Allied World combined ratio up 2.8% in fourth quarter of 2016
February 2, 2017 by Canadian UnderwriterZug, Switzerland-based Allied World Assurance Company Holdings, AG has reported a combined ratio of 99.8% for the fourth quarter of 2016, ending Dec. 31, compared to 97% in the fourth quarter of 2015. Allied World, a global provider of property,…
XL Group reports P&C combined ratio of 94.8% for Q4 2016
February 2, 2017 by Canadian UnderwriterXL Group Ltd. has reported a P&C combined ratio of 94.8% for the fourth quarter of 2016 ending Dec. 31, up 2.5% from the prior-year quarter. For the full year 2016, XL Group reported a combined ratio of 94.2% compared…
A.M. Best projects combined ratio of 100.3% for U.S. industry in 2017
January 30, 2017 by Canadian UnderwriterThe industry-wide combined ratio of the United States property & casualty insurance industry is estimated to have deteriorated by 2.4 points to 100.7% in 2016, A.M. Best Company Inc. said in a recent report. The decline in underwriting performance “was…
Flooding and damaging winds most destructive U.S. natural hazards in 2016: CoreLogic
January 26, 2017 by Canadian UnderwriterNatural hazard activity in the United States in 2016 was “relatively average or below average,” with the exception of flood and wind, both of which saw above-average activity, due in large part to Hurricane Matthew, CoreLogic, Inc. said on Thursday.…
Travelers’ net income up 9% in Q4 2016 to US$943 million
January 24, 2017 by Canadian UnderwriterThe Travelers Companies, Inc. has reported a net income of US$943 million for the fourth quarter of last year ending Dec. 31, 2016, up 9% from US$866 million in the prior-year quarter. Travelers released its financial results on Tuesday, noting…
ILS sector set to gather pace after subdued 2016: Aon study
January 23, 2017 by Canadian UnderwriterThe insurance-linked securities (ILS) sector is set to gather steam this year, with a record amount of catastrophe bonds to mature in the first half of 2017, according to a new report from Aon Securities. Aon Securities, the investment banking…
Economic losses from nat cat events in 2016 total US$210 billion, the highest loss amount in four years: Aon Benfield
January 17, 2017 by Canadian UnderwriterThree hundred and fifteen natural catastrophe events in 2016 generated economic losses of US$210 billion, the highest loss amount in four years and 21% above the 16-average of US$174 billion, according to Aon Benfield’s 2016 Annual Global Climate and Catastrophe…
Hurricane Matthew clocks top wind speed for 2016 at 101 miles per hour (162.5 km/h): CoreLogic
January 16, 2017 by Canadian UnderwriterHurricane Matthew, which became the first Category 5 Atlantic hurricane since Felix in 2007, clocked the top wind speed for 2016 at an estimated 101 miles per hour (about 162.5 kilometres per hour) on Oct. 6, according to CoreLogic’s Windy…
2016 Q4 preliminary loss estimate for natural catastrophes US$245 million: XL Group
January 10, 2017 by Canadian UnderwriterXL Group Ltd.’s insurance and reinsurance segments are almost evenly split with regard to accounting for the company’s approximately US$245 million, natural catastrophe net loss estimate for the fourth quarter of 2016. The preliminary loss estimate “is pre-tax and net…
15 U.S. weather and climate disasters in 2016 caused US$46 billion in damages: NOAA
January 9, 2017 by Canadian UnderwriterThe United States experienced 15 “weather and climate disasters” last year – each with losses exceeding US$1 billion – for a total of US$46 billion, the National Oceanic and Atmospheric Administration (NOAA) reported on Monday. The disasters, which included eight…
Catastrophe bond issuance has ‘gradually tapered off:’ A.M. Best
January 7, 2017 by Canadian UnderwriterThe entry of third-party capital into the reinsurance market appears to be slowing down, while demands from reinsurers “for further concessions in terms” appear to be diminishing, A.M. Best Company Inc. suggested in a report released Friday. Oldwick, N.J.-based A.M.…
‘Climatic quirk’ may shield U.S. coast during busy hurricane seasons
January 5, 2017 Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – A climatic quirk seems to be slightly shielding the U.S. coast during busy hurricane seasons, often weakening major storms just as they approach America’s beaches, a new study finds. That could help explain why it’s been more than…