The 2023 hurricane season is shaping up to be near normal as the current ocean temperatures (which fuel hurricane activity) and the El Niño patterns (which hinder it), are converging to neutralize one another, industry outlooks suggest. For the P&C…
Although inflationary pressures are adding to the cost of first- and even third-party property claims, commercial insurers can leverage their global resources to reduce these costs, says a commercial insurance exec. “[Inflation] affects the cost to restore a building,” said…
The fire/explosion peril continues to crux Canadian insurers, accounting for 38% of all corporate insurance losses by value of claims, according to Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. Natural catastrophes peak as Canada’s second highest major…
The trend of above-average hurricane seasons is expected to continue this year and Canadian insurers should heed this warning by preparing Atlantic businesses for more severe hurricanes, according to Allianz Global Corporate & Specialty’s Atlantic Hurricane Season Outlook 2022. “Although Canada…
A surge in directors and officers liability claims, withdrawal of some carriers from hospitality and high-profile cyberattacks are among the big trends now in commercial specialty
The marine insurance sector saw a huge drop last year in the number of total shipping losses but the industry continues to have a problem with shippers trying to sneak hazardous and flammable cargo on board without declaring it. “Dangerous…
Commercial clients looking for ways of managing wildfire risk should turn their mind at some point to flammable liquid storage. “You wouldn’t want a gas can right up against the building,” said Scott Steinmetz, global head of risk control, MidCorp…
Supertall structures, buildings more than 300 metres high or 90 storeys tall, are in vogue right now, raising interesting insurance challenges, according to a recent industry trends report released by the Insurance Institute of Canada. “Increasingly complex high-rise building projects…
International insurance transactions can be significantly accelerated and simplified, suggests a trial by Allianz Global Corporate & Specialty (AGCS) involving the successful implementation of a blockchain prototype for the captive insurance market. “We are currently seeing many blockchain applications in…
Lower 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…
The 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…
Allianz Global Corporate & Specialty (AGCS) is now providing bespoke coverage designed to protect U.S. businesses faced with loss related to terrorism and political violence both at home and overseas. Given the recent tragic events in Europe and Virginia, the…