Texas says it needs $61 billion from federal government for Harvey recovery
November 1, 2017 by The Associated Press (APR)AUSTIN, Texas – Texas needs $61-plus billion in federal funding just to rebuild public infrastructure damaged by Hurricane Harvey, as well as to cover projects to prevent future flooding. John Sharp, Texas’ Harvey recovery “czar,” announced Tuesday that the figure…
BHSI unveils new offering, follow form for U.S. and Canadian contractors
November 1, 2017 by Canadian UnderwriterBoston-based Berkshire Hathaway Specialty Insurance (BHSI) has announced the availability of a single excess policy that sits atop multiple first- and third-party insurance policies for contractors in the United States and Canada. The new policy provides excess follow form protection…
What limitation period governs a personal injury claim by tenant vs. landlord?
November 1, 2017 by Bruce Cook and Rachel RungeWhat happens in Ontario when a tenant sues a landlord under the Occupiers’ Liability Act and it alleges disrepair in a residential apartment?
Cats a significant driver in Everest Re Group’s posting US$639.4 million net loss in 2017 Q3
October 31, 2017 by Canadian UnderwriterLosses from hurricanes Harvey, Irma, Maria (HIM) and the Mexico City earthquake contributed to Everest Re Group, Ltd. posting a US$639.4 million net loss for 2017 Q3 compared to net income of US$295.4 million for the prior-year quarter. For the…
Marshall gives his take on the ‘real problem’ with auto catastrophic impairment coverage
October 30, 2017 by Greg MeckbachThe Ontario auto insurance system needs to do more for claimants who are catastrophically injured and not rely so much on “competing opinions” among medical practitioners, a former chief executive officer of the workers compensation system suggested to brokers recently.…
Hurricanes look to be increasing, drivers of higher related losses less prominent in Canada than in U.S.: AGCS
October 30, 2017 by Angela StelmakowichLower population increase and development in coastal areas of Canada compared to the United States will likely help ensure losses are less likely to increase, suggests Andrew Higgins, technical manager – Americas for Allianz Risk Consulting, LLC. “Certainly, sea level…
AIR Worldwide estimates insured losses of US$2-3 billion for California wildfires
October 28, 2017 by Canadian UnderwriterAIR Worldwide is estimating the industry insured losses from the California wildfires will be between US$2 billion and US$3 billion. The Boston-based catastrophe modelling firm, a Verisk business, released an estimate of the losses from the Tubbs, Pocket, Nuns, Atlas,…
Quality of construction workmanship a major factor in water losses: RSA Canada CEO
October 27, 2017 by Greg Meckbach, Associate EditorAging infrastructure and deteriorating construction standards are among the “major factors” leading to the challenges Canadian property insurers face when dealing with water losses, brokers heard Thursday during the CEO Panel at the Insurance Brokers Association of Ontario convention. “The…
Hurricane recent events, history illustrate need to beef up preparedness: AGCS
October 27, 2017 by Angela StelmakowichThe preparedness of U.S. businesses is still wanting despite lessons learned from Hurricane Sandy and the high hurricane activity, devastation and losses so far this Atlantic hurricane season, suggests Allianz Global Corporate & Specialty (AGCS). “In light of lessons learned…
2016 central Italy earthquakes cost an estimated 208 million euros: PERILS
October 26, 2017 by Canadian UnderwriterThe series of earthquakes that impacted central Italy one year ago have cost 208 million euros, the independent Zurich-based organization PERILS has estimated. On Thursday, PERILS disclosed its final property insurance loss estimate for the earthquakes that struck Italy between…
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 UnderwriterExceptional 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…
Reinsurance sector strongly positioned to deal with potential record-breaking losses of 2017: JLT Re
October 25, 2017 by Canadian UnderwriterAfter 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…
