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California wildfires already cost more than US$1 billion in losses: state insurance department
October 20, 2017 by Canadian UnderwriterThe wildfires in California have cost US$1.045 billion in losses, preliminary data from the California Department of Insurance has revealed. On Thursday, California Insurance Commissioner Dave Jones announced preliminary data provided by eight California insurers processing claims for tens of…
8.5 million properties in Florida at significant risk of potential wind damage from Hurricane Irma: CoreLogic
September 8, 2017 by Canadian UnderwriterNearly 8.5 million residential and commercial properties in Florida are at either “extreme,” “very high” or “high” risk of wind damage from Hurricane Irma, new data from CoreLogic shows. According to data analysis from the global property information, analytics and…
NFIP losses from Hurricane Harvey estimated to reach US$7-10 billion: RMS
September 5, 2017 by Canadian UnderwriterGross losses accrued in the National Flood Insurance Program (NFIP) from Hurricane Harvey will be between US$7-10 billion, Pete Dailey, vice president of product management with Risk Management Solutions, Inc. (RMS), suggested in a blog posted on Friday. About 40%…
CoreLogic estimates insured flood loss for homes affected by Hurricane Harvey at US$6.5 billion to US$9.5 billion
September 1, 2017 by Canadian UnderwriterInsured flood loss for homes in Texas and Louisiana affected by Hurricane Harvey is estimated to be between US$6.5 billion and US$9.5 billion, according to preliminary loss estimates from CoreLogic. Irvine, Calif.-based CoreLogic, a global property information, analytics and data-enabled…
U.S. P&C association calls on Congress to pass National Flood Insurance Program extension in wake of Hurricane Harvey
August 31, 2017 by Canadian UnderwriterThe president and CEO of the Property Casualty Insurers Association of America (PCI) is calling on the U.S. Congress to pass at least a six-month extension of the National Flood Insurance Program (NFIP). David A. Sampson said in a press…
Economic losses from Hurricane Harvey could be as high as US$70-90 billion: preliminary RMS estimate
August 31, 2017 by Canadian UnderwriterEconomic losses caused by wind, storm surge and inland flood from Hurricane Harvey could be as high as US$70-90 billion, according to preliminary estimates from Risk Management Solutions, Inc. (RMS). The Newark, Calif.-based global risk modelling and analytics firm said…
Combined ratio down 5.9 points, P&C reinsurance premiums down 8% for Munich Re
August 11, 2017 by Canadian UnderwriterMunich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335…
WestJet reports disclosure of rewards program data from unauthorized third party
July 31, 2017 by Canadian UnderwriterWestJet reported on Friday that it has “become aware that some WestJet Rewards member profile data has been disclosed online by an unauthorized third party.” None of the data contained credit card or banking information, Calgary-based WestJet noted in a…
New cyberattack causes mass disruption globally
June 27, 2017 by Canadian UnderwriterOne month after the massive global WannaCry ransomware attack, “a new and highly virulent outbreak of malicious data-scrambling software appears to be causing mass disruption across the world, hitting companies and governments in Europe especially hard,” the Associated Press reported…
Two-thirds of defective Takata airbags still not repaired, U.S. senator reports
June 5, 2017 by Canadian UnderwriterApproximately two-thirds of recalled inflators involved in the Takata recall in the United States have not yet been repaired, U.S. Sen. Bill Nelson (D-FL) reported late last week. “The numbers provided to Nelson by the independent monitor appointed to oversee…
WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert
May 16, 2017 by Canadian UnderwriterThe global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with…
Ransomware cyberattack cripples hospitals across the United Kingdom
May 12, 2017 by Canadian UnderwriterA large ransomware cyberattack has “crippled” computer systems at hospitals across the United Kingdom on Friday, with appointments cancelled, phone lines down and patients turned away, the Associated Press has reported. Britain’s National Health Service (NHS) said that a number…