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AGCS expands terrorism, political violence insurance offering in the U.S.

August 24, 2017 by Canadian Underwriter

Allianz Global Corporate & Specialty (AGCS) is now providing bespoke coverage designed to protect U.S. businesses faced with loss related to terrorism and political violence both at home and overseas. Given the recent tragic events in Europe and Virginia, the

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Third loss estimate for windstorm Thomas of 249 million euros unchanged from previous estimate: PERILS

August 23, 2017 by Canadian Underwriter

PERILS AG has disclosed its third loss estimate of 249 million euros for windstorm Thomas, which affected parts of Europe in late February. The independent organization that provides high quality data relevant to the insurance industry “with the aim of

News InsuranceLegislation / RegulationProductsTechnology

Worldwide spending on IT security products and services to reach US$86.4 billion in 2017: Gartner

August 22, 2017 by Canadian Underwriter

Worldwide spending on information technology security products and services will reach US$86.4 billion in 2017, an increase of 7% over 2016, according to the latest forecast from Gartner, Inc.
Spending is expected to continue its growth to US$93 billion in 2018, the Stamford, Conn.-based research and advisory company said in a press release last week.
Within the infrastructure protection segment, Gartner forecasts fast growth in the security testing market (albeit from a small base) due to continued data breaches and growing demands for application security testing as part of…

News CatastrophesClimate ChangeInsurance

Study links major floods in North America and Europe to “multi-decade ocean patterns,” says number of major floods has not increased overall

August 14, 2017 by Canadian Underwriter

The number of major floods in natural rivers across Europe and North America has not increased overall during the past 80 years, rather the occurrence of major flooding in these two continents often varies with North Atlantic Ocean temperature patterns.

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

P&C reinsurance gross written premiums for half-year up 17.3% to 5.4 billion euros for Hannover Re

August 10, 2017 by Canadian Underwriter

Hannover Re has reported a 17.3% increase in property and casualty reinsurance gross written premiums (GWP) for the first half of the year to 5.4 billion euros from 4.6 billion euros in H1 2016. “The main driver was once again

News InsuranceMarkets / CoveragesMergers and AqcuisitionsReinsuranceTechnology

Global insurance M&A hits two-year low: Clyde and Co report

August 4, 2017 by Canadian Underwriter

The volume of completed mergers and acquisitions (M&A) worldwide in the insurance industry continued its downward trend, with 170 deals in the first six months of 2017 compared to 186 in the preceding period, according to a new report from

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Aviva plc reports combined ratio of 98.9% for Canada in H1 2017, up three points from H1 2016

August 3, 2017 by Canadian Underwriter

Aviva plc has reported a general insurance combined operating ratio (COR) of 98.9% for Canada for the first six months of the year ending June 30, up three points from 95.9% in the first six months of last year. For

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Record breaking US$6.3 billion of non-life property cat issuance in Q2 sees ILS reach “critical juncture:” Willis Towers Watson Securities

July 28, 2017 by Canadian Underwriter

Non-life insurance-linked securities (ILS) issuance reached a record breaking US$6.3 billion in Q2 2017, continuing the trend from the first quarter of the year, Willis Towers Watson Securities’ said in its latest ILS Market Update, released on Friday. ILS assets

News InsuranceMergers and AqcuisitionsProductsTechnology

Applying blockchain technology could slash US$40 billion in costs for financial services: BIS Research

July 17, 2017 by Canadian Underwriter

Implementing blockchain technology could produce hefty cost savings in the billions of dollars annually for the financial services market, suggests a new report released Friday by Minnesota-based BIS Research. Characterizing blockchain as a revolutionary development, its application “could lead to

News InsuranceMarkets / CoveragesProductsTechnology

North America world’s most advanced smart home market: Berg Insight

July 14, 2017 by Canadian Underwriter

North America is the world’s most advanced smart home market, with an installed base of 21.8 million smart homes at the end of 2016 – a 47% year-on-year growth, according to machine-to-machine (M2M) and Internet of Things (IoT) analyst firm

News CatastrophesClimate ChangeInsuranceMergers and AqcuisitionsReinsurance

Property market loss estimate for Europe’s Cyclone Egon reaches 275 million euros: PERILS

July 13, 2017 by Canadian Underwriter

The latest property insurance market loss estimate for extratropical cyclone Egon, which hit parts of France and Germany in mid-January, has increased to 275 million euros, Zurich-based PERILS reported on Wednesday. Representing the third of four estimates to be issued

News CatastrophesInsuranceMarkets / CoveragesReinsurance

GC Securities completes “first ever indemnity triggered multi-Europe peril only” cat bond

July 10, 2017 by Canadian Underwriter

GC Securities – a division of U.S. registered broker-dealer MMC Securities LLC, a subsidiary of Marsh & McLennan Companies, Inc. (MMC) – has announced the “first ever indemnity triggered multi-Europe peril only 144A catastrophe bond.” The placement of Principal At-Risk