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Watch for governments to transfer financial risk from natural disasters to insurers: Swiss Re

October 16, 2020 by Greg Meckbach

There is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes. In Asia, Africa, the United States and Britain, there are examples of national and sub-national

News CatastrophesClimate ChangeInsuranceReinsurance

Cat bonds starting to attract this type of investor

October 15, 2020 by Greg Meckbach

Catastrophe bonds are gaining a reputation as a socially responsible investment, a CatIQ Connect speaker said Wednesday. “Investors seeking investments in the [environmental, social and governance] market are starting to classify cat bonds as a responsible investment,” said Alyson Slater,

News Insurance

Fundraiser started for children of Belynda Cleland Kerelchuk

October 13, 2020 by David Gambrill

A GoFundMe campaign, Belynda’s Kids, has been started to raise funds for the care of the children of the late Belynda Cleland Kerelchuk, who is listed on LinkedIn as the senior vice president at Aon Reinsurance Solutions. At the time

News Insurance

Police charge man for murder in death of a Canadian P&C insurance executive

October 9, 2020 by David Gambrill

Peel Regional Police are investigating a domestic homicide near Toronto, after finding a woman who is believed to be a Canadian senior insurance executive pronounced dead at the scene. Police say they received a call for a disturbance in the

News Insurance

‘Bold and underline that’ — What this Aon exec says is the top reinsurance issue

September 25, 2020 by Adam Malik

Social inflation is the top item of concern for an Aon reinsurance executive, even if it’s an issue being exacerbated in the United States rather than in Canada. “I would bold and underline that — that is, I think, the

News CatastrophesInsuranceLegislation / RegulationRisk

Feds urged to consider backstop for ‘tail risks’ such as pandemic, quake and flood

September 25, 2020 by David Gambrill

Discussions around providing pandemic coverage in the future are highlighting the need to develop a Canadian federal government backstop for other serious “tail risk” events such as earthquakes, floods and wildfires, says the president of the Property and Casualty Insurance

News ClaimsCommercial LinesEarnings / RatingsInsurance

Winners and losers of the COVID-19 quarter

September 24, 2020 by David Gambrill

Although COVID-19 infected the underwriting results of the entire P&C insurance industry, it did not affect all insurance organizations equally, as recent data released by MSA Research shows. “The overall picture that emerges at the end of June is one

News Insurance

Aon exec discusses industry ‘sins’ and puts COVID claims into perspective

September 16, 2020 by Adam Malik

Riding the wave of high interest rates years ago, some P&C insurers and reinsurers overlooked their escalating combined ratios, an industry exec recently observed during a webinar. And that’s coming back to bite the industry now that the global COVID-19

News Earnings / RatingsInsurance

How A.M. Best predicts pandemic could affect the Canadian P&C industry

September 8, 2020 by Greg Meckbach

An increase of residential cooking fires and business closures arising from the pandemic are among the trends affecting the Canadian property and casualty insurance industry on the radar of A.M. Best Company Inc. Overall, personal property losses are lower so

News BrokersClaimsClaims CanadaCommercial LinesInsuranceLegalReinsurance

Insurers adding pandemic exclusions in commercial policies that go beyond just BI

September 2, 2020 by Greg Meckbach

Many insurers that did not start adding pandemic exclusions this past July may have to do so in January, a Winnipeg-based executive with commercial brokerage Gallagher reports. “The majority of insurers – or all insurers – are adding specific wording

News CatastrophesClaimsClimate ChangeInsurance

Hurricane warnings: Is it crying wolf when storms aren’t as bad as expected?

August 31, 2020 by David Gambrill

While Hurricane Laura’s insured damage estimates in the United States range anywhere between $4 billion to $12 billion, the post-tropical storm predicted for Atlantic Canada did not quite reach the level of intensity initially forecast for the Maritimes last Thursday.

News CatastrophesClaimsClimate ChangeInsurance

Rapid-intensity Hurricane Laura ultimately headed for Newfoundland

August 26, 2020 by David Gambrill

The path of Hurricane Laura — which is currently located off the U.S. Gulf Coast and described as one of the fastest-intensifying storms in history — is tracking to hit St. John’s, Nfld., next Monday as a post-tropical storm, according