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Q1 insurance premiums up 95% at Berkshire Hathaway after adverse development reinsurance agreement with AIG

May 8, 2017 by Canadian Underwriter

Berkshire Hathaway Inc. announced Friday it recorded insurance premiums earned of $21.7 billion during the three months ending March 31 – up 95% from $11.1 billion in Q1 2016 -while Cyclone Debbie affected the Omaha, Neb.-based firm’s underwriting result by

Christof Bentele, Head of Global Crisis Management, Allianz Global Corporate & Specialty
News InsuranceMergers and Aqcuisitions

Terrorist attack on extraction companies likely low, cyber risk increase as refining process advances

April 28, 2017 Angela Stelmakowich, Editor

PHILADELPHIA – Resources extraction industries are certainly not alone in facing cyber risk, but the risk of a related terrorism attack would most likely be higher later in the refining process, suggested Christof Bentele, head of global crisis management for

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Larger liability claims expected to become more expensive, complex: AGCS

March 30, 2017 by Canadian Underwriter

There is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and Aqcuisitions

AIG sees net loss of about US$3 billion in 2016 Q4

February 15, 2017 by Canadian Underwriter

American International Group, Inc. (AIG) has posted net losses for both the full year and the fourth quarter of 2016, but company president and CEO Peter Hancock reports that actions taken last year will help “dramatically reduce uncertainty and deliver

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsReinsurance

AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty

January 20, 2017 by Canadian Underwriter

American International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for

News Climate ChangeEarnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesProfessional DevelopmentReinsurance

Swiss Re adopts climate-related financial disclosure recommendations

December 14, 2016 by Canadian Underwriter

Swiss Re announced on Wednesday that it will adopt the climate-related financial disclosure recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Swiss Re helped develop the voluntary guidelines on climate risk reporting and is a member of the

News Climate ChangeInsurance

Liberal government defends LNG project approval, says impacts will be monitored

September 29, 2016 by Canadian Underwriter

OTTAWA – The Liberal government is defending its conditional approval of a massive liquefied natural gas project in northern British Columbia by pointing to what it calls a “historic partnership” on monitoring environment impacts. But critics are accusing Prime Minister

News CatastrophesClimate ChangeInsuranceLegislation / RegulationMarkets / Coverages

Climate change may undermine soundness of insurers’ current cat models: Global Risk Institute study

July 14, 2016 by Canadian Underwriter

Climate change may undermine the soundness of insurers’ current catastrophe models, as well as diminish the effectiveness of existing portfolio diversification and risk transfer practices, suggested a recent report from the Toronto-based Global Risk Institute (GRI). “On the bright side,

News Climate ChangeInsurance

Alberta’s Notley speaks about climate plan to Trans Mountain Pipeline panel

June 24, 2016 Dean Bennett - THE CANADIAN PRESS

EDMONTON – Alberta Premier Rachel Notley says she told an environmental review panel on the Trans Mountain Pipeline that her province is doing its bit to control greenhouse gas emissions. Notley says she told the three-member panel that Alberta’s climate

News Climate ChangeConstructionInsurance

Climate change scientists ask federal government to reject B.C. LNG project

May 30, 2016 Gemma Karstens-Smith - THE CANADIAN PRESS

VANCOUVER – Dozens of international climate scientists are calling on the Canadian government to reject a proposed liquefied natural gas project in northwestern British Columbia, saying it would have dire environmental effects. Ninety academics from Canada, the United States, Australia

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Cyber insurance rates could rise 30% in 2016 for large health care, point-of-sale retailers: Willis Towers Watson

April 7, 2016 by Canadian Underwriter

The withdrawal by American International Group Inc. from some monoline site pollution markets “will result in increased competition” as other carriers look to pick up the displaced business, losses arising from the explosion last August in the Chinese port of

News CatastrophesInsuranceMergers and Aqcuisitions

U.S. judge OKs $20B settlement from 2010 BP oil spill

April 5, 2016 Kevin McGill - THE ASSOCIATED PRESS

NEW ORLEANS – A federal judge in New Orleans granted final approval Monday to an estimated $20 billion settlement over the 2010 BP oil spill in the Gulf of Mexico, resolving years of litigation over the worst offshore spill in