Topic
Reinsurance
PERILS AG almost doubles initial property loss estimate for Central Italy earthquake
November 24, 2016 by Canadian UnderwriterPERILS AG’s second loss estimate for insured property loss associated with Central Italy’s earthquake in August has almost doubled from 34 million euros to 66 million euros. The third loss estimate for the quake is scheduled to be published Feb.…
Canadian Underwriter and Swiss Re team up for webinar on Canadian flood risk
November 23, 2016 by Canadian UnderwriterCanadian Underwriter and Swiss Re have teamed up to host a live webinar, titled The Road to Flood Resilience in Canada, reflecting on natural hazards throughout the country and what Canada can expect for the future. The free webinar, scheduled…
Real growth of direct premiums written in non-life insurance forecast at 1.7% for Canada in 2017 and 2.6% in 2018: Swiss Re
November 22, 2016 by Canadian UnderwriterReal growth of direct premiums written in non-life insurance in Canada is expected to be 0.8% this year, but up to 1.7% in 2017 and 2.6% in 2018, according to Swiss Re’s Global insurance review and outlook for 2017/18. The…
Preparing Canada for inevitable earthquake recognized as a national social and economic threat: IBC’s Forgeron
November 22, 2016 by Canadian UnderwriterPreparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to…
Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board
November 22, 2016 by Canadian UnderwriterThe Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event…
Canadian insurers ‘in a tough time for investments,’ A.M. Best analysts warn
November 15, 2016 Greg Meckbach, Associate EditorMergers and acquisitions in the reinsurance sector sometimes involve carriers acquiring managing general agents, while in Canada, M&As have involved insurers trying to “beef up certain parts of their enterprise,” analysts from A.M. Best Company Inc. suggested at a recent…
Some increased risks developing in surety space, but these can be managed: panel
November 14, 2016 by Angela StelmakowichThe outlook for surety in Canada is healthy, but a number of developments are introducing increased risk that need to be taken into account and properly managed, speakers suggested during the Toronto Risk and Insurance Education Forum last week in…
Canadian insurers covering Fort McMurray property ‘learned a lot’ from 2011 Slave Lake wildfire: A.M. Best’s Silverthorn
November 10, 2016 Greg Meckbach, Associate EditorThe insured loss from the wildfire in May in Fort McMurray, Alta. will be “somewhere between” $3.6 billion and $4.6 billion, with European reinsurers covering nearly half of the loss, analysts from A.M. Best Company Inc. suggested Thursday. “The reinsurers…
Munich Re posts profit of 684 million euros in third quarter
November 10, 2016 by Canadian UnderwriterMunich Re has posted a profit for 684 million euros in the third quarter of 2016 ending Sept. 30, up from 525 million euros in the same quarter last year. For the first nine months of the year ending Sept.…
Fort McMurray will hit Canadian’s p&c industry financial results in 2016: A.M. Best
November 9, 2016 by Canadian UnderwriterCurrent-year financial results for Canada’s property and casualty industry – which were once again strong in 2015 – are expected to take a hit in the wake of the Fort McMurray wildfire loss, notes a new report from A.M. Best.…
Oceans Protection Plan includes robust polluter-pay approach to abandoned, derelict and wrecked vessels
November 8, 2016 by Canadian UnderwriterCanada’s new $1.5 billion national Oceans Protection Plan involves a raft of measures to help protect the country’s marine environment, including a pollution-pay approach with regard to abandoned, derelict and wrecked vessels The national plan was announced Monday in St.…
Hurricane Matthew ‘will not be material’ to Berkshire Hathaway’s financial results
November 7, 2016 by Canadian UnderwriterBerkshire Hathaway Inc. reported Friday a 13% drop in its property & casualty premiums earned at its reinsurance group, while the primary insurers had a combined loss ratio of 61% during the third quarter of this year. For the three…