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)…
Taking a granular look at how drainage routes affect stormwater flooding
January 22, 2018 by Jason ContantEngineered construction like a drainage route can directly affect whether or not a specific building or home is in harm’s way for stormwater flooding, the Institute for Catastrophe Loss Reduction’s (ICLR) director of research told Canadian Underwriter on Monday. Dan…
Your commercial client’s biggest exposure in 2018
January 19, 2018 by Jason ContantBusiness interruption will be the top risk for companies in Canada this year, according to Allianz Global Corporate & Specialty’s (AGCS) Allianz Risk Barometer 2018. “Business interruption (BI) can be a consequence of many of the other risks identified in…
Gore Mutual welcomes two new executives
January 18, 2018 by Jason ContantPaul Jackson has been appointed chief marketing and distribution officer for Gore Mutual, effective immediately. Jackson will report to the insurer’s president and CEO Heidi Sevcik. Jackson has played a key role in Gore Mutual’s transformation since joining the organization…
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…
Was Atlantic winter storm 2018’s first cat event?
January 16, 2018 by Jason ContantA winter storm that caused storm surges and extensive power outages in Atlantic Canada in early January may not have been a catastrophe event, but it was definitely significant, Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter Monday. CatIQ…
Your only hope to prevent a higher reinsurance bill this year
January 16, 2018 by Greg MeckbachInsurance rates will rise in Canada this year unless catastrophe losses are lower than normal, a speaker suggested to industry professionals Tuesday. “I do expect that as this year unfolds, unless we have a very benign 2018, we do expect…
Which insurers were hit hardest by the third-quarter hurricanes?
January 15, 2018 by David GambrillWhich (re)insurers absorbed the bulk of the insured damages when Hurricanes Harvey, Irma and Maria ripped through the Caribbean and continental United States in 2017 Q3? A.M. Best compiled a list of 41 insurers and reinsurers who paid out more…
Catastrophe event? Where’s the company drone?
January 12, 2018 by David GambrillUsing drone technology to process high volumes of claims during catastrophe events is one of several ways the claims process may become automated in the future, RSA Canada reports. “Drone-type technology (satellite and remote camera technologies) will enable us to…
What Canada’s largest city is doing to help reduce flood insurance claims
January 10, 2018 by Greg MeckbachAs climate experts forecast more frequent extreme rain events, Toronto is working towards protecting properties by modernizing its storm drainage system. With its Basement Flooding Protection Program, Toronto’s city government brought in a new standard of accommodating a one-in-100-year storm…
Why Canadian insurers paid $1.33 billion for cat claims in a benign cat year
January 9, 2018 by David GambrillCanadian insured losses from catastrophic events in 2017 totaled $1.33 billion, CatIQ Inc. reports, the fifth time that’s happened over the past seven years. “It’s becoming increasingly common to have Canadian annual insured losses to be greater than $1 billion,”…
2017 cat bond issuance reaches record levels
January 5, 2018 by Jason ContantCatastrophe bond issuance in 2017 reached record levels, including in Canada, as insurers and reinsurers sponsored approximately US$10.5 billion in cat bonds. According to data from the Artemis.bm Deal Directory, there was more than US$10.5 billion in issuance last year,…