Segment
Reinsurance
Industry understanding of wildfire risk needs improvement: CEO
April 10, 2018 by Greg MeckbachThe property and casualty insurance industry needs to get a better understanding of wildfire risk in Canada because we will experience more disasters like Fort McMurray in the future, a reinsurance company executive warned Monday. “We think [the industry] needs…
Arbitration glitch sidetracks $147-million Fort Mac reinsurance dispute
March 21, 2018 by David GambrillA $147-million reinsurance dispute involving Fort McMurray wildfire claims got off to a rocky start because the insurer and its reinsurers could not initially agree on the method of arbitration. At the heart of the matter was a broad reference…
Alberta: Canada’s poster child for climate risk
March 21, 2018 David Gambrill, Editor-in-ChiefCanadian reinsurers see the spread of catastrophe risk becoming increasingly concentrated in Alberta, where a population boom has led to unparalleled storm exposure.
Munich Re not saying how many Canadian jobs may be cut as part of worldwide staff reductions
March 19, 2018 by Greg MeckbachMunich Re, which spent over $4 billion in 2017 for three hurricanes alone, is not saying how many jobs – if any – it is cutting in Canada. Published reports Thursday quoted Munich Re officials as saying the German reinsurer…
New method can predict where lightning will spark wildfires
March 12, 2018 THE CANADIAN PRESSCALGARY – Apparently lightning can strike the same place twice after all. A study by researchers at the University of Calgary’s Schulich School of Engineering suggests it’s possible to predict where lightning will strike and how often. They say satellite…
XL Catlin Canada part of AXA’s $15.3-billion acquisition of XL Group
March 5, 2018 by David GambrillThe AXA Group, based in France, has entered into a $15.3-billion agreement to acquire 100% of XL Group Ltd., which includes Canadian subsidiary XL Catlin Canada. The merger agreement, expected to close in the second half of 2018, has been…
Comparing insurance contracts? How AI can help expedite the process
March 5, 2018 by Jason ContantGlobal reinsurer Swiss Re is employing artificial intelligence (AI) to trace relationships between insurance contracts, all the way down to a single clause, allowing underwriters to process a submission much faster. Mike Fitzgerald, senior insurance analyst with financial consulting firm…
Gavan’s Global Perspective
February 21, 2018 Greg Meckbach, Associate EditorHuge gaps in earthquake coverage in eastern Canada, the impact of climate change on property damage, and harmonizing regulations across the globe are all top of mind for Karen Gavan, the former CEO of Waterloo, Ont.-based Economical Insurance. Perhaps best…
Insurers urged to play a role in rebuilding economies after disasters
February 9, 2018 by David GambrillInsurers should be giving more thought to planning how to rebuild economies in the aftermath of a crisis, a reinsurance executive urges. “To my mind, what is often seemingly forgotten is the piece of economic resilience,” says Alex Kaplan, head…
DAS Canada is to join with Temple Insurance to advance as one
January 31, 2018 DAS CanadaTORONTO, Jan. 31, 2018 /insPRESS/ – DAS Canada and Temple Insurance announce new MGA agreement DAS Canada will join and shift its risk carrying capacity to Temple Insurance, the insurance carrier of Munich Re in Canada, to advance as one…
How 2017 hurricanes could affect Canadian insurance prices
January 24, 2018 by Greg MeckbachCanadian property insurers could face reinsurance rate hikes this June as an indirect result of recent California wildfires and North Atlantic hurricanes, a ratings firm analyst predicts, echoing the opinions of several commentators in the Canadian property and casualty (P&C)…
Why cat bonds, ILS are depressing reinsurance rates
January 18, 2018 by Greg MeckbachDespite last year’s devastating hurricanes, investors are happy to keep shovelling money into cat bonds and insurance-linked securities (ILS), which in turn are making reinsurers think twice about hiking rates. The catastrophe bond and ILS markets have “grown hugely over…