Canadian Underwriter

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Reinsurance


News CatastrophesInsuranceMarkets / CoveragesReinsurance

Guess how much a magnitude-5.8 earthquake in eastern Canada could cost insurers?

January 15, 2018 Peter Rakobowchuk - THE CANADIAN PRESS

MONTREAL – While people in British Columbia are mindful of the fact they could eventually face some of the strongest earthquakes in the world, at least one study warns there’s a lack of awareness of the risk in Eastern Canada.

News AnnouncementsMarkets / CoveragesMergers and AqcuisitionsReinsuranceTechnology

Deal with LOGiQ3 sees U.S. firm acquire Canadian insurtech

January 10, 2018 by Jason Contant

RGAx, a subsidiary of Reinsurance Group of America, has acquired a group of companies providing technology, consulting and outsourcing solutions to the North American life and reinsurance industries – including two Canadian organizations. On Jan. 8, RGAx announced the acquisition

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Was 2017 the costliest year ever for insured losses?

January 8, 2018 by Jason Contant

Munich Re has confirmed what industry analysts have long speculated — the hurricane trio of Harvey, Irma and Maria made 2017 the year of the highest global insured losses ever. The final insurance bill for those three hurricanes and other

News CatastrophesInsuranceMarkets / CoveragesReinsurance

2017 cat bond issuance reaches record levels

January 5, 2018 by Jason Contant

Catastrophe bond issuance in 2017 reached record levels, including in Canada, as insurers and reinsurers sponsored approximately US$10.5 billion in cat bonds. According to data from the Artemis.bm Deal Directory, there was more than US$10.5 billion in issuance last year,

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

How insurers protect their earnings against multiple catastrophes

January 4, 2018 by David Gambrill

With the rise of multiple major catastrophe events in Canada, look for primary insurers to start seeking aggregate reinsurance covers as a means to adapt to climate change-related losses. “It’s the new normal that the companies are going to have

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Why Canadian insurers should feel lucky after 2017

January 3, 2018 by Greg Meckbach

After a year of massive North Atlantic hurricane losses, Canadian P&C insurers may have dodged a bullet with this year’s renewal season. Reinsurers licensed in Canada “were the main beneficiaries of the relatively quiet Canadian CAT year,” wrote Joel Baker,

News CatastrophesInsuranceMarkets / CoveragesReinsurance

2018 Outlook: Heidi Sevcik, President, CEO, Gore Mutual Insurance Company

January 2, 2018 Heidi Sevcik

The pace of change in the property and casualty market remains faster than ever before, increasing the need for cooperation and innovation in 2018. The increasing frequency of severe weather events emphasizes the importance of the industry and governments working

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Economic losses top US$300 billion in 2017

December 20, 2017 by Canadian Underwriter

Insured losses from natural catastrophes in 2017, at more than US$130 billion, were more than double the average of the previous 10 years, and more than US$90 billion in losses is probably from three hurricanes alone, Swiss Re said Wednesday.

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesReinsurance

Insurers, society face irreversible climate change: reinsurance board exec

December 19, 2017 Greg Meckbach, Associate Editor

Wildfires that hit British Columbia earlier this year and that continue to affect California are among the effects of climate change, says Karen Gavan, former CEO of Waterloo, Ont.-based Economical Insurance. “Literally California has been burning all fall,” said Gavan,

News CatastrophesClaimsConstructionInsuranceMarkets / CoveragesReinsurance

‘Resilient, but tired:’ Mental effects of wildfire lingering in Fort McMurray

December 18, 2017 The Canadian Press

FORT MCMURRAY, Alta. – Firefighter Mark Stephenson says he can’t drive through Fort McMurray without being brought back to May 2016. That’s when, in the thick of battling a ferocious wildfire that destroyed 10 per cent of the northern Alberta

News InsuranceMarkets / CoveragesReinsurance

New business consulting firm offers more choice in Canada for P&C industry

December 8, 2017 Jason Contant, Online Editor

RSM, a global provider of audit, tax and consulting services focused on the middle market, has announced the launch of RSM Canada with an office of about 300 professionals in the heart of Toronto’s financial district. Harry Blum will serve

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Catastrophes likely to have “muted” effect on Canadian reinsurance pricing

December 4, 2017 Jason Contant, Online Editor

Reinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including