Canadian Underwriter

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News CatastrophesInsuranceMergers and Aqcuisitions

Zurich’s preliminary estimate of its expected Tianjin losses US$275 million

September 24, 2015 by Canadian Underwriter

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

News CatastrophesInsuranceMergers and Aqcuisitions

California governor requests presidential major disaster declarations

September 22, 2015 by Canadian Underwriter

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

News InsuranceMergers and Aqcuisitions

Global auto insurance market sees 2.9% growth since 2010 to US$669.7 billion in 2014, more growth expected

September 21, 2015 by Canadian Underwriter

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.

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

U.S. study explores ways to build resilience to wildfire, recommends developing a sustainable strategy: Swiss Re

September 18, 2015 by Canadian Underwriter

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

News InsuranceLegalMergers and Aqcuisitions

Companies like Uber, Lyft blurring the lines between U.S. personal and commercial insurance coverage: A.M. Best

September 18, 2015 by Canadian Underwriter

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

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Chile quake’s estimated losses high, damage to several coastal towns

September 18, 2015 by Canadian Underwriter

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

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Sea level rise may challenge some local governments in U.S., spur higher insurance rates for citizens: Fitch Ratings

September 17, 2015 by Canadian Underwriter

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

News CatastrophesClimate ChangeInsurance

Rain barrels an old-fashioned solution to modern water damage problem: IBC

September 16, 2015 by Canadian Underwriter

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

News CatastrophesInsurance

Cyber insurance market could increase to at least $7.5 billion by 2020, cyber resilient approach urged: PwC

September 16, 2015 by Canadian Underwriter

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

News InsuranceMergers and Aqcuisitions

Wildlife Roadsharing Resource Centre seeks to prevent vehicle/wildlife collisions

September 15, 2015 by Canadian Underwriter

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,

News CatastrophesInsuranceMergers and Aqcuisitions

Profits for Canadian p&c insurance companies endure despite challenging market conditions: A.M. Best

September 15, 2015 by Canadian Underwriter

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

News CatastrophesInsurance

Fatal California wildfires destroy 1,000 structures

September 14, 2015 Ellen Knickmeyer And Olga R. Rodriguez - THE ASSOCIATED PRESS

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