Canadian Underwriter

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News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Hurricanes, Mexico earthquakes cost SCOR 430 million euros in Q3

October 26, 2017 by Canadian Underwriter

“An exceptional series of large natural catastrophes, with Hurricanes Harvey, Irma and Maria and earthquakes in Mexico,” has led to a cost of 430 million euros, net of retrocession and tax, for SCOR SE for the third quarter of the

News CatastrophesClaimsEarnings / RatingsInsuranceReinsurance

Hurricanes expected to deliver 1.4 billion euro hit to Munich Re in third quarter, total tally estimated at 2.7 billion euros

October 26, 2017 by Canadian Underwriter

Exceptional major-loss expenditure related to hurricanes Harvey, Irma and Maria (HIM) are expected to result in Munich Re posting a loss of 1.4 billion euros in 2017 Q3, reducing the (re)insurer’s previously anticipated full-year profit. Emphasizing that current estimates “are

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Reinsurance sector strongly positioned to deal with potential record-breaking losses of 2017: JLT Re

October 25, 2017 by Canadian Underwriter

After five years of below-average loss experience, 2017 looks set to become the “most expensive catastrophe loss year ever for the P&C sector,” but reinsurers’ existing capital base is sufficient to service the bulk of losses sustained so far, a

News CatastrophesEarnings / RatingsInsuranceReinsurance

P&C combined ratio for XL Group up to 146.9% in third quarter

October 25, 2017 by Canadian Underwriter

XL Group Ltd. has reported a P&C combined ratio of 146.9% for the third quarter of 2017 ending Sept. 30, as natural catastrophe losses largely attributed to Hurricanes Harvey, Irma and Maria took their toll. Excluding prior-year development and nat

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

U.S. inland marine industry one of the “most profitable and consistent” lines: A.M. Best

October 24, 2017 by Canadian Underwriter

The inland marine insurance industry has been one of the most profitable and consistent lines of business in the property and casualty industry over the past decade, according to a new special report from ratings firm A.M. Best Company. The

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Lloyd’s revises Harvey, Irma and Maria claims estimates to US$4.9 billion

October 23, 2017 by Canadian Underwriter

Lloyd’s has revised its net claims estimates for Hurricanes Harvey and Irma to a combined US$3.9 billion, plus a preliminary claims estimate for Hurricane Maria of US$0.9 billion. In a statement on Monday, Lloyd’s also reported that the world’s specialist

News InsuranceMarkets / CoveragesReinsurance

Analyzing near misses can help with capacity management, capital calibration: RMS, Lloyd’s

October 23, 2017 by Canadian Underwriter

Insurers and reinsurers can benefit by considering how near misses – such as an incident three months ago when an Air Canada Airbus A320 nearly landed on a taxiway with four passenger jets – might have become major disasters, Risk

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Swiss Re estimates losses from recent hurricanes, Mexico earthquakes at US$3.6 billion

October 20, 2017 by Canadian Underwriter

Swiss Re has estimated its preliminary combined losses from Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to be approximately US$3.6 billion, net of retrocession and before tax. Of the total combined losses, claims from the two earthquakes

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

ILS market ready to deal with “wake-up call” of Q3 nat cats: Willis Towers Watson Securities

October 20, 2017 by Canadian Underwriter

Insurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Zurich estimates net claims related to Hurricanes Harvey, Irma and Maria of US$700 million

October 19, 2017 by Canadian Underwriter

Zurich Insurance Group has become that latest insurer to estimate the impact of Hurricanes Harvey, Irma and Maria on its book of business. Zurich said in a press release on Thursday that it currently estimates aggregate claims in the third

News InsuranceLegislation / RegulationMarkets / CoveragesReinsuranceTechnology

Known risks and new technology such as Hyperloop can pose challenges: Munich Re

October 18, 2017 Jason Contant, Online Editor

The combination of known risks with a new technology is challenging, Christian Höft, client manager with Munich Re, told Canadian Underwriter one day after the (re)insurer released a comprehensive risk analysis of the Hyperloop technology. Hyperloop Transportation Technologies’ (HTT) technology

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Some reinsurance programs ‘have been called upon four or five times’ in 2017: CMS

October 18, 2017 by Canadian Underwriter

With analysts estimating catastrophe losses exceeding $100 billion to the property & casualty insurance industry in 2017, a law firm suggested Wednesday there is a risk disputes over reinstatement of reinsurance coverage and erosion limits, between North American insurers and