Canadian Underwriter


News AssociationsCatastrophesInsurance

Understanding of quake protective measures, insurance coverage faulty in Quebec: survey

October 19, 2017 by Canadian Underwriter

The lion’s share of polled Quebecers remain unprepared for an earthquake, with a mere 8% of respondents understanding the immediate protective measures that should be taken in the event of a quake, Insurance Bureau of Canada (IBC) reports. The concerning

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Some reinsurance programs ‘have been called upon four or five times’ in 2017: CMS

October 18, 2017 by Canadian Underwriter

With analysts estimating catastrophe losses exceeding $100 billion to the property & casualty insurance industry in 2017, a law firm suggested Wednesday there is a risk disputes over reinstatement of reinsurance coverage and erosion limits, between North American insurers and

News CatastrophesClaimsInsuranceMarkets / Coverages

Wildfire situation in California remains volatile: AIR Worldwide

October 17, 2017 by Canadian Underwriter

While residents of Mendocino County have been allowed to return home after deadly wildfires destroyed property in California, AIR Worldwide is warning the situation “remains extremely volatile” in the region. As winds moderated on Sunday, “firefighters were able to make

News CatastrophesClaimsInsuranceReinsurance

Hurricanes to date a capital event for reinsurers, 2017 could be even more costly Cat year than 2005

October 16, 2017 by Canadian Underwriter

The above-average activity for the Atlantic hurricanes season so far – a season that is not yet done – is already a capital event for p&c reinsurers and the remainder plus wildfire activity likely only contributes to nervousness, S&P Global

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Lloyd’s reports already paying US$738 million for Hurricanes Harvey, Irma and Maria

October 13, 2017 by Canadian Underwriter

The Lloyd’s market has now paid almost three quarters of a billion dollars (US$738 million) in response to Hurricanes Harvey, Irma and Maria, the world’s specialist insurance market said on Thursday. “When you get three catastrophic weather events as well

News CatastrophesClaimsInsuranceMarkets / Coverages

Spurt of vegetation growth contributes to California wildfires: Munich Re

October 12, 2017 by Canadian Underwriter

With deadly wildfires destroying more than 3,500 properties north of San Francisco, Munich Re is warning that “prime wildfire conditions” may continue in California this winter. “Over the past decade, the United States has seen an uptick in the frequency

News CatastrophesClaimsInsuranceMarkets / Coverages

XL Group estimates US$1.33 billion loss from Hurricanes Harvey, Irma and Maria

October 12, 2017 by Canadian Underwriter

XL Group Ltd. reported on Wednesday a preliminary estimate of approximately US$1.33 billion relating to Hurricanes Harvey, Irma and Maria. For the third quarter of 2017, total catastrophe losses, including smaller loss events, are preliminarily estimated at approximately US$1.48 billion. These

News InsuranceMarkets / CoveragesProducts

Product innovation extending the reach of commercial insurance: Swiss Re sigma study

October 11, 2017 by Canadian Underwriter

Product development and innovation around data and data analytics has expanded the scope of insurance solutions to a wider range of threats and perils, and made risk transfer more efficient, Swiss Re said in its latest sigma study. Released on

News AssociationsCatastrophesClaimsInsuranceReinsurance

Bermuda’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes

October 11, 2017 by Canadian Underwriter

Bermuda market firms may fund at least a quarter of the estimated US$100 billion in aggregate insured losses from hurricanes Harvey, Irma and Maria, suggest preliminary aggregated loss estimates from the Association of Bermuda Insurers & Reinsurers (ABIR). “Based on

News CatastrophesConstructionInsuranceMarkets / Coverages

B.C. researchers develop “earthquake-resistant” concrete

October 10, 2017 The Canadian Press (CPSTF)

VANCOUVER – Researchers in British Columbia have developed a spray-on concrete they say will protect schools from even the strongest earthquakes and cut the cost of seismic retrofits in half. The new material will be used in the next few

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR

October 10, 2017 by Canadian Underwriter

Catastrophe losses “should reach” US$95 billion, for the private insurance market, from three recent North Atlantic hurricanes and the earthquake in Mexico, SCOR SE suggested Monday. That figure is the “total private insured market loss for the combined Harvey-Irma-Maria hurricanes

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Record month of Atlantic tropical cyclones leads to major financial toll: Aon Benfield

October 5, 2017 by Canadian Underwriter

Hurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model