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Was 2017 the costliest year ever for insured losses?

January 8, 2018 by Jason Contant

Munich Re has confirmed what industry analysts have long speculated — the hurricane trio of Harvey, Irma and Maria made 2017 the year of the highest global insured losses ever. The final insurance bill for those three hurricanes and other

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ICLR to hold webinar on homes impacted by Hurricane Irma

November 7, 2017 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) will soon be hosting its final Friday Forum of the year, focusing on Hurricane Irma and impacted homes in Florida. The webinar – Hurricane Irma Damage Assessment: Investigating the performance of Florida’s homes

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Commercial premiums down 13% for AIG

November 3, 2017 by Canadian Underwriter

American International Group Inc. announced Thursday its combined ratio in commercial insurance was 195.4% in the three months ending Sept. 30, up 89.6 points from 105.8% in Q3 2016. New York City-based AIG confirmed Thursday an earlier-released estimate, of $3

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Markel’s combined ratio spikes to 134% in Q3 due to hurricanes, earthquakes

October 27, 2017 by Canadian Underwriter

Markel Corporation has reported a combined ratio of 134% for the third quarter of 2017 ending Sept. 30 compared to 98% in the same quarter last year. For the first nine months of the year, the combined ratio was 108%,

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Hurricanes, Mexico earthquakes cost SCOR 430 million euros in Q3

October 26, 2017 by Canadian Underwriter

“An exceptional series of large natural catastrophes, with Hurricanes Harvey, Irma and Maria and earthquakes in Mexico,” has led to a cost of 430 million euros, net of retrocession and tax, for SCOR SE for the third quarter of the

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Reinsurance sector strongly positioned to deal with potential record-breaking losses of 2017: JLT Re

October 25, 2017 by Canadian Underwriter

After five years of below-average loss experience, 2017 looks set to become the “most expensive catastrophe loss year ever for the P&C sector,” but reinsurers’ existing capital base is sufficient to service the bulk of losses sustained so far, a

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Insured losses from Hurricane Irma already US$5.3 billion: Florida Office of Insurance Regulation

October 25, 2017 by Canadian Underwriter

Total estimated insured losses from Hurricane Irma in Florida have already topped US$5 billion, the Florida Office of Insurance Regulation (FOIR) has reported. Aggregate information compiled from claims data filed by insurers shows that total estimated insured losses are US$5,311,772,141.

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P&C combined ratio for XL Group up to 146.9% in third quarter

October 25, 2017 by Canadian Underwriter

XL Group Ltd. has reported a P&C combined ratio of 146.9% for the third quarter of 2017 ending Sept. 30, as natural catastrophe losses largely attributed to Hurricanes Harvey, Irma and Maria took their toll. Excluding prior-year development and nat

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Swiss Re estimates losses from recent hurricanes, Mexico earthquakes at US$3.6 billion

October 20, 2017 by Canadian Underwriter

Swiss Re has estimated its preliminary combined losses from Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to be approximately US$3.6 billion, net of retrocession and before tax. Of the total combined losses, claims from the two earthquakes

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Zurich estimates net claims related to Hurricanes Harvey, Irma and Maria of US$700 million

October 19, 2017 by Canadian Underwriter

Zurich Insurance Group has become that latest insurer to estimate the impact of Hurricanes Harvey, Irma and Maria on its book of business. Zurich said in a press release on Thursday that it currently estimates aggregate claims in the third

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Some reinsurance programs ‘have been called upon four or five times’ in 2017: CMS

October 18, 2017 by Canadian Underwriter

With analysts estimating catastrophe losses exceeding $100 billion to the property & casualty insurance industry in 2017, a law firm suggested Wednesday there is a risk disputes over reinstatement of reinsurance coverage and erosion limits, between North American insurers and

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Lloyd’s reports already paying US$738 million for Hurricanes Harvey, Irma and Maria

October 13, 2017 by Canadian Underwriter

The Lloyd’s market has now paid almost three quarters of a billion dollars (US$738 million) in response to Hurricanes Harvey, Irma and Maria, the world’s specialist insurance market said on Thursday. “When you get three catastrophic weather events as well