Keyword
Protection Gap
Which commercial line needs more capital?
October 16, 2023 by Jason ContantEven though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this…
Thunderstorms now a primary concern for insurers
August 10, 2023 by David GambrillDamage from secondary perils such as thunderstorms in the first half of 2023 is of primary concern to reinsurers. A series of widespread thunderstorms hitting the U.S. accounted for 68% of global insured natural catastrophe losses in the first half…
How the protection gap affects Canada
March 15, 2023 by Alyssa DiSabatinoA growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report. The report identified a…
Why commercial insurers’ biggest risk is relevancy
March 6, 2023 by Alyssa DiSabatinoTo ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report. There’s been a change in commercial insurance penetration in…
How Canada’s insured cat losses stack up globally
January 25, 2023 by Alyssa DiSabatinoSevere weather made 2022 the third costliest year on record for Canadian insurers, and the fifth costliest year globally, said a report this week from Aon. These events point to a severe gap in insurance protection in some parts of…
How to increase the take-up of earthquake insurance
February 18, 2021 by Jason ContantWhen 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…
Why the global protection gap is the lowest it’s been in 14 years
January 22, 2019 by David GambrillGlobally, 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…
Hurricanes expected to deliver 1.4 billion euro hit to Munich Re in third quarter, total tally estimated at 2.7 billion euros
October 26, 2017 by Canadian UnderwriterExceptional 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’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes
October 11, 2017 by Canadian UnderwriterBermuda 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…
Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield
September 12, 2017 by Canadian UnderwriterFlood 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…
Modern-day Hurricane Andrew would cost an estimated US$80-100 billion in economic damage compared to 1992’s US$26.5 billion: Swiss Re
August 9, 2017 by Canadian UnderwriterA 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…
Global insured losses from disasters up 42%, economic losses almost double in 2016 over 2015: Swiss Re
March 28, 2017 by Canadian UnderwriterBoth 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…