Insured costs for Cyclones Debbie and Cook in New Zealand upgraded to NZ$109 million from NZ$84 million in June
August 28, 2017 by Canadian UnderwriterThe Insurance Council of New Zealand (ICNZ) has upgraded the insured costs associated with Cyclones Debbie and Cook to NZ$109 million from the NZ$84.4 million estimate in June. The two cyclones swept through New Zealand during April (Cyclone Debbie from…
Provincial, local governments should consider mandatory hurricane interpretation training: ICLR report
August 25, 2017 Jason Contant, Online EditorProvincial and local governments should consider mandating compulsory training in the Canadian Hurricane Centre (CHC)’s severe hurricane interpretation course, the Institute for Catastrophic Loss Reduction (ICLR) recommended in a new research paper. The paper, titled Communicating hurricane risk in Eastern Canada:…
Expected insured losses from present-day Hurricane Andrew would total US$56 billion: AIR Worldwide
August 21, 2017 by Canadian UnderwriterIf Hurricane Andrew were to occur today, 25 years after its original landfall, the expected total industry insured losses (based on today’s exposures) would be approximately US$56 billion in the United States, catastrophe risk modelling firm AIR Worldwide reported on…
Fewer and less intense cat events significantly lower global economic losses to US$44 billion in H1 2017: Swiss Re
August 17, 2017 by Canadian UnderwriterTotal global economic losses from disasters were US$44 billion in the first half of 2017, down significantly from US$117 billion in H1 2016, as a result of fewer and less intense events, according to preliminary sigma estimates from Swiss Re.…
RIMS calls for reauthorization of National Flood Insurance Program, warns of consequences of expiration
August 16, 2017 by Canadian UnderwriterRIMS, the risk management society, is calling on its U.S. membership of risk management and insurance professionals to support its push for the reauthorization of the National Flood Insurance Program (NFIP). “The program’s expiration on September 30, 2017 would leave…
B.C. and federal governments assessing impact of wildfires on province’s agriculture sector
August 16, 2017 by Canadian UnderwriterThe governments of British Columbia and Canada have announced that they are working under the federal-provincial AgriRecovery disaster framework to determine the type of assistance that may be required by the province’s agriculture sector to recover from the impact of wildfires. The announcement was made on Wednesday following the first meeting between Lawrence MacAulay, the federal Minister of Agriculture and Agri-Food, and B.C. Minister of Agriculture Lana Popham.
Government officials are working together to quickly assess the “extraordinary costs” farmers are incurring and what additional assistance may be required to recover and return to production following the wildfires, noted a joint statement from B.C.’s Ministry of Agriculture and Agriculture and Agri-Food Canada.
Australian insurers welcome Senate committee call for government to rethink funding for natural disaster mitigation
August 14, 2017 by Canadian UnderwriterInsurance Council of Australia (ICA) has welcomed a report by the Senate Economics References Committee supporting the council’s call for the federal government to invest in natural disaster mitigation and resilience, as well as back risk-based pricing. This spring, ICA…
2016 was the warmest year on record for the globe, Canadian Prairies experienced one of the “longest and most active storm seasons”: report
August 11, 2017 by Canadian UnderwriterLast year topped 2015 as the warmest year in 137 years of record keeping and marked the third consecutive year of record warmth, the National Oceanic and Atmospheric Administration (NOAA) reported on Thursday. The 27th annual State of the Climate…
Combined ratio down 5.9 points, P&C reinsurance premiums down 8% for Munich Re
August 11, 2017 by Canadian UnderwriterMunich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335…
Modern-day Hurricane Andrew would cost an estimated US$80-100 billion in economic damage compared to 1992’s US$26.5 billion: Swiss Re
August 9, 2017 by Canadian UnderwriterA modern-day Hurricane Andrew would cost an estimated US$80-100 billion in economic damage, up dramatically from the US$26.5 billion cost in 1992 dollars, according to a new report from Swiss Re. The hurricane in August 1992 destroyed more than 25,000…
Insurers should ensure consumers are ‘better able to understand’ home insurance policies: CCIR
August 9, 2017 by Canadian UnderwriterIn a paper released Wednesday, Canada’s insurance regulators’ association suggests that insurers need to better educate consumers so they can understand the terms – including limitations, exclusions and deductibles – of their property insurance contracts, while sharing aggregated property risk…
With marijuana legalization impending, now is not the time to lower the legal alcohol limit, CAA-Quebec argues
August 9, 2017 by Canadian UnderwriterThe federal government’s proposal to explore lowering the legal alcohol limit for drivers in a bid to improve road safety is “commendable,” but with cannabis due to be legalized in less than a year, now is not the right time…