Keyword
economic losses
Combined ratio up 8 points for PartnerRe
February 23, 2017 by Canadian UnderwriterPartnerRe Ltd., which has a Toronto branch office, reported an eight-point deterioration in its combined ratio, from 85.6% in 2015 to 93.6% in 2016, while the net loss in Q4 2016 was US$173.7 million. In addition to reinsurance, Hamilton, Bermuda-based…
U.S. severe weather, flooding leads to billion-dollar cost for insurance industry in January: Aon Benfield
February 9, 2017 by Canadian UnderwriterMajor severe weather and flood events in the United States in January led to billion-dollar cost for the insurance industry, according to Aon Benfield’s latest Global Catastrophe Recap. The January report noted that separate major severe weather outbreaks swept across…
Economic losses from nat cat events in 2016 total US$210 billion, the highest loss amount in four years: Aon Benfield
January 17, 2017 by Canadian UnderwriterThree hundred and fifteen natural catastrophe events in 2016 generated economic losses of US$210 billion, the highest loss amount in four years and 21% above the 16-average of US$174 billion, according to Aon Benfield’s 2016 Annual Global Climate and Catastrophe…
Total economic losses from nat, man-made disasters in 2016 at least US$158 billion: Swiss Re sigma estimate
December 15, 2016 by Canadian UnderwriterTotal economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total…
Preparing Canada for inevitable earthquake recognized as a national social and economic threat: IBC’s Forgeron
November 22, 2016 by Canadian UnderwriterPreparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to…
Hurricane Matthew causes up to US$15 billion impact to U.S. and Caribbean economies in October: Aon Benfield
November 9, 2016 by Canadian UnderwriterHurricane Matthew, which swept through parts of the Caribbean and United States last month, is expected to cost up to US$15 billion to both economies, according to Aon Benfield’s latest Global Catastrophe Recap. Released on Wednesday, the report from Aon…
Typhoons in September cost global economy more than US$4 billion: Aon
October 6, 2016 by Canadian UnderwriterTropical cyclones throughout the world in September have cost the global economy more than US$4 billion, according to the latest edition of Aon Benfield’s Global Catastrophe Recap report, released on Thursday. The Global Catastrophe Recap, from Impact Forecasting, Aon Benfield’s…
Typhoon Megi kills four in Taiwan, shuts down transport but ‘limited damage reports’
September 27, 2016 by Canadian UnderwriterTyphoon Megi has caused “widespread transport disruption” in Taiwan and left four million people without a water supply but insured building stock in Taiwan is “typically designed to withstand typhoons gusts,” Risk Management Systems Inc. said in a report released…
Change in exposure driving widening gap between insured, economic losses following disaster events
September 14, 2016 by Angela StelmakowichCALGARY – A dramatic loss scenario around disaster events is developing globally, contributing to a widening gap between insured and economic losses, Alex Kaplan, senior vice president of global partnerships for Swiss Re, suggested earlier this week during the RIMS…
Flash estimate for insured losses from Hurricane Hermine US$500 million: KCC
September 6, 2016 by Canadian UnderwriterThe current flash estimate of insured losses associated with Hurricane Hermine – likely to produce in excess of 50,000 claims – approaches US$500 million, with total economic damages almost US$1 billion, Karen Clark & Company (KCC) reported Friday. “The storm…
Homes more resistant to ignition by embers had improved survival in Fort Mac wildfire, “luck” not a factor: ICLR report
August 22, 2016 by Canadian UnderwriterSurviving homes in otherwise decimated neighbourhoods of Fort McMurray hit by this spring’s massive wildfire were more resistant to ignition by embers, notes a preliminary report issued by the Institute for Catastrophic Loss Reduction (ICLR). Home survival is not random…
Total economic losses from disaster events in H1 2016 up 38% to US$71 billion, insurance industry covered 44%: Swiss Re
August 18, 2016 by Canadian UnderwriterTotal economic losses from disaster events in the first half of the year rose by 38% to US$71 billion from the same time last year, primarily due to natural catastrophes, according to preliminary sigma estimates from Swiss Re. Of the…