastrophe bonds and similarly structured insurance-linked securities (ILS) deals in 2016 propelled the market to record levels, with the approximately US$7 billion in new issuance resulting in an outstanding market size of US$26.82 billion at year-end, notes the latest edition…
Flood Money
January 2, 2017 Greg Meckbach, Associate EditorWhile the federal government continues to “explore options” for a national approach to flood insurance, a major reinsurer warns coverage is unaffordable to many high-risk properties.
Beyond Fort Mac
January 1, 2017 Tom Johansmeyer, Assistant Vice President, PCS Strategy and Development; and Ted Gregory, Director of PCS Operations, Verisk Insurance SolutionsProperty Claim Services Canada has designated nine catastrophe events in Canada in 2016. Though most of the $4.9 billion insured loss arose from the Alberta wildfires, the data indicates hail and thunderstorms events are becoming more severe.
Europe’s insurers paid out 2.7 billion euros a day in 2015: Insurance Europe
December 20, 2016 by Canadian UnderwriterEurope’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance…
Benefits of merging Fairfax and Allied World ‘far outweigh’ overlap in reinsurance: Fairfax Insurance COO
December 19, 2016 by Canadian UnderwriterThe merger agreement announced Sunday by Toronto-based Fairfax Financial Holdings Ltd. and Allied World Assurance Company Holdings AG will give Fairfax a “rather different profile” of insurance business than it currently owns, but it is not clear what percentage of…
U.S. private cyber insurance market capable of managing most risks: study
December 17, 2016 by Canadian UnderwriterThe private cyber insurance market in the United States is capable of managing most risks, according to a new policy study from Washington, D.C.-based think tank R Street Institute. Released on Thursday, the study from R Street senior fellow Ian…
Swiss Re adopts climate-related financial disclosure recommendations
December 14, 2016 by Canadian UnderwriterSwiss Re announced on Wednesday that it will adopt the climate-related financial disclosure recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Swiss Re helped develop the voluntary guidelines on climate risk reporting and is a member of the…
A.M. Best maintains global reinsurance sector outlook at negative
December 13, 2016 by Canadian UnderwriterA.M. Best Company is holding its outlook for the global reinsurance sector at negative, citing the continued market challenges that will hinder the potential for positive rating actions over time and may eventually translate into negative rating pressures. The Best’s…
Two dead, more than 15,000 evacuated as cyclone hits southeast India
December 12, 2016 THE ASSOCIATED PRESSNEW DELHI – A cyclone slammed into India’s southeastern coast on Monday, killing at least two people and causing authorities to evacuate thousands of people from low-lying areas. Schools and offices were closed and state authorities were on alert in…
Tennessee and Israel wildfires, New Zealand quake among expensive catastrophes in November: Aon Benfield
December 7, 2016 by Canadian UnderwriterThe November 13 earthquake affecting New Zealand “serves as a reminder ” of earthquake risk in Oceania, while wildfires — some set deliberately – in Israel, will cause economic losses of over half a billion, Impact Forecasting LLC suggested in…
Swiss Re plans to expand R&D capabilities to efficiently allocate capital into growing risk pools
December 2, 2016 by Canadian UnderwriterSwiss Re’s stronger focus on and investment in research and development (R&D) to identify risk pools, as well as its move to further leverage technology, seeks to meet the twin goals of facilitating enhanced client support and creating competitive advantage.…
Extreme weather events can be modelled as “independent” by global reinsurers, Lloyd’s and Met Office study confirms
November 28, 2016 by Canadian UnderwriterExtreme weather events can be modelled as “independent” by global reinsurers when assessing many of their key aggregate risks around the world, confirmed a new report from Lloyd’s, the world’s only specialist insurance and reinsurance market, and the Met Office,…