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Record breaking US$6.3 billion of non-life property cat issuance in Q2 sees ILS reach “critical juncture:” Willis Towers Watson Securities
July 28, 2017 by Canadian UnderwriterNon-life insurance-linked securities (ILS) issuance reached a record breaking US$6.3 billion in Q2 2017, continuing the trend from the first quarter of the year, Willis Towers Watson Securities’ said in its latest ILS Market Update, released on Friday. ILS assets…
U.S. Geological Survey scientists to track effects of historic Lake Ontario flooding
July 7, 2017 by Canadian UnderwriterScientists with the U.S. Geological Survey (USGS) announced on Friday that they will be conducting field work to gather up-to-date information to help emergency managers track and respond to historic levels of flooding on Lake Ontario. The scientists will begin…
U.S. earthquakes estimated to cost US$6.1 billion annually in building stock losses
June 26, 2017 by Canadian UnderwriterEarthquakes are estimated to cost the United States US$6.1 billion annually in building stock losses, according to an updated report published last week by the Federal Emergency Management Agency (FEMA). The new loss estimate represents a 10% increase over the…
Slice launches “first on-demand insurance platform” for homeshare hosts in 13 states
June 1, 2017 by Canadian UnderwriterSlice Labs Inc., a technology company offering what it calls “the first on-demand insurance platform in the United States,” announced on Wednesday the launch of their homeshare insurance product in 13 states. Homeshare hosts in 13 states – California, Colorado,…
Allianz makes strategic investment in Lemonade Insurance Company
April 22, 2017 by Canadian UnderwriterAllianz SE announced on Friday that it has recently made a “strategic investment” in Lemonade Insurance Company, a New York-licensed renters and homeowners insurer powered by artificial intelligence and behavioural economics. “The partnership ties in neatly with our digitization focus,”…
Markel looking to develop trade credit and political risk business in Canada
March 29, 2017 by Canadian UnderwriterSpecialist insurer Markel International announced on Wednesday that it is seeking to develop its trade credit and political risk business in Canada. Business will be underwritten by Markel Canada on Lloyd’s syndicate 3000 paper, Markel International said in a statement.…
U.S. northeast winter storm grounds more than 5,000 flights
March 14, 2017 Deepti Hajela - THE ASSOCIATED PRESSNEW YORK – A storm expected to drop more than a foot of snow pounded the United States Northeast on Tuesday, paralyzing much of the Washington-to-Boston corridor after a remarkably mild February had lulled people into thinking the worst of…
New York cyber rules could raise loss exposures for U.S. insurers: Fitch
February 15, 2017 by Canadian UnderwriterThe implementation of the New York Department of Financial Services’ (NYDFS) new cybersecurity regulations has the potential to underscore premium growth in cybersecurity insurance and directors and officers (D&O) insurance, but could also raise loss potential for insurers, Fitch Ratings…
Lemonade Insurance Company files for licences in 46 states
December 22, 2016 by Canadian UnderwriterLemonade Insurance Company announced on Friday that it has filed for a licence in 46 states and the District of Columbia in the United States, in addition to New York, where it was licensed three months ago. Lemonade, the renters…
Total insured value of U.S. residential and commercial coastal properties now exceeds US$13 trillion: AIR
November 11, 2016 by Canadian UnderwriterThe total insured value of exposed residential and commercial properties in coastal counties in the United States now exceeds US$13 trillion, according to a new report from AIR Worldwide. The catastrophe risk modelling firm released the report titled The Coastline…
Frequency of improvised explosive device attacks ‘a key statistic’ for insurers: RMS
September 19, 2016 by Canadian UnderwriterExplosions this past weekend in the Eastern United States have “implications for the modeling of terrorism risk,” Risk Management Solutions (RMS) Inc. stated Monday in a release. The Associated Press reported that an improvised explosive device (IED) exploded Saturday night…