Analyzing near misses can help with capacity management, capital calibration: RMS, Lloyd’s
October 23, 2017 by Canadian UnderwriterInsurers and reinsurers can benefit by considering how near misses – such as an incident three months ago when an Air Canada Airbus A320 nearly landed on a taxiway with four passenger jets – might have become major disasters, Risk…
Federal, Manitoba governments agree to pay $90 million to First Nations following 2011 flood
October 20, 2017 by Canadian UnderwriterThe governments of Manitoba and Canada have agreed to pay more than $90 million to certain First Nations who were affected by flooding in 2011. McKenzie Lake Lawyers LLP said in a statement released earlier this week that while not…
California wildfires already cost more than US$1 billion in losses: state insurance department
October 20, 2017 by Canadian UnderwriterThe wildfires in California have cost US$1.045 billion in losses, preliminary data from the California Department of Insurance has revealed. On Thursday, California Insurance Commissioner Dave Jones announced preliminary data provided by eight California insurers processing claims for tens of…
ILS market ready to deal with “wake-up call” of Q3 nat cats: Willis Towers Watson Securities
October 20, 2017 by Canadian UnderwriterInsurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities…
DDoS attacks on the rise, Kaspersky research shows
October 11, 2017 by Canadian UnderwriterDistributed denial of service (DDoS) attacks are on the rise, with about one-third (33%) of polled global organizations facing such an attack in 2017, new research from cybersecurity company Kaspersky Lab has found. The IT Security Risks research is an…
Risk associated with domestic acts of terrorism shifting: RIMS report
October 10, 2017 by Canadian UnderwriterWhile domestic terrorism has historically represented a disproportionate risk to property, relative to bodily harm, spread over numerous smaller incidents, that risk has shifted, according to a new report from RIMS, the risk management society. More recently, risk associated with…
Property Claim Services and NFIP to report aggregate flood loss estimates
October 5, 2017 by Canadian UnderwriterProperty 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…
Dave Smiley appointed president and chief operating officer of Unica Insurance
September 27, 2017 by Canadian UnderwriterMississauga, Ont.-based Unica Insurance announced on Wednesday that Dave Smiley has been appointed president and chief operating officer of the company. Smiley previously held the position of vice president of operations for Unica since 2009. He brings with him almost…
Hurricane relief around-the-clock: U.S. Department of Defense
September 26, 2017 THE ASSOCIATED PRESSThe U.S. Defense Department was working around the clock to deliver humanitarian assistance to Puerto Rico and the U.S. Virgin Islands, even as the death toll climbed further across the Caribbean after Hurricane Maria. By Monday afternoon, the confirmed toll…
Catastrophe bonds sponsored by Florida property insurers ‘could trigger’ due to Irma claims: A.M. Best
September 13, 2017 by Canadian UnderwriterHurricane Irma could trigger catastrophe bonds sponsored by American insurers with significant exposure in Florida, A.M. Best Company Inc. suggested in a briefing released Tuesday. The United States National Weather Service reported Wednesday that Irma is now a post-tropical cyclone…
New rating methodology from A.M. Best expected in Q4
September 8, 2017 Greg Meckbach, Associate EditorA.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…
“Notable shift” in North American perils is inclusion of Canada in covered areas of cat bonds: Aon Securities
September 7, 2017 by Canadian UnderwriterCatastrophe bond issuance in the 12 months ending June 30, 2017, reached a historic US$11.3 billion, nearly US$2 billion larger than the previous all-time record, Aon Securities said in a new report. Aon Securities, the investment banking division of global…