How 2017 hurricanes could affect Canadian insurance prices
January 24, 2018 by Greg MeckbachCanadian property insurers could face reinsurance rate hikes this June as an indirect result of recent California wildfires and North Atlantic hurricanes, a ratings firm analyst predicts, echoing the opinions of several commentators in the Canadian property and casualty (P&C)…
Why cat bonds, ILS are depressing reinsurance rates
January 18, 2018 by Greg MeckbachDespite last year’s devastating hurricanes, investors are happy to keep shovelling money into cat bonds and insurance-linked securities (ILS), which in turn are making reinsurers think twice about hiking rates. The catastrophe bond and ILS markets have “grown hugely over…
Was Atlantic winter storm 2018’s first cat event?
January 16, 2018 by Jason ContantA winter storm that caused storm surges and extensive power outages in Atlantic Canada in early January may not have been a catastrophe event, but it was definitely significant, Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter Monday. CatIQ…
Your only hope to prevent a higher reinsurance bill this year
January 16, 2018 by Greg MeckbachInsurance rates will rise in Canada this year unless catastrophe losses are lower than normal, a speaker suggested to industry professionals Tuesday. “I do expect that as this year unfolds, unless we have a very benign 2018, we do expect…
Which insurers were hit hardest by the third-quarter hurricanes?
January 15, 2018 by David GambrillWhich (re)insurers absorbed the bulk of the insured damages when Hurricanes Harvey, Irma and Maria ripped through the Caribbean and continental United States in 2017 Q3? A.M. Best compiled a list of 41 insurers and reinsurers who paid out more…
Was 2017 the costliest year ever for insured losses?
January 8, 2018 by Jason ContantMunich Re has confirmed what industry analysts have long speculated — the hurricane trio of Harvey, Irma and Maria made 2017 the year of the highest global insured losses ever. The final insurance bill for those three hurricanes and other…
Fierce storm causes storm surges, extensive power outages in Atlantic Canada
January 8, 2018 Alison Auld - THE CANADIAN PRESSHALIFAX – Work crews were fanning out across parts of Atlantic Canada on Friday after a fierce winter storm blasted the region with hurricane-force winds that flooded coastal roads, knocked out power and lashed waterfronts with surging seas. Tens of…
Why Canadian insurers should feel lucky after 2017
January 3, 2018 by Greg MeckbachAfter a year of massive North Atlantic hurricane losses, Canadian P&C insurers may have dodged a bullet with this year’s renewal season. Reinsurers licensed in Canada “were the main beneficiaries of the relatively quiet Canadian CAT year,” wrote Joel Baker,…
2018 Outlook: John Taylor, President, CEO, Ontario Mutual Insurance Association (OMIA)
January 3, 2018 John TaylorA lot of time and effort in 2018 will be spent reviewing this past year, which could be characterized as “the year of the water claim.” Almost all Ontario mutuals were exposed to one or more heavy rainfall events in…
2018 Outlook: Denis Dubois, President, COO, Desjardins General Insurance Group
December 29, 2017 Denis DuboisCanada’s property and casualty insurance industry will continue to evolve rapidly in 2018 in response to accelerating technology, changing customer expectations and climate change. Technology is a double-edged sword for insurers. Vehicles are safer than ever thanks to multiple sensors…
2018 Outlook: David Levinson, President, Chief Agent, Zurich Canada
December 29, 2017 David LevinsonAs 2018 begins, capital remains at the forefront in Canada. An active hurricane season in the United States will cause insurance carriers to look at their own exposures here in Canada, including earthquakes, fires, and floods. This may cause property…
Economic losses top US$300 billion in 2017
December 20, 2017 by Canadian UnderwriterInsured losses from natural catastrophes in 2017, at more than US$130 billion, were more than double the average of the previous 10 years, and more than US$90 billion in losses is probably from three hurricanes alone, Swiss Re said Wednesday.…