Aon Benfield’s Tropical Storm Risk slightly increases Atlantic Hurricane Season forecast
May 30, 2017 by Canadian UnderwriterJust days after the National Oceanic and Atmospheric Administration’s Climate Prediction Center suggested an above-normal hurricane season this year, Aon Benfield has issued its May forecast for the 2017 Atlantic season. Professor Mark Saunders and Dr. Adam Lea of Tropical…
Above-normal Atlantic hurricane season most likely this year: NOAA
May 26, 2017 by Canadian UnderwriterThe Atlantic could see another above-normal hurricane season this year, the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center predicted on Thursday. For the upcoming Atlantic hurricane season, which runs from June 1 through Nov. 30, forecasters predict a…
Hurricanes and typhoons could be monitored from hundreds of miles away, possibly leading to better forecasts: study
May 19, 2017 by Canadian UnderwriterHurricanes and typhoons could be monitored from hundreds of miles away with relatively inexpensive instruments like barometers and anemometers, much like earthquakes are monitored by seismometers, a new study has found. The study, titled Spiral Gravity Waves Radiating from Tropical…
Threats of cyberattacks, natural disasters and supply chain failure most pressing global business performance risks: FM Global
May 11, 2017 by Canadian UnderwriterCyberattacks, natural disasters and supply chain failure are three of the most pressing risks to global business performance in the 21st century, according to the 2017 FM Global Resilience Index. The online, interactive annual index ranks 130 countries and territories…
ICLR holding 2017 hurricane season forecast webinar on May 30
May 10, 2017 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) is holding a webinar on May 30 that will discuss a forecast of the 2017 hurricane season. Bob Robichaud, warning preparedness meteorologist for the Canadian Hurricane Centre, will be part of the interactive…
PERILS estimates property market loss for Cyclone Debbie at AU$1,116 million
May 9, 2017 by Canadian UnderwriterTropical Cyclone Debbie – the initial loss estimate for which PERILS AG puts at AU$1,116 million – “underpins the need for reliable natural catastrophe insurance data for Australia,” suggests Darryl Pidcock, head of PERILS Asia-Pacific. Debbie affected the Australian states…
Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns
May 2, 2017 Greg Meckbach, Associate EditorInsurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”…
March windstorm in eastern Newfoundland caused close to $45 million in insured damage: CatIQ
April 26, 2017 by Canadian UnderwriterA windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low…
Silent cyber a big issue, most companies with insurance book have exposure: AIR Worldwide’s Stransky
April 25, 2017 Angela StelmakowichPHILADELPHIA – Silence is decidedly not golden when it comes to cyber risk, Scott Stransky, assistant vice president and principal scientist for AIR Worldwide, suggested to Canadian Underwriter in advance of the RIMS 2017 Annual Conference & Exhibition. Silent cyber…
Aon unit pegs economic loss from Matthew at US$15 billion
April 24, 2017 by Canadian UnderwriterHurricane Matthew, which is estimated to have caused $150 million in economic losses in Canada alone and killed more than 600 in the Western hemisphere, set several records, Impact Forecasting LLC said in a report released Monday. Hurricane Matthew officially…
Swiss Re losses from Cyclone Debbie currently estimated at US$350 million
April 13, 2017 by Canadian UnderwriterSwiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The…
Construction of mitigation infrastructure to protect against flood should be seen as nation-building projects: Australian insurers
April 12, 2017 by Canadian UnderwriterThe Insurance Council of Australia (ICA) cited the Canadian government’s budget commitment to create a Disaster Mitigation and Adaptation Fund in a recommendation to its own federal government to treat the construction of mitigation infrastructure to protect flood-prone towns as…