Expected insured losses from present-day Hurricane Andrew would total US$56 billion: AIR Worldwide
August 21, 2017 by Canadian UnderwriterIf Hurricane Andrew were to occur today, 25 years after its original landfall, the expected total industry insured losses (based on today’s exposures) would be approximately US$56 billion in the United States, catastrophe risk modelling firm AIR Worldwide reported on…
Greater risk of negative underwriting results for reinsurers predicted by S&P
August 15, 2017 by Canadian UnderwriterWith property catastrophe prices dropping during the 2017 renewals, combined with natural catastrophe losses exceeding US$50 billion last year, global reinsurers are at greater risk of having negative underwriting results and will tend to “shy away” from property catastrophe business,…
NOAA upwardly revises forecast for 2017 Atlantic hurricane season
August 10, 2017 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration (NOAA) in the United States is now forecasting 14-19 named storms, five to nine hurricanes and two to five major (Category 3+) hurricanes between June and November for the Atlantic Basin. The agency’s August…
Modern-day Hurricane Andrew would cost an estimated US$80-100 billion in economic damage compared to 1992’s US$26.5 billion: Swiss Re
August 9, 2017 by Canadian UnderwriterA modern-day Hurricane Andrew would cost an estimated US$80-100 billion in economic damage, up dramatically from the US$26.5 billion cost in 1992 dollars, according to a new report from Swiss Re. The hurricane in August 1992 destroyed more than 25,000…
Capital markets could help transfer U.S. flood risk to private market: Artemis
July 19, 2017 by Canadian UnderwriterThe “glut of reinsurance capital and interest from capital markets” could help the United States government reform its flood insurance subsidy program by making the heavily-indebted National Flood Insurance Program a “much smaller insurer of last-resort,” Artemis.bm suggested Wednesday on…
Nat cat insured losses total US$19.5 billion for first six months of 2017: Munich Re
July 18, 2017 by Canadian UnderwriterFour of the five costliest natural catastrophes, measured by insured losses, during the first half of this year, occurred in the United States, while four of the five deadliest events occurred in Asia, Munich Re announced. Munich Re released Tuesday…
Hannover Re, Guy Carpenter place $960 million worth of ILS transactions in three U.S. states
July 12, 2017 by Canadian UnderwriterHannover Re announced Wednesday it has completed three insurance-linked securities transactions, through Marsh and McLennan Companies Inc.’s GC Securities unit, with a total value of $960 million. All figures are in United States dollars. Hannover Re said it transferred $750…
Maintaining wetlands could slash riverine flooding-related damage, local pilot project has national applicability: study
July 12, 2017 by Angela StelmakowichJust leaving current wetlands in their natural state could cause riverine flooding-related flood damage to plummet as much as 38% and should provide the impetus for communities to view natural infrastructure as a climate adaptation solution, notes a study from…
Insured losses from Tropical Cyclone Debbie reach nearly AU$1 billion: Insurance Council of Australia
June 30, 2017 by Canadian UnderwriterInsured losses from Tropical Cyclone Debbie have reached nearly AU$1 billion as of June 28, the Insurance Council of Australia (ICA) said on Thursday. As of June 28, insurers had received more than 58,000 claims stretching from North Queensland to…
National Flood Insurance Program contributes to ‘development in flood prone areas,’ NWF executive testifies
June 12, 2017 by Canadian UnderwriterPrivate insurance companies in the United States are “clamouring” to write flood risk for properties while the nation’s National Flood Insurance Program encourages development in floodprone areas and needs to be “significantly reformed,” speakers recently told a committee of the…
Reinsurance Association of America calls for increased competition in U.S. flood insurance
June 1, 2017 by Canadian UnderwriterThe Reinsurance Association of America is calling on the U.S. government to encourage private-sector insurers to compete with the National Flood Insurance Program, which is scheduled to expire Sept. 30. NFIP was created in 1968. A property cannot qualify for…
Nearly 6.9 million U.S. homes at risk of hurricane storm surge damage in 2017: CoreLogic
June 1, 2017 by Canadian UnderwriterNearly 6.9 million homes along the Atlantic and Gulf coasts in the United States are at potential risk of damage from hurricane storm surge inundation, according to CoreLogic’s 2017 Storm Surge Report. On Thursday, the global property information, analytics and…