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,…
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%…
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…
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…
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…
The president and CEO of the Property Casualty Insurers Association of America (PCI) is calling on the U.S. Congress to pass at least a six-month extension of the National Flood Insurance Program (NFIP). David A. Sampson said in a press…
Economic losses caused by wind, storm surge and inland flood from Hurricane Harvey could be as high as US$70-90 billion, according to preliminary estimates from Risk Management Solutions, Inc. (RMS). The Newark, Calif.-based global risk modelling and analytics firm said…
Harvey-related winds and storm surge in Texas are expected to produce industry insured losses amounting to between US$1.2 billion and US$2.3 billion, AIR Worldwide reported Monday afternoon as flooding in southeastern Texas continued to strand residents and wreak havoc. Included…
Catastrophic and life-threatening flooding persisted over parts of southeastern Texas as of early Monday morning despite Harvey being downgraded from an anticipated Category 3 hurricane to a tropical storm. “Do not attempt to travel in the affected areas if you…
Provincial and local governments should consider mandating compulsory training in the Canadian Hurricane Centre (CHC)’s severe hurricane interpretation course, the Institute for Catastrophic Loss Reduction (ICLR) recommended in a new research paper. The paper, titled Communicating hurricane risk in Eastern Canada:…
More than 200,000 homes along the coast of Texas with a reconstruction cost value (RCV) of approximately US$39.6 billion are at potential risk of storm surge damage from Hurricane Harvey, CoreLogic suggested late Thursday. Irvine, Calif-based CoreLogic, a global property…
A “clear and direct communication line” should be established between the Canadian insurance industry and the Canadian Hurricane Centre (CHC), the Institute for Catastrophic Loss Reduction (ICLR) recommended in a research paper released on Thursday. The recommendation was one of…