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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

Karen Clark
Feature CatastrophesReinsurance

Andrew: Now and Then

September 28, 2017 Karen Clark, Co-founder, Karen Clark & Company

Hurricane Andrew brought with it great devastation and loss a quarter-century ago, but also helped cement the value of well-informed catastrophe modelling. Fast forward 25 years and, once again, rethinking modelling is in order

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Canadian P&C industry’s combined ratio improves seven points in Q2 2017 to 97.7%: MSA

September 28, 2017 by Canadian Underwriter

The Canadian P&C industry’s combined ratio improved 7.06% in the second quarter of this year from the same quarter last year to 97.71% from 104.77%, according to the MSA Quarterly Outlook Report, released on Thursday. “What a difference a year

News CatastrophesClaimsInsuranceMergers and AqcuisitionsReinsurance

Insured losses from latest Mexico earthquake not expected to exceed US$1.2 billion: RMS

September 25, 2017 by Canadian Underwriter

Low insurance penetration rates across Mexico, particularly in residential lines, has prompted RMS to issue a preliminary estimate that insured losses from the Puebla earthquake in central Mexico on Sept. 19 will not exceed US$1.2 billion. “This estimate accounts for

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Allstate estimates gross cat losses of US$576 for Hurricane Harvey

September 21, 2017 by Canadian Underwriter

The Allstate Corporation has estimated gross catastrophe losses, excluding homeowners flood, of US$576 pre-tax for Hurricane Harvey. The losses will be reduced by US$23 million in anticipated reinsurance recoveries, for a net estimated loss of US$553 million, Northbrook, Ill.-based Allstate

News CatastrophesClaimsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield

September 12, 2017 by Canadian Underwriter

Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of

News CatastrophesClaimsInsuranceMergers and AqcuisitionsReinsurance

8.5 million properties in Florida at significant risk of potential wind damage from Hurricane Irma: CoreLogic

September 8, 2017 by Canadian Underwriter

Nearly 8.5 million residential and commercial properties in Florida are at either “extreme,” “very high” or “high” risk of wind damage from Hurricane Irma, new data from CoreLogic shows. According to data analysis from the global property information, analytics and

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

New rating methodology from A.M. Best expected in Q4

September 8, 2017 Greg Meckbach, Associate Editor

A.M. Best Company Inc. expects its new methodology – which will yield five different scores for capital adequacy ratio – will become effective early in the fourth quarter but will not be a “fundamental change” to how the ratings firm

News ClaimsInsuranceMergers and AqcuisitionsReinsurance

Total property damage from Hurricane Harvey’s flooding estimated at between US$65-75 billion: AIR Worldwide

September 7, 2017 by Canadian Underwriter

Property losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties

News CatastrophesInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

“Notable shift” in North American perils is inclusion of Canada in covered areas of cat bonds: Aon Securities

September 7, 2017 by Canadian Underwriter

Catastrophe bond issuance in the 12 months ending June 30, 2017, reached a historic US$11.3 billion, nearly US$2 billion larger than the previous all-time record, Aon Securities said in a new report. Aon Securities, the investment banking division of global