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Verisk Analytics
Expected insured losses from present-day Hurricane Andrew would total US$56 billion: AIR Worldwide
August 21, 2017 by Canadian UnderwriterIf Hurricane Andrew were to occur today, 25 years after its original landfall, the expected total industry insured losses (based on today’s exposures) would be approximately US$56 billion in the United States, catastrophe risk modelling firm AIR Worldwide reported on…
U.S. P&C insurance industry’s net income drops 42.2% to US$7.7 billion in Q1 2017
June 26, 2017 by Canadian UnderwriterThe private property and casualty insurance industry in the United States saw its net income after taxes drop to US$7.7 billion in the first quarter of 2017 from US$13.4 billion in Q1 2016, a 42.2% decline, according to ISO, a…
U.S. P&C insurers report US$4.7 billion net underwriting loss in 2016: Verisk Analytics
May 8, 2017 by Canadian UnderwriterPrivate property and casualty insurers in the United States suffered a US$4.7 billion net underwriting loss in 2016 following a US$8.9 billion net underwriting gain in 2015, according to ISO, a Verisk Analytics business, and the Property Casualty Insurers Association…
Silent cyber a big issue, most companies with insurance book have exposure: AIR Worldwide’s Stransky
April 25, 2017 Angela StelmakowichPHILADELPHIA – Silence is decidedly not golden when it comes to cyber risk, Scott Stransky, assistant vice president and principal scientist for AIR Worldwide, suggested to Canadian Underwriter in advance of the RIMS 2017 Annual Conference & Exhibition. Silent cyber…
Risk to U.S. property from severe convective storms as high as from hurricanes: Willis Re
March 20, 2017 by Canadian UnderwriterSevere convective storms (SCS) posed as much risk to property in the United States as hurricanes between 2003 and 2015, with the average annual loss from SCS amounting to US$11.23 billion compared to US$11.28 billion from hurricanes. So concludes a…
PCS estimates $3.98 billion in insured damage from Fort McMurray wildfire in final re-survey
November 17, 2016 by Canadian UnderwriterProperty Claim Services (PCS) has updated its insured damage estimate for the Fort McMurray wildfire to $3.98 billion, down from its August estimate of $4.67 billion. Of the $3.98 billion estimate, the majority is in personal lines ($2.9 billion), with…
Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS
October 5, 2016 by Canadian UnderwriterYear-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The…
U.S. P&C insurers report US$1.5 billion net underwriting loss in first half of 2016
October 5, 2016 by Canadian UnderwriterPrivate property and casualty insurers in the United States reported a US$1.5 billion net underwriting loss in the first half of 2016 – the first year-to-date net underwriting loss in more than three years, according to ISO, a Verisk Analytics…
PCS re-survey estimates $4.67 billion in insured damage from Fort McMurray wildfire
August 16, 2016 by Canadian UnderwriterInsured losses arising from the Fort McMurray, Alberta wildfire are estimated at $4.67 billion, Verisk Analytics Inc.’s Property Claims Services said in a bulletin this week. The wildfire in May was the most expensive natural catastrophe in Canadian history, when…
U.S. private p&c insurers’ net income falls 26.6% in Q1 2016, combined ratio up 1.8%: Verisk
July 14, 2016 by Canadian UnderwriterPrivate property and casualty insurers in the United States saw their net income after taxes fall to US$13.3 billion in first-quarter of 2016 from US$18.1 billion in first-quarter 2015, a 26.6% decline, according to data from ISO, a Verisk Analytics…
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.
Fort McMurray wildfire loss estimate pegged at $4.6 billion: Property Claim Services data
June 2, 2016 by Canadian UnderwriterThe massive Fort McMurray wildfire is expected to cost the Canadian insurance industry $4.6 billion, according to data from Property Claim Services (PCS), a Verisk Analytics business. The loss estimate of $4,630,800,000 includes property damage losses under residential, commercial and…