Keyword
Reinsurance
Property catastrophe reinsurance rates decline on January 1 renewals: Fitch
January 8, 2016 by Canadian UnderwriterInternational property catastrophe reinsurance rates dropped from 5% to 15% on renewal Jan. 1, after a quiet Atlantic hurricane season and with the availability of alternative sources of capital, Fitch Ratings Inc. suggested Wednesday. “Based on broker and market reports,…
H.W. Kaufman Financial Group acquires Ajax, Ont.-based Technical Risk Services
January 6, 2016 by Canadian UnderwriterH.W. Kaufman Financial Group announced on Wednesday that it has acquired Toronto-based Technical Risk Services (TRS), a provider of loss control services, inspections and risk control consulting. TRS is a full-service loss control inspection and consulting firm that has operated in…
Guy Carpenter reports stable capital at Jan. 1 renewals
January 6, 2016 by Canadian UnderwriterGuy Carpenter & Company, a global risk and reinsurance specialist and wholly-owned subsidiary of Marsh & McLennan Companies, announced late Tuesday that overall capital levels dedicated to reinsurance have stabilized, showing no growth for the first time in several years.…
2015 cat bond issuance activity by new limit fell 25% to US$6 billion year over year: PCS
January 6, 2016 by Canadian UnderwriterCatastrophe bond issuance activity by new limit fell approximately 25% year over year in 2015 to US$6 billion, while issuance of catastrophe bonds including coverage for Canada witnessed a shift, notes a new report issued Wednesday by Property Claims Services…
Reinsurer capital down 2% to US$565 billion in 2015 Q3 from year-end 2014, but reinsurance transactions supported by high-quality capital
January 5, 2016 by Canadian UnderwriterDespite reinsurer capital being down 2% to US$565 billion in the third quarter of 2015 compared to year-end 2014, Aon Benfield’s outlook for Apr. 1, 2016 reinsurance renewals is positive, with insurers expected to see improvements in pricing terms and…
Merger of Willis and Towers Watson completed
January 5, 2016 by Canadian UnderwriterWillis Towers Watson Public Limited Company, the successful completion of the merger of Willis Group Holdings and Towers Watson, began operating on Tuesday. The company, which will do business as Willis Towers Watson, follows the merger on Monday of Willis,…
Winter storms in northeast Canada and U.S. costliest global nat cat in 2015: Munich Re
January 4, 2016 by Canadian UnderwriterThe costliest global natural catastrophe for the insurance industry was a series of winter storms that struck the northeast United States and Canada, Munich Re said in its 2015 nat cat review, released on Monday. According to a press release…
Reinsurance pricing floor remains elusive: Willis Re
January 4, 2016 by Canadian UnderwriterReinsurance rates at Jan. 1, 2016 renewals have continued to decline across the majority of markets, with Willis Re reporting Monday that earlier forecasts for a “softening in the softening” in pricing have proved illusory. “Despite the signs of pricing…
Nearly half of Canada’s First Nation reserves have ‘little to no’ fire protection: Report
December 21, 2015 Chinta Puxley - THE CANADIAN PRESSWINNIPEG – An internal federal government report says almost half the First Nations across Canada have “little to no fire protection” and rely too heavily on poorly trained volunteer firefighters who can’t do the job. The 2011 report examining insurance…
Construction waste landslide buries buildings in Shenzhen, China; 85 people missing
December 21, 2015 Paul Traynor - THE ASSOCIATED PRESSSHENZHEN, China – Rescuers searched Monday for 85 missing people a day after the collapse of a mountain of excavated soil and construction waste that had been piled up over two years in China’s manufacturing centre of Shenzhen. Authorities said…
A.M. Best maintains global reinsurance outlook at negative, citing redundant reserves and benign catastrophes
December 20, 2015 by Canadian UnderwriterRatings firm A.M. Best Company is maintaining its outlook for the global reinsurance sector at negative, citing the “significant ongoing market challenges that will hinder the potential for positive rating actions over time and may eventually translate into negative rating…
Economic losses from global catastrophes estimated at US$85 billion in 2015, but only US$32 billion in insured losses: Swiss Re
December 18, 2015 by Canadian UnderwriterPreliminary sigma estimates indicate total global economic losses from natural catastrophes and man-made disasters will total approximately US$85 billion in 2015, but just US$32 billion in insured losses, Swiss Re reported on Friday. Insured losses from natural catastrophes were lower…