XL Group estimates US$1.33 billion loss from Hurricanes Harvey, Irma and Maria
October 12, 2017 by Canadian UnderwriterXL 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…
Product innovation extending the reach of commercial insurance: Swiss Re sigma study
October 11, 2017 by Canadian UnderwriterProduct 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…
Bermuda’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes
October 11, 2017 by Canadian UnderwriterBermuda 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…
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…
Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR
October 10, 2017 by Canadian UnderwriterCatastrophe 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…
Record month of Atlantic tropical cyclones leads to major financial toll: Aon Benfield
October 5, 2017 by Canadian UnderwriterHurricanes 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…
Insured losses from latest Mexico earthquake not expected to exceed US$1.2 billion: RMS
September 25, 2017 by Canadian UnderwriterLow insurance penetration rates across Mexico, particularly in residential lines, has prompted RMS to issue a preliminary estimate that insured losses from the Puebla earthquake in central Mexico on Sept. 19 will not exceed US$1.2 billion. “This estimate accounts for…
Rescuers dig through collapsed buildings as Mexico quake kills 225
September 20, 2017 Christopher Sherman, Peter Orsi and Mark Stevenson - THE ASSOCIATED PRESSMEXICO CITY – Rescuers said Wednesday they have found a surviving child in the ruins of a school that collapsed in Mexico’s magnitude 7.1 earthquake, one of many efforts across the city to save people trapped in under schools, homes…
Life-threatening floods for Puerto Rico, four-metre swells for Nova Scotia coast: forecasts
September 19, 2017 by Canadian UnderwriterNine days after Hurricane Irma made landfall in Florida, Hurricane Jose is expected to cause “rough surf conditions” along the Atlantic Coast of Nova Scotia and heavy rain south of Boston, while Hurricane Maria is expected to cause “life-threatening flash…
Predications of hardening reinsurance market after Irma ‘premature,’ insured losses lower than initially feared: A.M. Best
September 15, 2017 by Canadian UnderwriterHurricane Irma will “try the ability” of Florida regional property insurers to mitigate catastrophe risk through reinsurance, but there will be a “material” reduction in forecasts of insured losses from the storm, which will be “more of an earnings event”…
Death toll rises to 35 from powerful, magnitude 8.1 earthquake in Mexico
September 8, 2017 Mark Stevenson - THE ASSOCIATED PRESSMEXICO CITY – One of the most powerful earthquakes ever recorded in Mexico struck off the country’s southern coast, toppling hundreds of buildings, triggering tsunami evacuations and sending panicked people fleeing into the streets in the middle of the night.…
Hurricane Harvey likely to be one of the costliest natural disasters on record for U.S. economy: Aon Benfield
September 8, 2017 by Canadian UnderwriterHurricane Harvey is likely to be one of the costliest natural disasters on record for the economy of the United States, with damage from the hurricane to minimally cost tens of billions of dollars, Aon Benfield has reported. Impact Forecasting,…