Keyword
Swiss Re
Organizations starting to show greater openness to enlisting experts to help with cyber security: NICC speaker
October 1, 2016 Angela Stelmakowich, EditorVANCOUVER – 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…
Change in exposure driving widening gap between insured, economic losses following disaster events
September 14, 2016 by Angela StelmakowichCALGARY – A dramatic loss scenario around disaster events is developing globally, contributing to a widening gap between insured and economic losses, Alex Kaplan, senior vice president of global partnerships for Swiss Re, suggested earlier this week during the RIMS…
Index-linked insurance helps reduce adverse selection: Swiss Re
September 13, 2016 by Canadian UnderwriterA reinsurance program can help mutual insurers free up funds that can be spent elsewhere, while index-based insurance can help provide coverage for business interruption not caused by property damage – such as software and electrical power failures – Swiss…
Total economic losses from disaster events in H1 2016 up 38% to US$71 billion, insurance industry covered 44%: Swiss Re
August 18, 2016 by Canadian UnderwriterTotal economic losses from disaster events in the first half of the year rose by 38% to US$71 billion from the same time last year, primarily due to natural catastrophes, according to preliminary sigma estimates from Swiss Re. Of the…
Disputed $25-million product liability claim will not reach Canada’s highest court, for now
August 4, 2016 by Canadian UnderwriterThe Supreme Court of Canada recently announced it will not hear an appeal, from a forestry firm’s captive reinsurance company, of a ruling arising from a disputed $25-million liability insurance claim. This means that an order for a new trial…
Mutual insurers seeing revival in recent years: Swiss Re sigma report
August 2, 2016 by Canadian UnderwriterMutual insurers’ share of the overall insurance market increased from 24% of direct premiums written in 2007 to just over 26% in 2014, reversing some of the declines of previous decades, according to Swiss Re’s latest sigma report. Released on…
Swiss Re reports Q2 combined ratio of 101%, large nat cat losses of US$350M
July 31, 2016 by Canadian UnderwriterSwiss Re Ltd. reported Friday its combined ratio in property and casualty reinsurance deteriorated 8.1 points, from 92.9% in the second quarter of 2015 to 101% in the three months ending June 30, due in part to losses from wildfires…
Dispute over $25-million reinsurance claim, arising from defective product lawsuit, could reach Supreme Court of Canada
July 12, 2016 by Canadian UnderwriterA dispute between a forest product firm’s captive reinsurer and Swiss Reinsurance Company, arising from a US$70-million settlement, could reach the Supreme Court of Canada. Vancouver-based MacMillan Bloedel Ltd. purchased commercial general liability policies from American International Group Inc. during…
$100 million cat bond issuance covers U.S. named storm, earthquake until June 1, 2017
July 11, 2016 by Canadian UnderwriterLaetere Re Ltd. has issued US$100 million worth of catastrophe bonds, covering certain named storms and earthquake in the United States, on behalf of three subsidiaries of United Insurance Holdings Corp. The issuance was announced July 7 by Swiss Re…
Global growth in insurance premium steady, but outlook mixed: Swiss Re
July 4, 2016 PremiumGlobal insurance premium growth in 2015 was up to 3.8% in real terms compared to 3.5% in 2014, illustrating a steady performance, but bringing with it a mixed outlook, Swiss Re points out in its latest sigma report. Global premium…
Within the Margins
July 1, 2016 Greg Meckbach, Associate EditorSome reinsurers use the catastrophe models of third-party vendors; others have opted to develop their own internal models to estimate losses. But despite significant improvements in data collection and computing power, there will always be some level of uncertainty in Cat models, especially those attempting to predict losses from human-induced disasters like cyber attacks or nuclear terrorism.
Flood Risk Canada launches digital platform to help make flood zone determinations
June 30, 2016 by Canadian UnderwriterFlood Risk Canada, Inc. Wednesday announced the availability of a new digital platform that seeks to provide accurate and fast flood zone determinations for the properties in Canada. The launch of www.floodzone.ca is meant to help meet the need for…