Allied World combined ratio up 2.8% in fourth quarter of 2016
February 2, 2017 by Canadian UnderwriterZug, Switzerland-based Allied World Assurance Company Holdings, AG has reported a combined ratio of 99.8% for the fourth quarter of 2016, ending Dec. 31, compared to 97% in the fourth quarter of 2015. Allied World, a global provider of property,…
XL Group reports P&C combined ratio of 94.8% for Q4 2016
February 2, 2017 by Canadian UnderwriterXL Group Ltd. has reported a P&C combined ratio of 94.8% for the fourth quarter of 2016 ending Dec. 31, up 2.5% from the prior-year quarter. For the full year 2016, XL Group reported a combined ratio of 94.2% compared…
Series of October earthquakes in Italy spur 125 million euro loss estimate: PERILS
January 27, 2017 by Canadian UnderwriterThe series of earthquakes that hit central Italy in late October last year has prompted a property insurance market loss estimate of 125 million euros, PERILS AG reports. The quakes had on impact on the regions of Lazio, Marche and…
Flooding and damaging winds most destructive U.S. natural hazards in 2016: CoreLogic
January 26, 2017 by Canadian UnderwriterNatural hazard activity in the United States in 2016 was “relatively average or below average,” with the exception of flood and wind, both of which saw above-average activity, due in large part to Hurricane Matthew, CoreLogic, Inc. said on Thursday.…
Canadian non-life insurance market poised for 2017 profit recovery: Fitch
January 25, 2017 by Canadian UnderwriterThe Canadian non-life insurance industry is likely to return to an underwriting profit in 2017, according to Fitch Ratings’ new report on the Canadian non-life insurance market. Following a significant improvement in 2015 underwriting performance, the market in aggregate will…
ILS sector set to gather pace after subdued 2016: Aon study
January 23, 2017 by Canadian UnderwriterThe insurance-linked securities (ILS) sector is set to gather steam this year, with a record amount of catastrophe bonds to mature in the first half of 2017, according to a new report from Aon Securities. Aon Securities, the investment banking…
Rescuers search for 30 after avalanche hits Italian hotel
January 19, 2017 Colleen Barry, Nicole Winfield and Valentina Onori - THE ASSOCIATED PRESSPENNE, Italy – Rescue workers reported no signs of life Thursday at a four-star hotel buried by an avalanche in the mountains of earthquake-stricken central Italy. Two bodies were recovered of the estimated 30 people trapped inside as the risk…
Economic losses from nat cat events in 2016 total US$210 billion, the highest loss amount in four years: Aon Benfield
January 17, 2017 by Canadian UnderwriterThree hundred and fifteen natural catastrophe events in 2016 generated economic losses of US$210 billion, the highest loss amount in four years and 21% above the 16-average of US$174 billion, according to Aon Benfield’s 2016 Annual Global Climate and Catastrophe…
Research on earthquakes, tsunamis and climate change to benefit from federal investment of $46.6 million to Ocean Networks Canada
January 10, 2017 by Canadian UnderwriterThe federal government has provided a five-year $46.6 million investment to the University of Victoria’s (UVic) Ocean Networks Canada (ONC) to support its continued research and development. ONC pioneers ocean observatories that stream live data 24/7 to researchers across Canada…
2016 Q4 preliminary loss estimate for natural catastrophes US$245 million: XL Group
January 10, 2017 by Canadian UnderwriterXL Group Ltd.’s insurance and reinsurance segments are almost evenly split with regard to accounting for the company’s approximately US$245 million, natural catastrophe net loss estimate for the fourth quarter of 2016. The preliminary loss estimate “is pre-tax and net…
Catastrophe bond issuance has ‘gradually tapered off:’ A.M. Best
January 7, 2017 by Canadian UnderwriterThe entry of third-party capital into the reinsurance market appears to be slowing down, while demands from reinsurers “for further concessions in terms” appear to be diminishing, A.M. Best Company Inc. suggested in a report released Friday. Oldwick, N.J.-based A.M.…
Severe weather, nat-cats cause record insurable damage in Canada: IBC/CatIQ
January 6, 2017 by Canadian UnderwriterSevere weather last year exacted a heavy toll in terms of insured losses, with the $4.9 billion hit dwarfing the previous annual record of $3.2 billion in 2013, Insurance Bureau of Canada (IBC) reports. Flooding in southern Alberta and the…