Topic
Reinsurance
Canadian P&C industry combined ratio improves to 96% in 2015 from 99% in 2014
October 7, 2016 by Canadian UnderwriterThe property and casualty insurance industry in Canada reported an aggregated combined ratio of 96% in 2015, a three-point improvement from 99% in the previous year, driven by fewer severe weather and catastrophe events, the Office of the Superintendent of…
Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS
October 5, 2016 by Canadian UnderwriterYear-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The…
California wildfire threatens 325 structures
September 30, 2016 THE ASSOCIATED PRESSMORGAN HILL, Calif. – A wildfire in a mostly remote area of California’s Santa Cruz Mountains has now destroyed eight homes and sent a firefighter to the hospital, officials said Thursday. One firefighter was injured and hospitalized, but no details…
New reinsurer view of Canada may be forming, likely to influence pricing
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – The higher frequency of billion-dollar-plus natural catastrophe events in Canada contributes to the global reinsurance community viewing the country differently and pricing will need to change to reflect risk, Mark Cloutier, group CEO for Brit Insurance Ltd., said…
Fort McMurray wildfire shares characteristics of 2011 Thai floods and New Zealand quakes: Baker at NICC
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – The Fort McMurray wildfire, though not on the same scale, shared many characteristics of the 2011 Thai floods and New Zealand earthquakes, Joel Baker, president and CEO of the National Insurance Conference of Canada (NICC), said Thursday at…
Fort Mac wildfire more than an “earnings event” for some insurers, domestic market posts $1 billion underwriting loss in H1: MSA
September 28, 2016 by Canadian UnderwriterThe Fort McMurray wildfire may have been an “earnings event” for the largest insurers in Canada’s property and casualty industry, but that was not the case for some smaller regional writers, notes the newly released MSA Quarterly Outlook Report for…
FEMA announces first-ever reinsurance agreement under NFIP
September 22, 2016 by Canadian UnderwriterThe Federal Emergency Management Agency (FEMA) announced on Thursday its first-ever reinsurance agreement under the National Flood Insurance Program (NFIP). The agreement will allow the NFIP to share flood risk with private reinsurance companies to help defray the cost of…
Lloyd’s reports 1.46 billion pound profit for first half of 2016, combined ratio up 8.5 points to 98%
September 22, 2016 by Canadian UnderwriterDespite seeing a “major claims increase due primarily to the Fort McMurray fires in Alberta, Canada” and a challenging market environment, Lloyd’s of London has reported a profit of 1.46 billion pounds – or nearly $2.5 billion – for the…
Canada Pension Plan Investment Board to acquire Lloyd’s syndicate Ascot Underwriting for US$1.1 billion
September 16, 2016 by Canadian UnderwriterThe Canada Pension Plan Investment Board (CPPIB) announced on Friday that it has signed an agreement with American International Group (AIG) to acquire 100% of Ascot, AIG’s Lloyd’s platform, for a “total consideration” of US$1.1 billion. The CPPIB said in…
Change in exposure driving widening gap between insured, economic losses following disaster events
September 14, 2016 by Angela StelmakowichCALGARY – A dramatic loss scenario around disaster events is developing globally, contributing to a widening gap between insured and economic losses, Alex Kaplan, senior vice president of global partnerships for Swiss Re, suggested earlier this week during the RIMS…
Weakening reinsurance environment leaving more reinsurers vulnerable to takeover in 2017: Fitch
September 13, 2016 by Canadian UnderwriterWeak profitability is likely to leave more reinsurers worldwide vulnerable to takeover in 2017, reinvigorating mergers and acquisitions (M&A) activity as healthier firms seek growth and efficiency savings, Fitch Ratings said on Monday. Consolidation in the sector has stalled after…
Index-linked insurance helps reduce adverse selection: Swiss Re
September 13, 2016 by Canadian UnderwriterA reinsurance program can help mutual insurers free up funds that can be spent elsewhere, while index-based insurance can help provide coverage for business interruption not caused by property damage – such as software and electrical power failures – Swiss…