The path of Hurricane Laura — which is currently located off the U.S. Gulf Coast and described as one of the fastest-intensifying storms in history — is tracking to hit St. John’s, Nfld., next Monday as a post-tropical storm, according…
Globally, the protection gap in 2018 shrunk to 60% – the lowest level it has been in 14 years, according to a new report on global catastrophes by Aon plc. Extreme weather drove the majority of the globe’s $225-billion worth…
Swiss Re has reported a Group net loss of US$468 million for the first nine months of 2017, reflecting the US$3.6 billion expected insurance claims from Hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. Property & Casualty Reinsurance’s and…
Total global economic losses from disasters were US$44 billion in the first half of 2017, down significantly from US$117 billion in H1 2016, as a result of fewer and less intense events, according to preliminary sigma estimates from Swiss Re.…
Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) announced that they have entered into an agreement whereby Impact Forecasting’s cat event response flood footprints for Canada will be made available as a layer on CatIQ’s CatHUB module. “Aon Impact Forecasting’s Canadian…
In a paper released Wednesday, Canada’s insurance regulators’ association suggests that insurers need to better educate consumers so they can understand the terms – including limitations, exclusions and deductibles – of their property insurance contracts, while sharing aggregated property risk…
The Allstate Corp. announced July 20 it estimates its catastrophe losses for the three months ending June 30 will be $993 million, pre-tax, of which $310 million is from 17 events in June alone. Northbrook, Ill.-based Allstate reported in August,…
The Insurance Bureau of Canada (IBC) is congratulating the City of Toronto “for its ongoing commitment to emergency preparedness” with the recent establishment of a chief resilience officer for the city. Last month, Tory announced that the position will be…
Fitch Ratings has announced that it has revised Lloyd’s of London’s outlook to negative from stable as result of “deterioration in underwriting performance, coupled with increasing exposure to catastrophe risk in the context of continuing pressure on both risk-adjusted premium…
Allianz Group has recorded total revenues of 36.2 billion euros in the first quarter of 2017, up 2.5% from 35.4 billion euros in the same quarter last year. All segments contributed to the increase, Allianz said in a press release…
The Fort McMurray wildfire and other large weather events combined with the lowest return on investment (ROI) in decades to produce a very difficult year for Canada’s p&c insurance industry in 2016, David McGown, senior vice president of strategic initiatives…
RSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re…