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Hurricane Matthew
XL Group reports P&C combined ratio of 94.8% for Q4 2016
February 2, 2017 by Canadian UnderwriterXL Group Ltd. has reported a P&C combined ratio of 94.8% for the fourth quarter of 2016 ending Dec. 31, up 2.5% from the prior-year quarter. For the full year 2016, XL Group reported a combined ratio of 94.2% compared…
A.M. Best projects combined ratio of 100.3% for U.S. industry in 2017
January 30, 2017 by Canadian UnderwriterThe industry-wide combined ratio of the United States property & casualty insurance industry is estimated to have deteriorated by 2.4 points to 100.7% in 2016, A.M. Best Company Inc. said in a recent report. The decline in underwriting performance “was…
Flooding and damaging winds most destructive U.S. natural hazards in 2016: CoreLogic
January 26, 2017 by Canadian UnderwriterNatural hazard activity in the United States in 2016 was “relatively average or below average,” with the exception of flood and wind, both of which saw above-average activity, due in large part to Hurricane Matthew, CoreLogic, Inc. said on Thursday.…
Travelers’ net income up 9% in Q4 2016 to US$943 million
January 24, 2017 by Canadian UnderwriterThe Travelers Companies, Inc. has reported a net income of US$943 million for the fourth quarter of last year ending Dec. 31, 2016, up 9% from US$866 million in the prior-year quarter. Travelers released its financial results on Tuesday, noting…
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…
Hurricane Matthew clocks top wind speed for 2016 at 101 miles per hour (162.5 km/h): CoreLogic
January 16, 2017 by Canadian UnderwriterHurricane Matthew, which became the first Category 5 Atlantic hurricane since Felix in 2007, clocked the top wind speed for 2016 at an estimated 101 miles per hour (about 162.5 kilometres per hour) on Oct. 6, according to CoreLogic’s Windy…
15 U.S. weather and climate disasters in 2016 caused US$46 billion in damages: NOAA
January 9, 2017 by Canadian UnderwriterThe United States experienced 15 “weather and climate disasters” last year – each with losses exceeding US$1 billion – for a total of US$46 billion, the National Oceanic and Atmospheric Administration (NOAA) reported on Monday. The disasters, which included eight…
‘Climatic quirk’ may shield U.S. coast during busy hurricane seasons
January 5, 2017 Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – A climatic quirk seems to be slightly shielding the U.S. coast during busy hurricane seasons, often weakening major storms just as they approach America’s beaches, a new study finds. That could help explain why it’s been more than…
2016 costliest 12 months for natural catastrophes in the last four years: Munich Re
January 4, 2017 by Canadian UnderwriterThe US$175 billion in natural catastrophes losses in 2016 – the lion’s share of which were uninsured – dwarfed those in the previous year and were just shy of 2012’s US$180 billion total, Munich Re reports. The research released Wednesday…
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…
First above-normal Atlantic hurricane season since 2012 produced five landfalling U.S. storms: NOAA
December 1, 2016 by Canadian UnderwriterThe first above-normal Atlantic hurricane season since 2012 has produced five landfalling storms in the United States, the National Oceanic and Atmospheric Administration (NOAA) said on Wednesday. The Atlantic, eastern Pacific and central Pacific 2016 hurricane seasons ended on Nov.…
Thanksgiving floods in Atlantic Canada caused more than $100 million in insured damage: CatIQ
November 18, 2016 by Canadian UnderwriterA tropical moisture system resulting from Hurricane Matthew that swept through Atlantic Canada last month has resulted in over $100 million in insured damage, according to Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ). A cold front interacting with Matthew’s tropical…