Move critical infrastructure protection burden ‘on to the back’ of reinsurers: engineering conference speaker
October 6, 2017 Greg Meckbach, Associate EditorA lack of insurance coverage for critical infrastructure is one reason for the growing gap between insured and economic losses and 2017 “is going to be the costliest year in world insurance history,” a speaker said Thursday at the 44th…
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…
Property Claim Services and NFIP to report aggregate flood loss estimates
October 5, 2017 by Canadian UnderwriterProperty Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the…
U.S. politicians urged to ‘work quickly’ to ensure NFIP ‘sustainable for the future’
October 3, 2017 by Canadian UnderwriterA coalition of insurers and associations is urging the United States Congress to quickly reform and extend the National Flood Insurance Program, which owes billions to the U.S. government and will expire this year unless a law extending NFIP is…
2017 industry catastrophe losses could reach US$190 billion before tax: Fitch
October 2, 2017 by Greg MeckbachWith Hurricanes Maria, Irma and Harvey causing devastation in Puerto Rico, Florida and Texas respectively over the course of three weeks, catastrophe losses in 2017 “will constitute a capital event” for some insurance and reinsurance carriers, Fitch Ratings Inc. has…
Irma could cost Chubb more than $700 million after tax
October 2, 2017 by Canadian UnderwriterChubb Limited has released its preliminary loss estimates attributable to Hurricanes Irma and Harvey. “Losses for Hurricane Irma are currently estimated to range from $800 million to $950 million pre-tax, or $640 million to $760 million after tax,” stated Chubb, which was formed in…
Cyber contributes to premium growth in Lloyd’s market
September 29, 2017 by Canadian UnderwriterThe Lloyd’s market had a 1.1-point improvement in its combined ratio for the first six months of the year, while gross written premiums were up 16%, with professional lines in the United States, cyber and political risk among the lines…
Karen Clark & Company estimates insured losses from Hurricane Maria at US$30 billion
September 29, 2017 by Canadian UnderwriterInsured losses from Hurricane Maria will total almost US$30 billion, according to a flash estimate from catastrophe risk management firm Karen Clark & Company (KCC). The majority of losses – US$28.35 billion – will be from Puerto Rico, KCC said…
U.S. House passes bill modifying flood insurance requirements
September 29, 2017 by Canadian UnderwriterThe United States House of Representatives has passed a bill that modifies requirements for purchasing flood insurance and provides tax incentives for individuals and businesses affected by recent hurricanes in the country. Introduced in the House on Sept. 25, the…
RMS estimates insured losses from Hurricane Maria at between US$15-30 billion
September 28, 2017 by Canadian UnderwriterGlobal risk modelling and analytics firm RMS is estimating that the insured losses from Hurricane Maria will be between US$15-30 billion. RMS said in a press release on Thursday that the estimate represents the insured losses associated with wind, storm…
Hurricane relief around-the-clock: U.S. Department of Defense
September 26, 2017 THE ASSOCIATED PRESSThe U.S. Defense Department was working around the clock to deliver humanitarian assistance to Puerto Rico and the U.S. Virgin Islands, even as the death toll climbed further across the Caribbean after Hurricane Maria. By Monday afternoon, the confirmed toll…
Allstate estimates gross cat losses of US$576 for Hurricane Harvey
September 21, 2017 by Canadian UnderwriterThe Allstate Corporation has estimated gross catastrophe losses, excluding homeowners flood, of US$576 pre-tax for Hurricane Harvey. The losses will be reduced by US$23 million in anticipated reinsurance recoveries, for a net estimated loss of US$553 million, Northbrook, Ill.-based Allstate…