What has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat…
With property catastrophe prices dropping during the 2017 renewals, combined with natural catastrophe losses exceeding US$50 billion last year, global reinsurers are at greater risk of having negative underwriting results and will tend to “shy away” from property catastrophe business,…
Hannover Re announced Wednesday it has completed three insurance-linked securities transactions, through Marsh and McLennan Companies Inc.’s GC Securities unit, with a total value of $960 million. All figures are in United States dollars. Hannover Re said it transferred $750…
Insurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”…
Oil and gas company BP plc announced on Thursday that the 2010 Deepwater Horizon accident and oil spill will cause the company to take “an after-tax non-operating charge of around US$2.5 billion in its second quarter 2016 results.” BP said…
Flood is clearly the number one peril in Canada, with Swiss Re estimating that a “perfect storm” flood scenario would result in economic losses of $13.8 billion and insured losses of $5.7 billion. Developed using the company’s new probabilistic flood…
The major commercial buildings and the many seaside hotels in Ecuador are likely to be of concern to the insurance industry following the recent magnitude-7.8 earthquake in the northwestern part of the country, according to the chief research officer at…
“Canada is in a better position than many other countries to actually close its protection gap,” Veronica Scotti, president and CEO of Swiss Re Canada, said Wednesday during Swiss Re’s Canadian Insurance Outlook in downtown Toronto. “Sometimes it takes an…