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Lloyd’s reports already paying US$738 million for Hurricanes Harvey, Irma and Maria

October 13, 2017 by Canadian Underwriter

The Lloyd’s market has now paid almost three quarters of a billion dollars (US$738 million) in response to Hurricanes Harvey, Irma and Maria, the world’s specialist insurance market said on Thursday. “When you get three catastrophic weather events as well

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Cat bonds including Canadian coverage totalled $2.8 billion in first nine months of 2017: PCS

October 12, 2017 by Canadian Underwriter

Sponsors raised $2.8 billion through catastrophe bond transactions that included Canada, “the most robust year in catastrophe bond market history,” Property Claims Services (PCS) said in a new report. Bigger and More Mature: PCS Q3 2017 Catastrophe Bond Report was

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Bermuda’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes

October 11, 2017 by Canadian Underwriter

Bermuda market firms may fund at least a quarter of the estimated US$100 billion in aggregate insured losses from hurricanes Harvey, Irma and Maria, suggest preliminary aggregated loss estimates from the Association of Bermuda Insurers & Reinsurers (ABIR). “Based on

News CatastrophesConstructionInsuranceMarkets / CoveragesReinsurance

Landscaping ‘absolutely key’ to reducing wildfire risk: ICLR

October 11, 2017 Greg Meckbach, Associate Editor

Canadian property owners can do more to “take the weak links” out of the chain of events causing homes to burn from wildfire, a speaker suggested at the recent Annual Engineering Insurance Conference (AEIC). “How a property is landscaped is

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Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR

October 10, 2017 by Canadian Underwriter

Catastrophe losses “should reach” US$95 billion, for the private insurance market, from three recent North Atlantic hurricanes and the earthquake in Mexico, SCOR SE suggested Monday. That figure is the “total private insured market loss for the combined Harvey-Irma-Maria hurricanes

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OSFI to release reinsurance discussion paper, likely by early next year

October 10, 2017 Jason Contant, Online Editor

The Office of the Superintendent of Financial Institutions (OSFI) will release a discussion paper related to reinsurance, likely early next year, Neville Henderson, assistant superintendent of the regulator’s insurance supervision sector, said last week. Speaking at the National Insurance Conference

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Move critical infrastructure protection burden ‘on to the back’ of reinsurers: engineering conference speaker

October 6, 2017 Greg Meckbach, Associate Editor

A lack of insurance coverage for critical infrastructure is one reason for the growing gap between insured and economic losses and 2017 “is going to be the costliest year in world insurance history,” a speaker said Thursday at the 44th

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Beware ‘event amnesia’ following Fort McMurray wildfire, NICC speaker warns

October 5, 2017 Jason Contant, Online Editor

Following Canada’s costliest natural disaster, Fort McMurray may be more resilient in the short- and medium-term, but there needs to be an avoidance of “event amnesia,” a speaker suggested earlier this week at the National Insurance Conference of Canada (NICC).

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Record month of Atlantic tropical cyclones leads to major financial toll: Aon Benfield

October 5, 2017 by Canadian Underwriter

Hurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model

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Property Claim Services and NFIP to report aggregate flood loss estimates

October 5, 2017 by Canadian Underwriter

Property Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the

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Willis Re supports B3i blockchain insurance industry initiative

October 2, 2017 by Canadian Underwriter

Willis Re is supporting the B3i initiative – the global blockchain effort launched last fall – by becoming a member and taking part in its prototype market testing phase. The announcement follows the successful launch of a working market testing

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

RMS estimates insured losses from Hurricane Maria at between US$15-30 billion

September 28, 2017 by Canadian Underwriter

Global risk modelling and analytics firm RMS is estimating that the insured losses from Hurricane Maria will be between US$15-30 billion. RMS said in a press release on Thursday that the estimate represents the insured losses associated with wind, storm