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Swiss Re
200-year loss scenario from flood in Canada could produce insured losses of $5.7 billion: Swiss Re
June 15, 2016 by Canadian UnderwriterFlood is clearly the number one peril in Canada, with Swiss Re estimating that a “perfect storm” flood scenario would result in economic losses of $13.8 billion and insured losses of $5.7 billion. Developed using the company’s new probabilistic flood…
Internet fragmentation among top emerging risks for the reinsurance industry, society: Swiss Re
May 25, 2016 by Canadian UnderwriterInternet fragmentation is among the top three emerging risks – of the 21 detailed in Swiss Re’s latest SONAR report released Wednesday – with the highest potential impact on the reinsurance industry and society. “Firewalls, special software to filter out…
Swiss Re reports net income of US$1.2 billion in Q1 2016
May 2, 2016 by Canadian UnderwriterSwiss Re has reported a net income of US$1.2 billion in Q1 2016, down from US$1.4 billion reported in the prior-year period, but “supported by solid underwriting and strong investment results.” Net income for Property and Casualty Reinsurance was US$587…
Recent quakes a reminder of the importance of insurance options in U.S.: III
April 19, 2016 by Canadian UnderwriterMany states in the United States face risks from earthquakes, yet only about 10% of surveyed homeowners on the West Coast have purchased related coverage, reports the Insurance Information Institute (III). Recent earthquakes in Ecuador and Japan serve as a…
‘Fair amount of uncertainty’ of financial impact of Canadian earthquakes: OSFI deputy superintendent
April 14, 2016 Greg Meckbach, Associate EditorThe financial risk from an earthquake in Quebec is “a lot bigger than maybe people think,” a Munich Re Canada executive suggested Wednesday, while the head of Aon Benfield Canada suggested Canadians on the west coast “may be” underinsured for…
Reinsurance market has ‘awful lot of choice for buyers:’ Aon Benfield Canada CEO
April 13, 2016 Greg Meckbach, Associate EditorThere has been “very little impact,” on brokers and cedents, from recent mergers and acquisitions in the reinsurance industry, a speaker suggested Wednesday at Insurance Bureau of Canada’s Financial Affairs Symposium. “I think, a little surprisingly, to date there has…
Canada in better position than most to close protection gap, collaboration key: Scotti
April 6, 2016 by Angela Stelmakowich“Canada is in a better position than many other countries to actually close its protection gap,” Veronica Scotti, president and CEO of Swiss Re Canada, said Wednesday during Swiss Re’s Canadian Insurance Outlook in downtown Toronto. “Sometimes it takes an…
Canada’s p&c industry sees big jump in underwriting income, big drop in nat-cat losses in 2015: IBC
April 6, 2016 by Angela StelmakowichDespite the challenges and fluctuations of 2015 – including plummeting oil prices – Canada’s property and casualty industry “had a relatively good year,” with underwriting income tripling to about $1.7 billion, David McGown, senior vice president of strategic initiatives for…
Prepare for Anything
April 1, 2016 Greg Meckbach, Associate Editor and Jason Contant, Online EditorCanadians are well-aware of events that can produce insured losses, including storms and cold weather. But the possible influence of other less-familiar perils, like earthquakes and cyber cats, should also be on the radar.