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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

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Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield

September 12, 2017 by Canadian Underwriter

Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of

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Coalition urges ‘substantive reforms’ to U.S. National Flood Insurance Program

September 11, 2017 by Canadian Underwriter

As Tropical Storm Irma moves north through Florida, a group whose members include insurers is urging American politicians to reform the National Flood Insurance Program, which expires Sept. 30. SmarterSafer announced Sept. 7 it “continues to support a reauthorization of

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Death toll rises to 35 from powerful, magnitude 8.1 earthquake in Mexico

September 8, 2017 Mark Stevenson - THE ASSOCIATED PRESS

MEXICO 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.

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8.5 million properties in Florida at significant risk of potential wind damage from Hurricane Irma: CoreLogic

September 8, 2017 by Canadian Underwriter

Nearly 8.5 million residential and commercial properties in Florida are at either “extreme,” “very high” or “high” risk of wind damage from Hurricane Irma, new data from CoreLogic shows. According to data analysis from the global property information, analytics and

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Hurricane Harvey likely to be one of the costliest natural disasters on record for U.S. economy: Aon Benfield

September 8, 2017 by Canadian Underwriter

Hurricane 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,

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Total property damage from Hurricane Harvey’s flooding estimated at between US$65-75 billion: AIR Worldwide

September 7, 2017 by Canadian Underwriter

Property losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties

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A.M. Best has ‘significant concerns’ about global reinsurance industry after 2016 accident year combined ratio tops 100%

September 5, 2017 by Canadian Underwriter

The global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick,

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NFIP losses from Hurricane Harvey estimated to reach US$7-10 billion: RMS

September 5, 2017 by Canadian Underwriter

Gross losses accrued in the National Flood Insurance Program (NFIP) from Hurricane Harvey will be between US$7-10 billion, Pete Dailey, vice president of product management with Risk Management Solutions, Inc. (RMS), suggested in a blog posted on Friday. About 40%

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Free online offering hopes to bolster catastrophe modelling understanding

September 5, 2017 by Canadian Underwriter

What has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat

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Spring flooding in Ontario and Quebec caused more than $223 million in insured damage: CatIQ

September 1, 2017 by Canadian Underwriter

Two significant spring storm and flooding events in eastern Ontario and western Quebec resulted in more than $223 million in insured damage, according to information from Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) released on Friday. Between April 5 and

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CoreLogic estimates insured flood loss for homes affected by Hurricane Harvey at US$6.5 billion to US$9.5 billion

September 1, 2017 by Canadian Underwriter

Insured flood loss for homes in Texas and Louisiana affected by Hurricane Harvey is estimated to be between US$6.5 billion and US$9.5 billion, according to preliminary loss estimates from CoreLogic. Irvine, Calif.-based CoreLogic, a global property information, analytics and data-enabled