Lloyd’s revises Harvey, Irma and Maria claims estimates to US$4.9 billion
October 23, 2017 by Canadian UnderwriterLloyd’s has revised its net claims estimates for Hurricanes Harvey and Irma to a combined US$3.9 billion, plus a preliminary claims estimate for Hurricane Maria of US$0.9 billion. In a statement on Monday, Lloyd’s also reported that the world’s specialist…
Analyzing near misses can help with capacity management, capital calibration: RMS, Lloyd’s
October 23, 2017 by Canadian UnderwriterInsurers and reinsurers can benefit by considering how near misses – such as an incident three months ago when an Air Canada Airbus A320 nearly landed on a taxiway with four passenger jets – might have become major disasters, Risk…
Automated online office insurance “could make brokers redundant”: B.C. brokerage
October 23, 2017 by Canadian UnderwriterA Canadian small business insurance provider, Front Row Insurance Brokers, has launched a fully automated system that allows small business owners to buy and download business liability insurance and office contents insurance policies online, without ever having to talk to…
ILS market ready to deal with “wake-up call” of Q3 nat cats: Willis Towers Watson Securities
October 20, 2017 by Canadian UnderwriterInsurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities…
Record number of registrants in 2017 Great British Columbia ShakeOut earthquake drill: IBC
October 20, 2017 by Canadian UnderwriterAwareness of earthquake risk in British Columbia looks to be on the rise if registrants for the 2017 Great British Columbia ShakeOut, which reached record numbers this year, is any indicator. A record 886,000 British Columbians participated Thursday, joining millions…
Zurich estimates net claims related to Hurricanes Harvey, Irma and Maria of US$700 million
October 19, 2017 by Canadian UnderwriterZurich Insurance Group has become that latest insurer to estimate the impact of Hurricanes Harvey, Irma and Maria on its book of business. Zurich said in a press release on Thursday that it currently estimates aggregate claims in the third…
Understanding of quake protective measures, insurance coverage faulty in Quebec: survey
October 19, 2017 by Canadian UnderwriterThe 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…
Some reinsurance programs ‘have been called upon four or five times’ in 2017: CMS
October 18, 2017 by Canadian UnderwriterWith 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…
Wildfire situation in California remains volatile: AIR Worldwide
October 17, 2017 by Canadian UnderwriterWhile 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…
Hurricanes to date a capital event for reinsurers, 2017 could be even more costly Cat year than 2005
October 16, 2017 by Canadian UnderwriterThe 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…
Lloyd’s reports already paying US$738 million for Hurricanes Harvey, Irma and Maria
October 13, 2017 by Canadian UnderwriterThe 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…
Spurt of vegetation growth contributes to California wildfires: Munich Re
October 12, 2017 by Canadian UnderwriterWith 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…