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Total economic losses from nat, man-made disasters in 2016 at least US$158 billion: Swiss Re sigma estimate
December 15, 2016 by Canadian UnderwriterTotal economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total…
After new energy regulations, Oklahoma’s earthquake rate drops
November 30, 2016 Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – The rate of earthquakes in Oklahoma has dropped dramatically since late May, when the state limited wastewater injections into energy wells, an Associated Press statistical analysis shows. And a new scientific study says the state is on its…
Fitch changes U.S. P&C insurance industry outlook to negative from stable
November 30, 2016 by Canadian UnderwriterFitch Ratings has changed the fundamental sector outlook for the United States property and casualty insurance industry to negative from stable, reflecting recent declines in profitability and anticipated further earnings deterioration in 2017 due to more competitive market conditions. Fitch…
1.8 million homes in 13 western states at extreme or high risk of wildfire damage: CoreLogic
October 26, 2016 by Canadian UnderwriterNearly two million homes in 13 western states are at an extreme or high risk of wildfire damage, according to a new report from CoreLogic, Inc. CoreLogic, a global property information, analytics and data-enabled solutions provider, said on Wednesday that…
4.8 magnitude earthquake in Texas in 2012 triggered by wastewater injection, study confirms
September 26, 2016 by Canadian UnderwriterA 4.8 magnitude earthquake that “rattled residents” and damaged buildings in East Texas in 2012 was triggered by the injection of large volumes of wastewater from oil and gas activities into rocks deep beneath the surface, confirmed a new satellite…
Fort McMurray wildfire accounts for 98% of H1 insured cat losses in Canada, 29% of PCS-designated North American losses
August 31, 2016 by Canadian UnderwriterThe Fort McMurray wildfire accounted for 98% of first-half insured catastrophe losses in Canada and 29% of Property Claim Services (PCS)-designated North American cat losses for the period, according to a preliminary estimate from the company. Insurers affected by the…
Total worldwide economic losses for first half of 2016 at US$70 billion, up US$11 billion from 2015 half-year totals: Munich Re
July 12, 2016 by Canadian UnderwriterTotal worldwide economic losses for the first half of 2016 were US$70 billion, of which US$27 billion were insured, significantly higher than the first year losses of US$59 billion in 2015, of which US$19 billion were insured, Munich Re said…
2016 hail season one of the most severe in Texas history, with nearly US$700 million in estimated losses: CoreLogic
July 12, 2016 by Canadian UnderwriterThe 2016 hail season in Texas is already one of the most severe in the state’s history, with year-to-date results reaching the nine-year average for hail storm damage in the United States, according to CoreLogic, Inc., a global property information,…
U.S. insurers paid US$5.37 billion in total hail claims for 2008-14; 2011 and 2014 costliest years
June 13, 2016 by Canadian UnderwriterThe years of 2011 and 2014 were the costliest years for hail-related vehicle claims in the United States during a 2008-14 study period, with losses concentrated in the country’s midsection, according to an updated analysis by the Highway Loss Data…
Parts of Texas see 10 to 20 inches of rain in 24-hour period: AIR Worldwide
June 7, 2016 by Canadian UnderwriterTexas, still drying out from one of its wettest springs on record, received additional heavy rainfall during the last two weeks, causing major flooding throughout the state, catastrophe modelling firm AIR Worldwide said on Monday. AIR Worldwide said in a…
Swollen river feeds flooding near Houston as residents flee
May 31, 2016 John L. Mone - THE ASSOCIATED PRESSRICHMOND, Texas – Residents of some rural southeastern Texas counties were bracing for more flooding Tuesday along a river that had reached a record-high crest just two years after it had run dry in places because of drought. The National…
Floods in Texas, Kansas leave at least 6 dead, 2 missing
May 30, 2016 Michael Graczyk - THE ASSOCIATED PRESSHOUSTON – Authorities in central Texas have found two more bodies along flooded streams, bringing the death toll from flooding in the state to six. It was unclear Sunday whether a body found in Travis County near Austin is one…