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…
Disciplined underwriting and strong investment returns contributed to Swiss Re recording net income of US$1.2 billion for the first half of 2017, although catastrophe claims served to reduce the total from the comparable period in 2016. Net income for Swiss…
Changing climate patterns are putting additional strain on both power generation and transmission, and presenting another risk factor for natural disaster mitigation and recovery in North America’s Pacific Northwest region, suggests a new study from Swiss Re and the Johns…
Hannover Re announced Wednesday it has completed three insurance-linked securities transactions, through Marsh and McLennan Companies Inc.’s GC Securities unit, with a total value of $960 million. All figures are in United States dollars. Hannover Re said it transferred $750…
Risk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the…
The Task Force on Climate-related Financial Disclosures (TFCD) has recommended that organizations provide such disclosures in their mainstream (public) annual financial filings, among other recommendations. TFCD released on June 29 its final report, saying that the task force “believes climate-related…
Insured losses from Tropical Cyclone Debbie have reached nearly AU$1 billion as of June 28, the Insurance Council of Australia (ICA) said on Thursday. As of June 28, insurers had received more than 58,000 claims stretching from North Queensland to…
A potential solution to overland flood risk in Canada “could follow” the model of Britain’s Flood Re, MSA Research Inc. suggested in a report released Monday to Canadian Underwriter. Toronto-based MSA released its Quarterly Outlook Report for Q1 2017. In…
Reduced market access, regulatory fragmentation, the return of inflation, cloud risk accumulation and emerging liability legislation for artificial intelligence are just some of the key risks for the re/insurance industry, according to Swiss Re’s 2017 SONAR report. The report, released…
The need for more collaboration between various municipalities and the consequences of poor land use policies were just two lessons learned from the Fort McMurray wildfire, a speaker said on Wednesday at the Canadian Insurance Financial Forum (CIFF). Michael Brisebois,…
The insurance and reinsurance industry would benefit from paying more attention to “black swan” events, those which are “not anticipated and probably not modelled,” a speaker suggested on Wednesday at the Canadian Insurance Financial Forum (CIFF). “When you look back…
Ontario’s community safety and correctional services minister is calling on “everyone interested” to comment on proposed changes to the Provincial Nuclear Emergency Response Plan. The province is home to the world’s largest nuclear operating facility, Bruce Power reports on its…