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Construction of mitigation infrastructure to protect against flood should be seen as nation-building projects: Australian insurers

April 12, 2017 by Canadian Underwriter

The Insurance Council of Australia (ICA) cited the Canadian government’s budget commitment to create a Disaster Mitigation and Adaptation Fund in a recommendation to its own federal government to treat the construction of mitigation infrastructure to protect flood-prone towns as

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RMS releases new class of cyber-physical risk modelling for property insurers

April 6, 2017 by Canadian Underwriter

RMS has expanded its range of cyber models to include a new class of so-called cyber-physical models in a bid to answer the increasing related risk of insurance losses from hackers targeting control systems linked to the Internet. These cyber-physical

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Outbreak of severe convective storms across U.S. Midwest causing widespread damage in Missouri, Iowa and Minnesota: RMS

March 9, 2017 by Canadian Underwriter

As of March 8, cumulative preliminary tornado, hail and straight-line wind reports in the United States for the year have all been more than double their respective 2005-2015 averages, according to the records of the National Oceanic and Atmospheric Administration’s

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RMS appoints Mike Pritula as president, effective March 1

February 14, 2017 by Canadian Underwriter

Risk Management Solutions, Inc. (RMS) announced on Tuesday that it has appointed industry veteran Mike Pritula as president, effective March 1. Pritula will lead RMS’ client service and market development, advancing the company’s role in delivering value to enable its

News CatastrophesInsuranceMergers and Aqcuisitions

U.S. Storm Prediction Center issues high risk outlook for January for first time in two decades: RMS

January 26, 2017 by Canadian Underwriter

The severe storms that have struck the southern United States have prompted the Storm Prediction Center (SPC) to issue a “high risk” outlook in the month of January for the first time in nearly two decades, Risk Management Solutions, Inc.

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Terrorism insurance calls for ‘high level of vigilance:’ Guy Carpenter

January 5, 2017 by Canadian Underwriter

Reinsurers are “striving to close gaps” in policies covering terrorism, while the decline in reinsurance pricing has moderated, Guy Carpenter & Company LLC suggested in a release Thursday. “While there are many areas of focus for product expansion and evolution

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Terrorists following ‘path of least resistance’ as security increased: RMS

December 20, 2016 by Canadian Underwriter

More attacks from drivers ramming trucks into crowds can be expected, Risk Management Solutions (RMS) Inc. warned Tuesday, a day after 12 people were killed in Berlin. “As security is increased to meet one threat, terrorists follow the path of

News CatastrophesInsuranceMarkets / Coverages

At least 14 people injured after Japan earthquake

November 22, 2016 by Canadian Underwriter

At least 14 people have been injured by a strong earthquake that struck off Japan’s northeast coast early Tuesday morning, the Associated Press has reported. The earthquake – registering between magnitude 6.9 and 7.4 – struck at about 6 a.m.

News CatastrophesClimate ChangeConstructionEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Estimated insured losses for U.S., Caribbean from Hurricane Matthew US$2.5 billion to US$8 billion: RMS

October 21, 2016 by Canadian Underwriter

RMS has estimated Hurricane Matthew will produce insured losses of US$1.5 billion to US$5 billion for the United States and US$1 billion to US$3 billion in the Caribbean, making it the reinsurance industry’s costliest Atlantic hurricane since Sandy four years

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Nearly 2 million homes in Florida, the Carolinas and Georgia at risk of storm surge damage from Hurricane Matthew: CoreLogic

October 6, 2016 by Canadian Underwriter

Nearly two million homes in Florida, North and South Carolina and Georgia are risk of storm surge damage from Hurricane Matthew as it makes its way toward the United States’ Atlantic Coast, according to new data from CoreLogic, Inc. On

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Slow-moving Hurricane Matthew expected to make landfall in Haiti on Tuesday as Category 4 storm

October 4, 2016 by Canadian Underwriter

Slow-moving Hurricane Matthew is forecast to make landfall on Haiti’s Tiburon Peninsula around midday on Tuesday as a Category 4 storm, according to the National Hurricane Center (NHC). As one of the most powerful North Atlantic hurricanes in recent history

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Organizations starting to show greater openness to enlisting experts to help with cyber security: NICC speaker

October 1, 2016 Angela Stelmakowich, Editor

VANCOUVER – Cyber attackers are becoming increasingly sophisticated – employing better techniques and targeting information that could prove particularly damaging – but that may be balanced by a greater openness to use expertise and not go it alone, it was