XL Group plc’s preliminary net loss estimate relating to natural catastrophes – including the largest single loss from the Alberta wildfires – is US$240 million for the second quarter of 2016, the company announced Wednesday. This estimate – pretax and…
Some reinsurers use the catastrophe models of third-party vendors; others have opted to develop their own internal models to estimate losses. But despite significant improvements in data collection and computing power, there will always be some level of uncertainty in Cat models, especially those attempting to predict losses from human-induced disasters like cyber attacks or nuclear terrorism.
The General Insurance Association of Japan (GIAJ) reports that claims paid in the wake of the Kumamoto earthquake in mid-April totalled 317 billion yen, or about US$3.1 billion, as of June 20. Specifically, there have been 239,749 inquiries made, 222,981…
The province of British Columbia is hosting an exercise to test the BC Earthquake Immediate Response Plan and promote interagency co-operation among both internal and external agencies that support emergency response. From Tuesday to Friday, Exercise Coastal Response, the province’s…
There is a need to formalize the role that government can play in helping to manage the financial impact of a “mega cat,” speakers suggested on Wednesday at the Canadian Insurance Financial Forum (CIFF) in Toronto. “We are well-capitalized for…
The province of British Columbia has announced nearly $300,000 in funding to help the province’s capacity and capabilities to mitigate and manage emergencies. B.C.’s Ministry of Transportation and Infrastructure said in a press release on Thursday that the one-time funding…
Hannover Re’s sharply improved underwriting results in property and casualty reinsurance for 2016 Q1 – coupled with the elimination of a positive special effect in 2015 Q1 – helped the world’s third largest reinsurer post a 12.7% hike in Group…
The global economy suffered the worst natural disaster losses in April in five years, according to Impact Forecasting’s Global Catastrophe Recap for the month. Between April 14 and 16, two major earthquakes struck Japan within 24 hours, causing massive devastation,…
The Insurance Bureau of Canada (IBC) has teamed up with the government of British Columbia, 34 municipalities and local universities to remind British Columbians of the importance of earthquake preparedness. The IBC ShakeZone tour will make 34 stops throughout Vancouver,…
As Ecuador continues to suffer aftershocks from a major earthquake the evening of April 16, catastrophe modeling vendor AIR Worldwide estimates insured losses could exceed $1 billion. In an alert published Thursday, Boston-based AIR Worldwide said it estimates that industry…
A catastrophic earthquake could threaten Canada’s property and casualty industry, clearly illustrating the need to have in place a government backstop, Sylvie Paquette, chair of the Board of Directors for Insurance Bureau of Canada (IBC), said following IBC’s Annual General…
Many states in the United States face risks from earthquakes, yet only about 10% of surveyed homeowners on the West Coast have purchased related coverage, reports the Insurance Information Institute (III). Recent earthquakes in Ecuador and Japan serve as a…