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News CatastrophesConstructionInsuranceMarkets / CoveragesReinsurance

Landscaping ‘absolutely key’ to reducing wildfire risk: ICLR

October 11, 2017 Greg Meckbach, Associate Editor

Canadian property owners can do more to “take the weak links” out of the chain of events causing homes to burn from wildfire, a speaker suggested at the recent Annual Engineering Insurance Conference (AEIC). “How a property is landscaped is

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR

October 10, 2017 by Canadian Underwriter

Catastrophe losses “should reach” US$95 billion, for the private insurance market, from three recent North Atlantic hurricanes and the earthquake in Mexico, SCOR SE suggested Monday. That figure is the “total private insured market loss for the combined Harvey-Irma-Maria hurricanes

News CatastrophesInsuranceLegislation / RegulationMarkets / CoveragesReinsurance

OSFI to release reinsurance discussion paper, likely by early next year

October 10, 2017 Jason Contant, Online Editor

The Office of the Superintendent of Financial Institutions (OSFI) will release a discussion paper related to reinsurance, likely early next year, Neville Henderson, assistant superintendent of the regulator’s insurance supervision sector, said last week. Speaking at the National Insurance Conference

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Move critical infrastructure protection burden ‘on to the back’ of reinsurers: engineering conference speaker

October 6, 2017 Greg Meckbach, Associate Editor

A lack of insurance coverage for critical infrastructure is one reason for the growing gap between insured and economic losses and 2017 “is going to be the costliest year in world insurance history,” a speaker said Thursday at the 44th

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Beware ‘event amnesia’ following Fort McMurray wildfire, NICC speaker warns

October 5, 2017 Jason Contant, Online Editor

Following Canada’s costliest natural disaster, Fort McMurray may be more resilient in the short- and medium-term, but there needs to be an avoidance of “event amnesia,” a speaker suggested earlier this week at the National Insurance Conference of Canada (NICC).

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Record month of Atlantic tropical cyclones leads to major financial toll: Aon Benfield

October 5, 2017 by Canadian Underwriter

Hurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Property Claim Services and NFIP to report aggregate flood loss estimates

October 5, 2017 by Canadian Underwriter

Property Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the

News InsuranceMarkets / CoveragesTechnology

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