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earthquake


News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

XL Group’s preliminary loss estimate for nat-Cats in 2016 Q2 US$240 million, Fort Mac wildfires largest loss

July 14, 2016 by Canadian Underwriter

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

Feature CatastrophesInsurance

Within the Margins

July 1, 2016 Greg Meckbach, Associate Editor

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.

News CatastrophesInsurance

Claims paid for Kumamoto Prefecture quake 317 billion yen to date

June 29, 2016 by Canadian Underwriter

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

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

Exercise Coastal Response to test B.C.’s earthquake and tsunami response

June 6, 2016 by Canadian Underwriter

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

News CatastrophesInsuranceMergers and Aqcuisitions

Canadian insurance industry looking to partner with government to establish new capital framework for managing earthquake risk: CIFF speakers

May 27, 2016 Jason Contant, Online Editor

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

News CatastrophesClimate ChangeInsurance

British Columbia invests in emergency management and fire service resources database

May 12, 2016 by Canadian Underwriter

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 released its financial results for Q1 2016
News CatastrophesEarnings / RatingsInsurance

Hannover Re’s 2016 Q1 net income down without elimination of positive special effect in prior-year quarter, up 12.7% with elimination

May 10, 2016 by Canadian Underwriter

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

News CatastrophesInsuranceMergers and Aqcuisitions

Global economy suffers worst natural disaster losses in April in five years: Aon Benfield report

May 5, 2016 by Canadian Underwriter

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,

News CatastrophesInsurance

IBC ShakeZone tour visits British Columbia for earthquake preparedness

April 30, 2016 by Canadian Underwriter

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,

News CatastrophesInsuranceMergers and Aqcuisitions

At least US$350M in insured losses from Ecuador quake that killed more than 500: AIR

April 22, 2016 by Canadian Underwriter

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

News AssociationsCatastrophesInsuranceMergers and Aqcuisitions

Catastrophic earthquake could threaten Canada’s p&c industry, government backstop needed for “unthinkable” events: IBC

April 22, 2016 by Angela Stelmakowich

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

News AssociationsCatastrophesInsuranceMergers and Aqcuisitions

Recent quakes a reminder of the importance of insurance options in U.S.: III

April 19, 2016 by Canadian Underwriter

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