The Insurance Council of Australia (ICA) has estimated insured losses to date from Tropical Cyclone Debbie at AU$306 million from 28,000 claims. ICA estimated the insured losses as of 9 a.m. on Tuesday. It also warned in a press release…
Both economic and insured losses from natural catastrophes and man-made disasters in 2016 were the highest since 2012 – reversing a four-year downtrend – amounting to US$54 billion and US$175 billion, respectively, notes the latest sigma study from the Swiss…
Prolific severe weather outbreaks in the United States lead to an expected billion-dollar payout for the insurance industry as no fewer than five outbreaks of severe weather impacted portions of the country during February, according to Impact Forecasting’s latest Global…
Insured losses from catastrophe events in Canada reached about $4.9 billion last year, nearly 10 times more severe than 2015, the quietest Canadian catastrophe year on record, according to Property Claim Services’ (PCS) full-year 2016 review. In 2016, PCS designated…
2016 was a year of records: the largest catastrophe-related insured losses in Canada’s history, the biggest loss for a single Cat and the most hail events in the month of July, Carolyn Rennie, managing director of Catastrophe Indices and Quantification…
Three 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…
The 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…
PERILS AG’s second loss estimate for insured property loss associated with Central Italy’s earthquake in August has almost doubled from 34 million euros to 66 million euros. The third loss estimate for the quake is scheduled to be published Feb.…
The largest earthquake to hit New Zealand since 2009, registering magnitude 7.8, could contribute to insured losses amounting to US$762 million to US$3.5 billion, catastrophe modelling firm AIR Worldwide reported Thursday. The modelled estimates include insured physical damage to property…
The insured loss from the wildfire in May in Fort McMurray, Alta. will be “somewhere between” $3.6 billion and $4.6 billion, with European reinsurers covering nearly half of the loss, analysts from A.M. Best Company Inc. suggested Thursday. “The reinsurers…
RMS has estimated Hurricane Matthew will produce insured losses of US$1.5 billion to US$5 billion for the United States and US$1 billion to US$3 billion in the Caribbean, making it the reinsurance industry’s costliest Atlantic hurricane since Sandy four years…
Most insurance carriers rated by A.M. Best have sufficient capital and appropriate reinsurance programs to effectively absorb Hurricane Matthew losses, notes a new briefing from the rating agency. That being the case, A.M. Best reports it does not anticipate a…