Keyword
Reinsurance
Travelers’ record NWP in 2015 Q3 over prior year quarter helps net income increase to US$928 million
October 22, 2015 by Canadian UnderwriterRecord net written premiums (NWP) for The Travelers Companies, Inc. in the third quarter of 2015 helped buoy the company’s net income the quarter, which reached US$928 million compared to US$919 million in the same period of 2014. The 1%…
Insurance industry needs to better understand the consequences of large aggregation scenarios: AIR Worldwide
October 21, 2015 Angela Stelmakowich, EditorThe cyber risk the insurance industry seems most concerned about currently relates to large aggregation scenarios – such as the impact of an attack on the power grid or the cloud – but that concern has not necessarily translated into…
Clients looking to be more involved to understand how Cat events can affect their books of business: AIR Worldwide
October 20, 2015 Angela Stelmakowich, EditorAn evolution has occurred in the catastrophe modelling market in which clients are looking to be more involved so that they can better understand and own their risk, Rob Newbold, a senior vice president with AIR Worldwide, told Canadian Underwriter…
XL Group estimates its preliminary losses for Tianjin, China port explosion at US$100 million
October 19, 2015 by Canadian UnderwriterDublin, Ireland-based XL Group plc said on Monday that its preliminary estimated losses related to the mid-August port explosion in Tianjin, China are approximately US$100 million. The estimate, pretax and net of reinsurance and reinstatement premium, is 30% attributable…
Dual approach seeks to help insurers better understand their specific Cat risk exposures: Willis Re
October 19, 2015 by Canadian UnderwriterWillis Re is hoping to help insurers develop their own independent view of risk with the adoption of a dual approach that involves enhancing and validating output for perils and regions covered by vendor models, as well as building new…
Interesting manoeuvres expected at reinsurance renewal, buyers investigating additional limits: Guy Carpenter
October 19, 2015 by Canadian UnderwriterSome interesting manoeuvers can be expected as reinsurers seek to hold or grow their share of signings in the forthcoming renewals, Nick Frankland, CEO of Europe, Middle East and Africa (EMEA) operations for Guy Carpenter & Company, LLC, suggested Sunday during…
Tianjin explosions could cost PartnerRe $70 million
October 14, 2015 by Canadian UnderwriterBermuda insurance carrier PartnerRe Ltd. announced Tuesday it is estimating its losses from the Aug. 12 explosions in Tianjin, China will be up to US$70 million. The Associated Press reported in August that the explosions originated at a warehouse where…
Water scarcity creates risks for businesses, demands management: Zurich
October 14, 2015 by Canadian UnderwriterWater scarcity is leading to risks and exposures for businesses worldwide, necessitating that organizations put in place appropriate water management plans, argues a white paper issued Tuesday by Zurich Insurance. Businesses around the world are feeling the strain of water…
Emerging economies likely to experience difficult stress test in year ahead, conditions to drive political risks: Willis
October 13, 2015 by Canadian UnderwriterEmerging economies – with Syria, Venezuela and Zimbabwe topping the risk list – are expected to experience a difficult stress test in the year ahead, although a repeat of the emerging markets crises of the late-1990s is unlikely, notes a…
Willis commits $1 million to multi-party forum to address nat-cat risk, information could help with closing protection gap
October 8, 2015 by Canadian UnderwriterWillis Group Holdings plc has announced a $1 million commitment from the global risk advisory and re/insurance broking firm to help mobilize a new multi-party Resilience Modelling and Mapping Forum that will focus on addressing natural catastrophe risk. The announcement,…
Protection gap remains at an estimated US$1.3 trillion: Swiss Re
October 7, 2015 by Canadian UnderwriterDisaster risks are increasing, but insurance hasn’t kept pace as the estimated US$1.3 trillion gap between insured and total losses remains stubbornly large, said a new report from Swiss Re. Launched at the World Bank/IMF annual meetings in Lima, Peru,…
Reinsurance industry should brace for more challenges: A.M. Best
October 5, 2015 by Canadian UnderwriterContinued benign loss environment and strong performance by select publicly traded reinsurers in the first half of 2015 resulted in a healthy increase in average share price, but those positives seem to be giving way to challenges afoot in the…