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Cyber contributes to premium growth in Lloyd’s market

September 29, 2017 by Canadian Underwriter

The 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

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Karen Clark & Company estimates insured losses from Hurricane Maria at US$30 billion

September 29, 2017 by Canadian Underwriter

Insured 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

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U.S. House passes bill modifying flood insurance requirements

September 29, 2017 by Canadian Underwriter

The 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

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RMS estimates insured losses from Hurricane Maria at between US$15-30 billion

September 28, 2017 by Canadian Underwriter

Global 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

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Hurricane relief around-the-clock: U.S. Department of Defense

September 26, 2017 THE ASSOCIATED PRESS

The 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

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Allstate estimates gross cat losses of US$576 for Hurricane Harvey

September 21, 2017 by Canadian Underwriter

The 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

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Widespread flooding in San Juan as first Cat 4 hurricane in 85 years makes landfall in Puerto Rico

September 21, 2017 by Canadian Underwriter

Hurricane Maria is causing river levels to approach or exceed record levels in the United States territory of Puerto Rico, while Hurricane Irma could cause total economic losses of up to US$95 billion in the U.S. and the Caribbean, catastrophe

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Maria could ‘severely test’ Caribbean insurers’ financial strength: A.M. Best

September 20, 2017 by Canadian Underwriter

Hurricane Maria – which was producing winds of about 200 kilometres per hour Wednesday morning on Puerto Rico and predicted to cause about 600 mm of rain in some places – “could result in material insured losses” for Caribbean and

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Life-threatening floods for Puerto Rico, four-metre swells for Nova Scotia coast: forecasts

September 19, 2017 by Canadian Underwriter

Nine 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

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Irma losses in U.S. and Caribbean could reach $50 billion while Jose could cause ‘minor to moderate coastal flooding’ in New England

September 18, 2017 by Canadian Underwriter

As the United States National Weather Service warns of the possibility of more than 125 mm of rain over two days in southern Rhode Island and southeast Massachusetts, Munich Re is suggesting two recent North Atlantic hurricanes might cause it

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Predications of hardening reinsurance market after Irma ‘premature,’ insured losses lower than initially feared: A.M. Best

September 15, 2017 by Canadian Underwriter

Hurricane 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”

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Catastrophe bonds sponsored by Florida property insurers ‘could trigger’ due to Irma claims: A.M. Best

September 13, 2017 by Canadian Underwriter

Hurricane Irma could trigger catastrophe bonds sponsored by American insurers with significant exposure in Florida, A.M. Best Company Inc. suggested in a briefing released Tuesday. The United States National Weather Service reported Wednesday that Irma is now a post-tropical cyclone