Topic Insurers
Estimated insured losses from Hurricane Matthew for U.S., Caribbean between US$2.8 billion and US$8.8 billion: AIR
October 13, 2016 by Canadian UnderwriterModelled insured losses from Hurricane Matthew could range from US$2.2 billion to US$6.8 billion for the United States and US$600 million to US$2.0 billion for the Caribbean, notes an estimate issued Thursday by AIR Worldwide. Hurricane Matthew affected the Caribbean…
Pool Re announces launch of International Forum of Terrorism Risk (Re)Insurance Pools
October 11, 2016 by Canadian UnderwriterPool Re, which reinsures property damage and business interruption against terrorism risk in Great Britain, announced on Monday the launch of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP). The formation of IFTRIP is the culmination of a Pool…
Business interruption payouts should be based on historic results even in post-disaster economy: AEIC speaker
October 11, 2016 by Angela StelmakowichThe Fort McMurray wildfire will likely raise questions about the basis for business interruption (BI) insurance payouts in a post-catastrophe economy, but historic results are the best indication of what otherwise would have occurred, Emily Stock argued during the 43rd…
Canadian P&C industry combined ratio improves to 96% in 2015 from 99% in 2014
October 7, 2016 by Canadian UnderwriterThe property and casualty insurance industry in Canada reported an aggregated combined ratio of 96% in 2015, a three-point improvement from 99% in the previous year, driven by fewer severe weather and catastrophe events, the Office of the Superintendent of…
Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS
October 5, 2016 by Canadian UnderwriterYear-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The…
U.S. P&C insurers report US$1.5 billion net underwriting loss in first half of 2016
October 5, 2016 by Canadian UnderwriterPrivate property and casualty insurers in the United States reported a US$1.5 billion net underwriting loss in the first half of 2016 – the first year-to-date net underwriting loss in more than three years, according to ISO, a Verisk Analytics…
Canadian insurers report 1.7% written premium price level increase in Q2: Willis Towers Watson CLIPS Canada survey
October 5, 2016 by Canadian UnderwriterRespondents to Willis Towers Watson’s (WTW) latest Commercial Lines Insurance Pricing Survey – Canada (CLIPS Canada) have reported a 1.7% written premium price level increase during the second quarter of 2016 compared to the prior year quarter. Data was contributed…
California wildfire threatens 325 structures
September 30, 2016 by THE ASSOCIATED PRESSMORGAN HILL, Calif. – A wildfire in a mostly remote area of California’s Santa Cruz Mountains has now destroyed eight homes and sent a firefighter to the hospital, officials said Thursday. One firefighter was injured and hospitalized, but no details…
New reinsurer view of Canada may be forming, likely to influence pricing
September 30, 2016 by Angela Stelmakowich, EditorVANCOUVER – The higher frequency of billion-dollar-plus natural catastrophe events in Canada contributes to the global reinsurance community viewing the country differently and pricing will need to change to reflect risk, Mark Cloutier, group CEO for Brit Insurance Ltd., said…
Fort McMurray wildfire shares characteristics of 2011 Thai floods and New Zealand quakes: Baker at NICC
September 30, 2016 by Angela Stelmakowich, EditorVANCOUVER – The Fort McMurray wildfire, though not on the same scale, shared many characteristics of the 2011 Thai floods and New Zealand earthquakes, Joel Baker, president and CEO of the National Insurance Conference of Canada (NICC), said Thursday at…
Fort Mac wildfire more than an “earnings event” for some insurers, domestic market posts $1 billion underwriting loss in H1: MSA
September 28, 2016 by Canadian UnderwriterThe Fort McMurray wildfire may have been an “earnings event” for the largest insurers in Canada’s property and casualty industry, but that was not the case for some smaller regional writers, notes the newly released MSA Quarterly Outlook Report for…
Combined ratio 100.3% for U.S. mutual insurers in 2015: A.M. Best
September 22, 2016 by Canadian UnderwriterMutual property & casualty insurers in the United States experienced more growth in their commercial business than in personal lines over the past five years, while improved pricing sophistication has led to lower loss ratios, A.M. Best Company suggested in…