Topic Claims
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…
Insured losses from Hurricane Irma already US$5.3 billion: Florida Office of Insurance Regulation
October 25, 2017 by Canadian UnderwriterTotal estimated insured losses from Hurricane Irma in Florida have already topped US$5 billion, the Florida Office of Insurance Regulation (FOIR) has reported. Aggregate information compiled from claims data filed by insurers shows that total estimated insured losses are US$5,311,772,141.…
U.S. auto insurance customers slow to adopt digital claims reporting, J.D. Power finds
October 23, 2017 by Canadian UnderwriterDespite a nationwide advertising blitz for mobile auto insurance apps and widespread use of digital channels to purchase insurance, auto insurance customers in the United States have been slow to adopt digital claims reporting, J.D. Power reported on Monday. Its…
Lloyd’s revises Harvey, Irma and Maria claims estimates to US$4.9 billion
October 23, 2017 by Canadian UnderwriterLloyd’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…
Climate change added to historic fire season by making it more extreme: University of Alberta researcher
October 23, 2017 by Bill Graveland - THE CANADIAN PRESSCALGARY – Climate change didn’t directly cause major wildfires in Alberta and British Columbia this year but it did contribute to their extreme nature, says a University of Alberta researcher. B.C. recorded its worst-ever fire season. Wildfires that began in…
Federal, Manitoba governments agree to pay $90 million to First Nations following 2011 flood
October 20, 2017 by Canadian UnderwriterThe governments of Manitoba and Canada have agreed to pay more than $90 million to certain First Nations who were affected by flooding in 2011. McKenzie Lake Lawyers LLP said in a statement released earlier this week that while not…
Swiss Re estimates losses from recent hurricanes, Mexico earthquakes at US$3.6 billion
October 20, 2017 by Canadian UnderwriterSwiss 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…