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XL Catlin partners with AI start-up Cytora

October 4, 2017 by Canadian Underwriter

XL Catlin’s internal innovation team Accelerate announced that it is working with Cytora, a United Kingdom-based insurtech start-up that uses artificial intelligence (AI) and open source data to improve the way insurers quantify, select and price risk. A joint press

News CatastrophesClaimsInsuranceLegislation / Regulation

U.S. politicians urged to ‘work quickly’ to ensure NFIP ‘sustainable for the future’

October 3, 2017 by Canadian Underwriter

A coalition of insurers and associations is urging the United States Congress to quickly reform and extend the National Flood Insurance Program, which owes billions to the U.S. government and will expire this year unless a law extending NFIP is

News Insurance

2017 industry catastrophe losses could reach US$190 billion before tax: Fitch

October 2, 2017 by Greg Meckbach

With Hurricanes Maria, Irma and Harvey causing devastation in Puerto Rico, Florida and Texas respectively over the course of three weeks, catastrophe losses in 2017 “will constitute a capital event” for some insurance and reinsurance carriers, Fitch Ratings Inc. has

News Insurance

Irma could cost Chubb more than $700 million after tax

October 2, 2017 by Canadian Underwriter

Chubb Limited has released its preliminary loss estimates attributable to Hurricanes Irma and Harvey. “Losses for Hurricane Irma are currently estimated to range from $800 million to $950 million pre-tax, or $640 million to $760 million after tax,” stated Chubb, which was formed in

News CatastrophesClaimsInsurance

Insured property loss estimate for Tropical Cyclone Debbie in Australia up to AU$1.7 billion: PERILS

September 28, 2017 by Canadian Underwriter

PERILS AG has upped its estimate of the property insurance market loss for Tropical Cyclone Debbie, which affected the Australian states of Queensland and New South Wales this spring, to just shy of AU$1.7 billion. The Zurich-based organization’s third loss

Karen Clark
Feature CatastrophesReinsurance

Andrew: Now and Then

September 28, 2017 Karen Clark, Co-founder, Karen Clark & Company

Hurricane Andrew brought with it great devastation and loss a quarter-century ago, but also helped cement the value of well-informed catastrophe modelling. Fast forward 25 years and, once again, rethinking modelling is in order

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Canadian P&C industry’s combined ratio improves seven points in Q2 2017 to 97.7%: MSA

September 28, 2017 by Canadian Underwriter

The Canadian P&C industry’s combined ratio improved 7.06% in the second quarter of this year from the same quarter last year to 97.71% from 104.77%, according to the MSA Quarterly Outlook Report, released on Thursday. “What a difference a year

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Allstate estimates gross cat losses of US$576 for Hurricane Harvey

September 21, 2017 by Canadian Underwriter

The Allstate Corporation has estimated gross catastrophe losses, excluding homeowners flood, of US$576 pre-tax for Hurricane Harvey. The losses will be reduced by US$23 million in anticipated reinsurance recoveries, for a net estimated loss of US$553 million, Northbrook, Ill.-based Allstate

News Insurance

Massive growth earns insurance-related firms 14 spots on Canada’s Fastest-Growing Companies list

September 14, 2017 by Ian Portsmouth

The insurance industry might always look slow and staid to the casual observer, but this year’s PROFIT 500 list proves that exciting opportunities are just about everywhere in the economy — insurance included. Released today by CanadianBusiness.com, the 29th annual

News CatastrophesClaimsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield

September 12, 2017 by Canadian Underwriter

Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

New rating methodology from A.M. Best expected in Q4

September 8, 2017 Greg Meckbach, Associate Editor

A.M. Best Company Inc. expects its new methodology – which will yield five different scores for capital adequacy ratio – will become effective early in the fourth quarter but will not be a “fundamental change” to how the ratings firm

News ClaimsInsuranceMergers and AqcuisitionsReinsurance

Total property damage from Hurricane Harvey’s flooding estimated at between US$65-75 billion: AIR Worldwide

September 7, 2017 by Canadian Underwriter

Property losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties