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Free online offering hopes to bolster catastrophe modelling understanding

September 5, 2017 by Canadian Underwriter

What has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat

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U.S. P&C industry records US$5.1 billion underwriting loss in first half of 2017: A.M. Best

August 29, 2017 by Canadian Underwriter

The property and casualty industry in the United States recorded a net underwriting loss of US$5.1 billion for the first six months of the year, according to preliminary results from A.M. Best Company. This underwriting loss compares with a US$2 billion loss in the same period a year ago, the Oldwick, N.J. ratings firm said in a press release on Tuesday. Data from the financial review is derived from companies’ six-month 2017 interim statutory statements received as of Aug. 21 and represents an estimated 96%…

News CatastrophesInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

2016 earthquake in central Italy estimated to cost 108 million euros in property losses: PERILS

August 24, 2017 by Canadian Underwriter

The magnitude 6.0 earthquake that struck central Italy exactly one year ago is estimated to have cost 108 million euros, PERILS AG has reported. PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, disclosed its final loss estimate for

News CatastrophesEarnings / RatingsInsuranceReinsurance

Global reinsurers’ first-half 2017 results reflect pricing pressure, consolidation expected: Fitch

August 21, 2017 by Canadian Underwriter

Global reinsurers’ first half 2017 results provide further evidence of continuing pressure on pricing and earnings, Fitch Ratings said in a report released on Monday. “Intense competition among global reinsurers and the abundance of capital invested in the sector mean

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Expected insured losses from present-day Hurricane Andrew would total US$56 billion: AIR Worldwide

August 21, 2017 by Canadian Underwriter

If Hurricane Andrew were to occur today, 25 years after its original landfall, the expected total industry insured losses (based on today’s exposures) would be approximately US$56 billion in the United States, catastrophe risk modelling firm AIR Worldwide reported on

News CatastrophesInsuranceReinsurance

Greater risk of negative underwriting results for reinsurers predicted by S&P

August 15, 2017 by Canadian Underwriter

With property catastrophe prices dropping during the 2017 renewals, combined with natural catastrophe losses exceeding US$50 billion last year, global reinsurers are at greater risk of having negative underwriting results and will tend to “shy away” from property catastrophe business,

Angela Stelmakowich, Editor
Feature Markets / CoveragesReinsurance

Cat Claws

August 15, 2017 Angela Stelmakowich, Editor

Can a single catastrophic event turn the reinsurance market? With the influx of capital, excess capacity and competition for business  high – perhaps as high as it has ever been – is the notion that an event can right the

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CatIQ enters into agreement with Impact Forecasting to use cat event flood response footprints for Canada

August 11, 2017 Jason Contant, Online Editor

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) announced that they have entered into an agreement whereby Impact Forecasting’s cat event response flood footprints for Canada will be made available as a layer on CatIQ’s CatHUB module. “Aon Impact Forecasting’s Canadian

News CatastrophesInsuranceReinsurance

Combined ratio down 5.9 points, P&C reinsurance premiums down 8% for Munich Re

August 11, 2017 by Canadian Underwriter

Munich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335

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P&C reinsurance gross written premiums for half-year up 17.3% to 5.4 billion euros for Hannover Re

August 10, 2017 by Canadian Underwriter

Hannover Re has reported a 17.3% increase in property and casualty reinsurance gross written premiums (GWP) for the first half of the year to 5.4 billion euros from 4.6 billion euros in H1 2016. “The main driver was once again

News Earnings / RatingsReinsurance

Retroactive reinsurance contracts, Ogden rate reduction produce underwriting losses for Berkshire Hathaway

August 8, 2017 by Canadian Underwriter

Boston-based Berkshire Hathaway Specialty insurance, which announced its entry in 2015 into the Canadian market, had a 23% increase in premiums written for the first half of 2017 versus 2016, while the Berkshire Hathaway Reinsurance Group had liabilities for losses

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Aon plc net income up to US$769 million in Q2 2017 from US$300 million in Q2 2016

August 8, 2017 by Canadian Underwriter

Aon plc has reported a net income attributable to shareholders of US$769 million for the three months ending June 30, a drastic increase from US$300 million in the prior-year period. Total revenue increased 4% to US$2.4 billion from US$2.3 billion