Topic Claims
ILS market ready to deal with “wake-up call” of Q3 nat cats: Willis Towers Watson Securities
October 20, 2017 by Canadian UnderwriterInsurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities…
Travelers reports lower net, core income in 2017 Q3 than in 2016 Q3
October 20, 2017 by Canadian UnderwriterA US$700 million pre-tax hit for catastrophe losses in 2017 Q3 contributed to Travelers Companies, Inc. seeing both its net income and core income drop compared to the prior-year quarter. The U.S. insurer’s net income amounted to US$293 million for…
Cross-industry fraud increasing: LexisNexis Risk Solutions study
October 19, 2017 by Canadian UnderwriterToday’s criminals are more sophisticated than ever, as cross-industry fraud is occurring in 84% of polled cases, a new survey of fraud mitigation professionals has found. The third annual LexisNexis Fraud Mitigation Study surveyed 800 fraud mitigation professionals from the…
Zurich estimates net claims related to Hurricanes Harvey, Irma and Maria of US$700 million
October 19, 2017 by Canadian UnderwriterZurich Insurance Group has become that latest insurer to estimate the impact of Hurricanes Harvey, Irma and Maria on its book of business. Zurich said in a press release on Thursday that it currently estimates aggregate claims in the third…
CGL insurer has duty to defend third-party claim arising from workplace injury
October 19, 2017 by Canadian UnderwriterThere is a possibility that a third-party claim against a door installation company – whose subcontractor was injured on the job and was not covered by the Alberta Workers’ Compensation Board – falls under a commercial general liability policy, a…
Fires force evacuations in southern Alberta, Saskatchewan
October 18, 2017 by Bill Graveland - THE CANADIAN PRESSResidents in the Crowsnest Pass are still without power after a wind-whipped fire that forced about 150 people living in the town of Coleman from their homes. The blaze in the Alberta mountain community was one of several driven by…
Some reinsurance programs ‘have been called upon four or five times’ in 2017: CMS
October 18, 2017 by Canadian UnderwriterWith analysts estimating catastrophe losses exceeding $100 billion to the property & casualty insurance industry in 2017, a law firm suggested Wednesday there is a risk disputes over reinstatement of reinsurance coverage and erosion limits, between North American insurers and…
Wildfire situation in California remains volatile: AIR Worldwide
October 17, 2017 by Canadian UnderwriterWhile residents of Mendocino County have been allowed to return home after deadly wildfires destroyed property in California, AIR Worldwide is warning the situation “remains extremely volatile” in the region. As winds moderated on Sunday, “firefighters were able to make…
Frank Cowan Company offering new suite of products for terrorism coverage
October 17, 2017 by Canadian UnderwriterNow available from Frank Cowan Company is a new suite of products designed to help municipalities and public services organizations address the terrorism risk they face and transfer some of that risk via the insurance product. Partnering with XL Catlin…
Actual U.S. homeowners’ loss ratio 10 points lower than modeled expected over past 10 years: Aon
October 16, 2017 by Canadian UnderwriterThe catastrophe loss ratio, over 10 years, was 10 points lower than the modeled expected cat loss ratio in homeowners’ insurance in the United States, Aon plc suggested in a report released Monday. Aon Benfield Analytics released Monday its annual…
Hurricanes to date a capital event for reinsurers, 2017 could be even more costly Cat year than 2005
October 16, 2017 by Canadian UnderwriterThe above-average activity for the Atlantic hurricanes season so far – a season that is not yet done – is already a capital event for p&c reinsurers and the remainder plus wildfire activity likely only contributes to nervousness, S&P Global…
Lloyd’s reports already paying US$738 million for Hurricanes Harvey, Irma and Maria
October 13, 2017 by Canadian UnderwriterThe 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…