Keyword
insured losses
PERILS AG almost doubles initial property loss estimate for Central Italy earthquake
November 24, 2016 by Canadian UnderwriterPERILS 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.…
Insured losses of New Zealand quake could be as much as US$3.5 billion: AIR Worldwide
November 18, 2016 by Canadian UnderwriterThe 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…
Canadian insurers covering Fort McMurray property ‘learned a lot’ from 2011 Slave Lake wildfire: A.M. Best’s Silverthorn
November 10, 2016 Greg Meckbach, Associate EditorThe 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…
Estimated insured losses for U.S., Caribbean from Hurricane Matthew US$2.5 billion to US$8 billion: RMS
October 21, 2016 by Canadian UnderwriterRMS 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…
Hurricane Matthew damage significant, but manageable, for U.S. insurers: A.M. Best
October 18, 2016 by Canadian UnderwriterMost 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…
Estimated insured losses from Hurricane Matthew for U.S., Caribbean between US$2.8 billion and US$8.8 billion: AIR
October 13, 2016 by Canadian UnderwriterModelled insured losses from Hurricane Matthew could range from US$2.2 billion to US$6.8 billion for the United States and US$600 million to US$2.0 billion for the Caribbean, notes an estimate issued Thursday by AIR Worldwide. Hurricane Matthew affected the Caribbean…
Hurricane Matthew unlikely to have material impact on insurance market: Willis Towers Watson
October 7, 2016 by Canadian UnderwriterWith Hurricane Matthew weakening and being downgraded, it is less likely it will reach the US$30 billion initial loss estimates offered by catastrophe modelling firms, said Gary Marchitello, head of property broking with Willis Towers Watson (WTW). “The US$30 billion…
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…
Alberta emergency relief funding following wildfire to end this month
October 6, 2016 by Canadian UnderwriterThe emergency payment program that has helped approximately 96,000 Wood Buffalo evacuees, forced from their homes in the wake of the massive Fort McMurray wildfire this past May, is ending Oct. 31. The program – which has provided wildfire relief…
Changing climate is raising forest fire risk, says Natural Resources Canada annual report
September 28, 2016 Bruce Cheadle - THE CANADIAN PRESSOTTAWA – A new government report says that by the end of this century a changing climate is expected to at least double the area burned each year by forest fires in Canada. The 2015 annual forest assessment by Natural…
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…
Estimated insurable losses from Louisiana floods to range between US$8.5 billion and US$11 billion: AIR Worldwide
September 19, 2016 by Canadian UnderwriterAIR Worldwide is estimating that “industry ground-up insurable losses” from the flooding in Louisiana during August will be between US$8.5 billion and US$11 billion. The catastrophe modelling firm explained in a press release issued on Monday that the “industry ground-up…