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The trick to getting blockchain to work for insurance

July 30, 2018 by Jason Contant

The trick to getting blockchain to work in the insurance space is getting all the players in the market to align and agree on common standards and a way to govern the blockchain, Aon Benfield’s chief information officer said Friday.

News CatastrophesClaimsInsuranceReinsurance

Ontario ice storm catches the eye of global reinsurance brokerage

April 20, 2018 by Greg Meckbach

Severe weather earlier this week in Ontario has caught the attention of reinsurance providers. Impact Forecasting LLC, a unit of reinsurance brokerage Aon Benfield, noted Friday that winter weather starting April 13 “left considerable damage across southern sections of Canada’s

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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 Underwriter

Exceptional 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

News CatastrophesClaimsEarnings / RatingsInsuranceMarkets / Coverages

Actual U.S. homeowners’ loss ratio 10 points lower than modeled expected over past 10 years: Aon

October 16, 2017 by Canadian Underwriter

The 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

News CatastrophesClaimsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield

September 12, 2017 by Canadian Underwriter

Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Coalition urges ‘substantive reforms’ to U.S. National Flood Insurance Program

September 11, 2017 by Canadian Underwriter

As Tropical Storm Irma moves north through Florida, a group whose members include insurers is urging American politicians to reform the National Flood Insurance Program, which expires Sept. 30. SmarterSafer announced Sept. 7 it “continues to support a reauthorization of

News CatastrophesInsuranceMergers and Aqcuisitions

Hurricane Harvey likely to be one of the costliest natural disasters on record for U.S. economy: Aon Benfield

September 8, 2017 by Canadian Underwriter

Hurricane Harvey is likely to be one of the costliest natural disasters on record for the economy of the United States, with damage from the hurricane to minimally cost tens of billions of dollars, Aon Benfield has reported. Impact Forecasting,

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Greater risk of negative underwriting results for reinsurers predicted by S&P

August 15, 2017 by Canadian Underwriter

With property catastrophe prices dropping during the 2017 renewals, combined with natural catastrophe losses exceeding US$50 billion last year, global reinsurers are at greater risk of having negative underwriting results and will tend to “shy away” from property catastrophe business,

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CatIQ enters into agreement with Impact Forecasting to use cat event flood response footprints for Canada

August 11, 2017 Jason Contant, Online Editor

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) announced that they have entered into an agreement whereby Impact Forecasting’s cat event response flood footprints for Canada will be made available as a layer on CatIQ’s CatHUB module. “Aon Impact Forecasting’s Canadian

News CatastrophesInsuranceMarkets / Coverages

NOAA upwardly revises forecast for 2017 Atlantic hurricane season

August 10, 2017 by Canadian Underwriter

The National Oceanic and Atmospheric Administration (NOAA) in the United States is now forecasting 14-19 named storms, five to nine hurricanes and two to five major (Category 3+) hurricanes between June and November for the Atlantic Basin. The agency’s August

News CatastrophesInsuranceMergers and Aqcuisitions

Asia records US$11 billion economic loss from heavy flooding in July, western Canada affected by wildfires, severe weather: Aon

August 8, 2017 by Canadian Underwriter

Relentless seasonal flooding that began in mid-June resulted in continued fatalities and damage across parts of Asia in July, causing an estimated US$11 billion in economic losses, according to Impact Forecasting’s latest Global Catastrophe Recap report. On Tuesday, Impact Forecasting,

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Cat bond issuance in Q2 reaches US$6.38 billion across 20 transactions, easily surpassing Q2 2014 record of US$4.49 billion: Aon Securities

August 4, 2017 by Canadian Underwriter

Catastrophe bond issuance during the second quarter of 2017 totalled US$6.38 billion across 20 transactions, a new record for quarterly issuance that easily surpassed the previous record of US$4.49 billion set in Q2 2014, Aon Securities said in a new