IBC encouraging policyholders to discuss policy limits with insurers as B.C. wildfires continue
July 10, 2017 by Canadian UnderwriterAs British Columbia has declared a state of emergency due to wildfires burning out of control throughout much of the Interior, the Insurance Bureau of Canada (IBC) is encouraging policyholders to discuss policy limits with their insurer. Most home and…
GC Securities completes “first ever indemnity triggered multi-Europe peril only” cat bond
July 10, 2017 by Canadian UnderwriterGC Securities – a division of U.S. registered broker-dealer MMC Securities LLC, a subsidiary of Marsh & McLennan Companies, Inc. (MMC) – has announced the “first ever indemnity triggered multi-Europe peril only 144A catastrophe bond.” The placement of Principal At-Risk…
Saskatoon thunderstorm estimated to cost over US$30 million, floods and convective storms cost global economy US$5 billion in June: Aon Benfield
July 6, 2017 by Canadian UnderwriterA thunderstorm over Saskatoon on June 2 that spawned ping pong ball-sized hail is estimated to cost more than US$30 million, Aon Benfield said in its Global Catastrophe Recap report for the month of June. The fast-developing thunderstorm caused the…
Investment income doubles for Canadian P&C industry: MSA
June 27, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had essentially no underwriting income during the first three months of the year but Q1 net investment income more than doubled year over year, figures from a report from MSA Research Inc. suggest.…
New Zealand proposes shaking up earthquake commission scheme to smooth claims resolution
June 27, 2017 by Canadian UnderwriterNew Zealand will continue to flesh out the details of proposed changes aimed at simplifying and improving the Earthquake Commission (EQC) scheme to help support more timely response to affected policyholders. Reforms to the Earthquake Commission Act seek to “simplify…
U.S. earthquakes estimated to cost US$6.1 billion annually in building stock losses
June 26, 2017 by Canadian UnderwriterEarthquakes are estimated to cost the United States US$6.1 billion annually in building stock losses, according to an updated report published last week by the Federal Emergency Management Agency (FEMA). The new loss estimate represents a 10% increase over the…
U.S. P&C insurance industry’s net income drops 42.2% to US$7.7 billion in Q1 2017
June 26, 2017 by Canadian UnderwriterThe private property and casualty insurance industry in the United States saw its net income after taxes drop to US$7.7 billion in the first quarter of 2017 from US$13.4 billion in Q1 2016, a 42.2% decline, according to ISO, a…
Cyclones Debbie, Cook in New Zealand combine to produce insured losses of NZ$84 million so far
June 19, 2017 by Canadian UnderwriterThe two cyclones that pounded New Zealand in April have spurred insured costs of NZ$84 million to date, setting the stage for what could become one of the most damaging year in recent years and leading to wrong-headed government actions…
RMS updates North America quake models for U.S., Canada and Mexico
June 9, 2017 by Canadian UnderwriterRMS’s latest North America earthquake models – covering the United States, Canada, and Mexico – are designed to help company clients manage their risk accumulations with more confidence and help with underwriting a better book of business. Version 17.0 benefits…
May storms in Ontario, Quebec and the Maritimes caused hundreds of millions in damage and damaged more than 5,200 homes: Aon Benfield
June 8, 2017 by Canadian UnderwriterSeveral low pressure systems that brought heavy rainfall to portions of Ontario, Quebec and the Maritimes last month caused “hundreds of millions” in U.S. dollars and damaged more than 5,200 homes, according to Impact Forecasting’s latest Global Catastrophe Recap for…
Loss adjusting innovation emerging in light of insurance claims for forest fires: Cunningham Lindsey
June 6, 2017 by Canadian UnderwriterGreater complexity in insured losses sparked by forest fires has produced a bright spot: innovation in how loss adjusters are tackling these events, suggests a new review from Cunningham Lindsey. Released Tuesday, the company’s 2017 Major and Complex Loss Review…
Insurance and reinsurance industries should pay more attention to “black swan” events: CIFF speaker
May 25, 2017 Jason Contant, Online EditorThe insurance and reinsurance industry would benefit from paying more attention to “black swan” events, those which are “not anticipated and probably not modelled,” a speaker suggested on Wednesday at the Canadian Insurance Financial Forum (CIFF). “When you look back…