Zurich Insurance Group has announced it currently estimates aggregate losses of about US$275 million in connection with mid-August’s series of explosions at a container storage station in the Port of Tianjin in China. The US$275 million estimate for Tianjin losses…
California governor Jerry Brown has requested presidential disaster declarations for the state following the Valley Fire and Butte Fire, which have claimed the lives of at least three people, destroyed thousands of homes and structures, and scorched more than 145,000…
The global market value of auto insurance premiums last year rose to US$669.7 billion in gross written premiums GWP) and is expected to continue growing in most countries up to 2018, notes a new report issued Monday by U.K.-based Finaccord.…
Most states in the United States lack a sustainable financial strategy to respond to the changing climate landscape, including wildfires, notes a study released Thursday by Swiss Re and Johns Hopkins School of Advanced International Studies (SAIS). “Although individual decision-makers…
Transportation network companies (TNCs) are raising questions about insurance coverage – and gaps in that coverage – but represent a potential area of growth for insurers if protective measures are taken, notes a briefing from A.M. Best. The demand for…
The U.S. Geologic Society is reported to have made a loss estimate from the 8.3-magnitude earthquake in Chile on Sept. 16 – emphasizing it is early on and the range is far from concrete – of as much as US$1…
The rise in sea levels in the long term – made worse by event risks such as hurricanes and storm surges – may pressure the operations, capital funding requirements and indebtedness of some local governments in the United States, Fitch…
Old is new again when it comes to rain barrels and how they can be used to help combat the modern problem of increasing water damage, suggests Insurance Bureau of Canada (IBC). Insurance claims for water damage have soared in…
The global demand for cyber insurance presents a huge commercial opportunity for insurers and reinsurers – estimated to be at least US$7.5 billion by the end of the decade – but with that opportunity comes risks that could be potentially…
The Traffic Injury Research Foundation (TIRF), in partnership with State Farm Canada, has launched a new resource to enhance education and prevent the estimated 45,000 vehicle/wildlife collisions every year in Canada. Calling it the first of its kind in Canada,…
Canada’s property and casualty insurance market – faced with challenging market dynamics and unforeseen headwinds like the steep decline in global oil prices – remains resilient, prompting A.M. Best to maintain a stable rating outlook for the industry as a…
MIDDLETOWN, Calif. – Some 400 homes were among the hundreds of structures destroyed as fast-moving wildfires raged through communities in Northern California, leaving at least one person dead and sending residents fleeing along roads where some buildings and vehicles were…