Home explodes in DC suburb: ‘It’s just a pile of bricks’
March 20, 2017 The Associated PressROCKVILLE, Md. – A house in a Maryland suburb of the nation’s capital was levelled early Friday by a thunderous explosion heard for miles around, a blast so powerful it shattered windows and caused other damage to several neighbouring homes,…
Japanese court holds government, electrical utility liable for safety failures in 2011 tsunami
March 17, 2017 Mari Yamaguchi - THE ASSOCIATED PRESSTOKYO – A court Friday held Japan’s government and a utility liable for neglecting tsunami safety measures at the Fukushima nuclear plant and ordered them to pay more money to dozens out of the thousands of people who fled radiation…
Munich Re operating result down in 2016 from 2015, new partnerships could answer changing client demands
March 16, 2017 by Canadian UnderwriterMunich Re is looking to set up partnerships that would previously not have been considered, the company reported this week in announcing the group operating result fell 16.5% to 4,025 million euros in 2016 compared to 4,819 million euros in…
Study: California fault could cause magnitude 7.4 quake
March 8, 2017 The Associated PressSAN DIEGO – An earthquake fault running from San Diego Bay to Los Angeles is capable of producing a magnitude-7.4 earthquake that could affect some of the region’s most densely populated areas, according to a study released Tuesday. The study…
Severe weather outbreaks in U.S. in February lead to billion-dollar payout for insurance industry: Aon Benfield
March 8, 2017 by Canadian UnderwriterProlific severe weather outbreaks in the United States lead to an expected billion-dollar payout for the insurance industry as no fewer than five outbreaks of severe weather impacted portions of the country during February, according to Impact Forecasting’s latest Global…
Cessna 310 crashes in residential area in California
March 1, 2017 Amy Taxin - THE ASSOCIATED PRESSRIVERSIDE, Calif. – Juan Cortes and his son were installing fencing when they saw a low-flying plane make an awkward tilt and go straight down into a quiet Southern California neighbourhood of single-family homes. Moments later they and others were…
Swiss Re reports 2016 net income of US$3.6 billion, P&C Re net income of US$2.1 billion
February 23, 2017 by Canadian UnderwriterSwiss Re has reported full-year 2016 net income of US$3.6 billion, including Property & Casualty Reinsurance net income of US$2.1 billion. Swiss Re said that its net income in P&C Re was US$2.1 billion last year compared to US$3 billion…
Combined ratio up 2 points for SCOR
February 22, 2017 by Canadian UnderwriterParis-based reinsurer SCOR SE released Wednesday its latest financial results, reporting a combined ratio of 93.1% in 2016, up 2 points from 91.1% in 2015. The combined ratio in the most recent quarter was 93.3%, up 1.1 points from 92.2%…
Fairfax proposes to acquire New Zealand insurer Tower for nearly $200 million
February 9, 2017 by Canadian UnderwriterFairfax Financial Holdings Ltd., the corporate owner of Northbridge Insurance, announced Wednesday it has agreed to buy Auckland-based Tower Limited, which writes property and casualty insurance in New Zealand and nearby nations. Tower’s shareholders, if they approve the deal, would…
Q4 combined ratio up 14.9 points at Aspen
February 9, 2017 by Canadian UnderwriterWildfires in Tennessee, an earthquake in New Zealand, Hurricane Matthew and energy-related losses all contributed to a 20.2-point deterioration in the fourth-quarter loss ratio in reinsurance for Aspen Insurance Holdings Ltd., while in primary insurance, Aspen reported a combined ratio…
Businesses need to ask how quickly stolen equipment can be replaced: Northbridge
February 8, 2017 by Canadian UnderwriterTheft of equipment is one risk business owners should think about when planning for business continuity, Northbridge Insurance advised recently. “Crime can take many forms and affect businesses in different ways,” Toronto-based Northbridge noted in a blog post, titled Business…
2016 ILS market larger in Q3 than Q2 for first time: Swiss Re
February 3, 2017 by Canadian UnderwriterNew issuance volumes for insurance-linked securities (ILS) were atypical in 2016, Swiss Re reported on Friday, noting that for the first time, the third quarter was larger than the second quarter. While the second quarter is typically the busiest of…