When broader government assistance is available for earthquake insurance, the take-up rates for private earthquake insurance appear to be suppressed, according to a new study on the difference between earthquake insurance rates in B.C.’s Lower Mainland and neighbouring Washington State…
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…
Exceptional major-loss expenditure related to hurricanes Harvey, Irma and Maria (HIM) are expected to result in Munich Re posting a loss of 1.4 billion euros in 2017 Q3, reducing the (re)insurer’s previously anticipated full-year profit. Emphasizing that current estimates “are…
Bermuda market firms may fund at least a quarter of the estimated US$100 billion in aggregate insured losses from hurricanes Harvey, Irma and Maria, suggest preliminary aggregated loss estimates from the Association of Bermuda Insurers & Reinsurers (ABIR). “Based on…
Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of…
A modern-day Hurricane Andrew would cost an estimated US$80-100 billion in economic damage, up dramatically from the US$26.5 billion cost in 1992 dollars, according to a new report from Swiss Re. The hurricane in August 1992 destroyed more than 25,000…
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…
Total economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total…
Swiss Re’s stronger focus on and investment in research and development (R&D) to identify risk pools, as well as its move to further leverage technology, seeks to meet the twin goals of facilitating enhanced client support and creating competitive advantage.…
More than a quarter of polled small and medium-sized enterprises (SMEs) in the United Kingdom reported being hit with an unexpected £50,000 bill would put them out of business, notes a new report released this week by RSA. And while…
Canadian Underwriter and Swiss Re have teamed up to host a live webinar, titled The Road to Flood Resilience in Canada, reflecting on natural hazards throughout the country and what Canada can expect for the future. The free webinar, scheduled…
The insurance industry needs to capitalize on its unique risk understanding to reduce the financial burden on governments in light of “the daunting scale of the protection gap,” Nick Frankland, CEO of EMEA operations for Guy Carpenter & Company, LLC,…