Topic
Reinsurance
Fort McMurray wildfire accounts for 98% of H1 insured cat losses in Canada, 29% of PCS-designated North American losses
August 31, 2016 by Canadian UnderwriterThe Fort McMurray wildfire accounted for 98% of first-half insured catastrophe losses in Canada and 29% of Property Claim Services (PCS)-designated North American cat losses for the period, according to a preliminary estimate from the company. Insurers affected by the…
North American P&C insurers’ operating profitability declines in first half of 2016: Fitch
August 29, 2016 by Canadian UnderwriterNorth American property and casualty insurers’ operating earnings decreased in the first half of 2016, as results were challenged by modest underwriting deterioration and low investment yields, according to a new report released on Friday by Fitch Ratings. For a…
“Limited impact” expected for Italian insurers following earthquake: Fitch
August 29, 2016 by Canadian UnderwriterThe impact on Italian insurers from the earthquake that struck the central part of the country is likely to be limited, ratings firm Fitch Ratings said on Friday. Fitch Ratings estimates insured losses of 100 million to 200 million euros,…
Over There, Over Here
August 26, 2016 Angela Stelmakowich, EditorIt would be folly to think that political risk is something that only happens “over there.” The effects over here can be just as damaging. That the number of such incidents may not be as high as has traditionally been…
Recent earthquakes a reminder that events can happen anywhere: I.I.I.
August 26, 2016 by Canadian UnderwriterThe recent earthquakes in Italy and Myanmar are a warning to homeowners and business owners in regions that may also be at risk to consider purchasing earthquake insurance, notes the Insurance Information Institute (I.I.I.). Just 10% of homeowners in the U.S. have…
Saturated ground means more rain could spur more flooding in southern Louisiana: AIR Worldwide
August 25, 2016 by Canadian UnderwriterAdditional rainfall could result in more flooding in southern Louisiana, already hit hard by extensive flooding associated with one of the state’s most catastrophic, non-tropical cyclone-triggered flood events in decades. “In the event of further rainfall, the region’s flat topography,…
Low-quality cement, inadequate supporting rods among issues in Italian region hit by earthquake: Aon
August 24, 2016 by Canadian UnderwriterThe region of Italy hit by an earthquake early Wednesday morning, which killed at least 65, has buildings with “inadequate supporting iron rods” and a “relatively low” penetration of earthquake insurance for residential property, Aon plc’s Impact Forecasting LLC subsidiary…
FEMA approves $107 million in grants in Louisiana flooding
August 24, 2016 Melinda Deslatte - THE ASSOCIATED PRESSBATON ROUGE, La. — Heavy trucks and their works crews have begun hauling away mounds of mouldy carpet, warped flooring and water-damaged furniture as south Louisiana digs out from flooding the governor estimated Tuesday had wrecked more than 100,000 homes.…
Wildfire still active, 75% contained in British Columbia’s Okanagan Valley
August 24, 2016 THE CANADIAN PRESSWEST KELOWNA, B.C. — Visitors forced to flee from a campsite in British Columbia’s Okanagan Valley ahead of a raging wildfire on Sunday night will have a chance to retrieve abandoned items. The Central Okanagan Regional District says people who…
Italian rescuers pull victims out of rubble after 6.2 earthquake hits northeast of Rome
August 24, 2016 Paolo Santalucia And Nicole Winfield - THE ASSOCIATED PRESSAMATRICE, Italy – A strong earthquake rocked central Italy early Wednesday, collapsing homes on top of residents as they slept. At least 11 people were reported dead in two hard-hit towns where rescue crews raced to dig survivors out of…
Homes more resistant to ignition by embers had improved survival in Fort Mac wildfire, “luck” not a factor: ICLR report
August 22, 2016 by Canadian UnderwriterSurviving homes in otherwise decimated neighbourhoods of Fort McMurray hit by this spring’s massive wildfire were more resistant to ignition by embers, notes a preliminary report issued by the Institute for Catastrophic Loss Reduction (ICLR). Home survival is not random…
Only about 4% of Lloyd’s total business considered at risk from Brexit: Aon Benfield
August 18, 2016 by Canadian UnderwriterOnly about 4% of Lloyd’s total business is considered to be at risk from the potential loss of membership of the single European market, following the United Kingdom’s decision to leave the European Union (EU) in June, according to Aon…