Keyword
AIR Worldwide
Spread of Zika virus brings new risks to U.S. carriers, insureds
August 15, 2016 by Canadian UnderwriterHealth insurers in the United States are advised to be vigilant in developing pandemic preparedness plans to respond to the new health risks associated with the Zika virus, notes a special report issued Friday by A.M. Best. With arrival of…
AIR Worldwide expands global pandemic model
July 25, 2016 by Canadian UnderwriterBoston-based catastrophe risk modelling firm AIR Worldwide announced on Monday that it has expanded its global pandemic model to include outbreaks of six additional diseases. The model now explicitly accounts for nine pathogens, including bacterial and viral diseases, in addition…
AIR Worldwide announces new global resilience practice
July 18, 2016 by Canadian UnderwriterCatastrophe modelling firm AIR Worldwide announced on Monday that it has formed a “global resilience practice,” a new function to support risk reduction and resilience initiatives across the globe. “These initiatives are aimed at developing solutions that aid society’s efforts…
Claims paid for Kumamoto Prefecture quake 317 billion yen to date
June 29, 2016 by Canadian UnderwriterThe General Insurance Association of Japan (GIAJ) reports that claims paid in the wake of the Kumamoto earthquake in mid-April totalled 317 billion yen, or about US$3.1 billion, as of June 20. Specifically, there have been 239,749 inquiries made, 222,981…
Parts of Texas see 10 to 20 inches of rain in 24-hour period: AIR Worldwide
June 7, 2016 by Canadian UnderwriterTexas, still drying out from one of its wettest springs on record, received additional heavy rainfall during the last two weeks, causing major flooding throughout the state, catastrophe modelling firm AIR Worldwide said on Monday. AIR Worldwide said in a…
Fort McMurray wildfires could result in two weeks’ lost oil production: Conference Board
May 17, 2016 by Canadian UnderwriterThe impact of the wildfires in the Fort McMurray, Alberta area on oil production could “translate into” a $985-million loss in gross domestic product, though the rebuilding effort will result in “elevated” construction activity in the area through 2018, the…
Catastrophic Fort McMurray wildfire shows need for fire resilience
May 6, 2016 by Canadian UnderwriterThe devastating wildfire in and around Fort McMurray – an event that has been estimated could produce insured losses of as much as $9 billion, becoming the most cost disaster event ever in Canada – clearly illustrates the pressing need…
At least US$350M in insured losses from Ecuador quake that killed more than 500: AIR
April 22, 2016 by Canadian UnderwriterAs Ecuador continues to suffer aftershocks from a major earthquake the evening of April 16, catastrophe modeling vendor AIR Worldwide estimates insured losses could exceed $1 billion. In an alert published Thursday, Boston-based AIR Worldwide said it estimates that industry…
‘Fair amount of uncertainty’ of financial impact of Canadian earthquakes: OSFI deputy superintendent
April 14, 2016 Greg Meckbach, Associate EditorThe financial risk from an earthquake in Quebec is “a lot bigger than maybe people think,” a Munich Re Canada executive suggested Wednesday, while the head of Aon Benfield Canada suggested Canadians on the west coast “may be” underinsured for…
First open source cyber scenario released by AIR Worldwide during RIMS 2016
April 11, 2016 Angela Stelmakowich, EditorSAN DIEGO — Catastrophe modelling firm AIR Worldwide has launched what it calls the first open source deterministic cyber risk scenario, a move meant to help individual companies and the insurance industry as a whole better understand aggregated risk from…
Prepare for Anything
April 1, 2016 Greg Meckbach, Associate Editor and Jason Contant, Online EditorCanadians are well-aware of events that can produce insured losses, including storms and cold weather. But the possible influence of other less-familiar perils, like earthquakes and cyber cats, should also be on the radar.
Brussels bombings show trend to target public transportation infrastructure: RMS
March 28, 2016 by Canadian UnderwriterThe terrorism bomb blasts last week in Brussels “are a somber reminder of the difficulty of preventing attacks against transportation infrastructure such as airports and metro or bus stations,” notes catastrophe risk modelling company Risk Management Solutions (RMS). “As security…