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Mandatory, voluntary evacuations issued in wake of California, Nevada wildfires

October 14, 2016 by Canadian Underwriter

Mandatory evacuations have been issued for 500 residences in northeastern California after a wildfire began early Friday morning. The California Department of Forestry and Fire Protection (Cal Fire) said in a statement on Friday that voluntary evacuations have been issued

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U.S. insurers to pay about US$7 billion for storm surge, inland flooding and wind damages from Hurricane Matthew: Karen Clark & Company

October 12, 2016 by Canadian Underwriter

Boston-based catastrophe risk management firm Karen Clark & Company (KCC) has estimated insurers will pay about US$7 billion for damages in the United States as a result of Hurricane Matthew. The estimate is based on high resolution storm surge, inland

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Insured residential, commercial property losses from Hurricane Matthew estimated to be US$4 billion to US$6 billion: CoreLogic

October 11, 2016 by Canadian Underwriter

Insured property losses for both residential and commercial properties from Hurricane Matthew are estimated to be between US$4 billion and US$6 billion from wind and storm surge damage, according to CoreLogic, Inc. Of this estimated loss, 90% of the insurance

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Hurricane Matthew unlikely to have material impact on insurance market: Willis Towers Watson

October 7, 2016 by Canadian Underwriter

With Hurricane Matthew weakening and being downgraded, it is less likely it will reach the US$30 billion initial loss estimates offered by catastrophe modelling firms, said Gary Marchitello, head of property broking with Willis Towers Watson (WTW). “The US$30 billion

News Climate ChangeInsuranceMarkets / Coverages

IBC applauds federal government’s approach to carbon pricing

October 4, 2016 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has applauded the Government of Canada’s pan-Canadian approach to pricing carbon pollution. “IBC congratulates the government on today’s carbon pricing announcement,” IBC president and CEO Don Forgeron said in a statement on Monday. “Severe

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Typhoon Megi kills four in Taiwan, shuts down transport but ‘limited damage reports’

September 27, 2016 by Canadian Underwriter

Typhoon Megi has caused “widespread transport disruption” in Taiwan and left four million people without a water supply but insured building stock in Taiwan is “typically designed to withstand typhoons gusts,” Risk Management Systems Inc. said in a report released

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City of Cedar Rapids, Iowa braces for high floodwaters

September 27, 2016 by Canadian Underwriter

High-flow measurements on two rivers in eastern Iowa are higher than any level since 2008 in several locations, the U.S. Geological Survey (USGS) said on Monday, as residents of the city of Cedar Rapids braced for near-record floodwaters. USGS field

News InsuranceMarkets / Coverages

Frequency of improvised explosive device attacks ‘a key statistic’ for insurers: RMS

September 19, 2016 by Canadian Underwriter

Explosions this past weekend in the Eastern United States have “implications for the modeling of terrorism risk,” Risk Management Solutions (RMS) Inc. stated Monday in a release. The Associated Press reported that an improvised explosive device (IED) exploded Saturday night

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“Limited impact” expected for Italian insurers following earthquake: Fitch

August 29, 2016 by Canadian Underwriter

The impact on Italian insurers from the earthquake that struck the central part of the country is likely to be limited, ratings firm Fitch Ratings said on Friday. Fitch Ratings estimates insured losses of 100 million to 200 million euros,

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Destructive California wildfire drives thousands from homes

July 25, 2016 Christopher Weber - THE ASSOCIATED PRESS

SANTA CLARITA, Calif. – An unpredictable wildfire that destroyed more than a dozen houses filled skies north of Los Angeles with smoke Monday after driving thousands from their homes. Some evacuees were about to return home Sunday when unexpected winds