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Economic losses top US$300 billion in 2017

December 20, 2017 by Canadian Underwriter

Insured 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.

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‘Weak safety culture’ led to sinking of cargo vessel

December 13, 2017 Jason Dearen - THE ASSOCIATED PRESS

A “weak safety culture” was partly to blame for the fatal sinking of the 790-foot cargo vessel El Faro, the United States National Transportation Safety Board announced Tuesday. Safety management systems are also a major issue in Canada’s maritime sector,

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Catastrophes likely to have “muted” effect on Canadian reinsurance pricing

December 4, 2017 Jason Contant, Online Editor

Reinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including

News CatastrophesClaimsInsuranceMarkets / Coverages

More Windsor residents eligible for Ontario government flood relief

November 20, 2017 Greg Meckbach, Associate Editor

Nearly three months after torrential downpours gave rise to more than $100 million in insured losses in and near Windsor, the Ontario government announced Monday it has expanded the number of property owners eligible for disaster relief. “Expanding the original

News ConstructionInsuranceLegislation / RegulationMarkets / Coverages

How small code changes can reduce big water claims

November 15, 2017 Jason Contant, Online Editor

With severe weather expected to get worse in the years ahead, introducing small changes into building codes is critical, the Institute for Catastrophic Loss Reduction’s (ICLR) managing director told Canadian Underwriter on Wednesday. “We are not talking about totally revamping

News CatastrophesEarnings / RatingsInsurance

Hurricanes Harvey, Irma & Maria make it “critical” to address shortcomings of NFIP: A.M. Best

November 11, 2017 by Canadian Underwriter

The United States National Flood Insurance Program – which expires next month – “remains essential and has a purpose,” A.M. Best Company Inc. said in a recent report. But without billions in relief provided in a law passed Oct. 26,

News CatastrophesClaimsInsuranceMarkets / Coverages

California wildfires could cost insurers up to US$8 billion: Aon Benfield

November 9, 2017 by Canadian Underwriter

Historic wildfires in portions of California last month could cost insurers as much as US$8 billion, according to Aon Benfield’s Global Catastrophe Recap for October. The report, released on Thursday by Impact Forecasting, the catastrophe modelling development centre of Aon

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Hannover Re records Group net income of 549 million euros in Q3 despite substantial nat cat losses

November 9, 2017 by Canadian Underwriter

Hannover Re reported on Wednesday a Group net income of 548.9 million euros for the third quarter of the year ending Sept. 30, despite an above-average burden of catastrophes losses. The Group net income was down from 791.9 million euros

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Q3 combined ratio improves 0.8 points at Allstate

November 7, 2017 by Canadian Underwriter

Despite the recent losses to the industry from multiple North Atlantic hurricanes, The Allstate Corp. has reported underwriting income is up more than 20%, from $355 million in the third quarter of 2016 to $429 million in the three months

News CatastrophesEarnings / RatingsInsuranceMarkets / Coverages

North American commercial insurance buyers likely to face rate increases in 2018: Willis Towers Watson

November 7, 2017 by Canadian Underwriter

Commercial insurance buyers in North America are likely to face rate increases for 2018 insurance programs as the industry continues to tally losses following one of the most “active and financially disruptive hurricane seasons in history,” according to Willis Towers

News CatastrophesClaimsInsuranceMarkets / Coverages

ICLR to hold webinar on homes impacted by Hurricane Irma

November 7, 2017 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) will soon be hosting its final Friday Forum of the year, focusing on Hurricane Irma and impacted homes in Florida. The webinar – Hurricane Irma Damage Assessment: Investigating the performance of Florida’s homes

Feature Claims CanadaInsurance

Strength in Numbers

November 3, 2017 Emily Atkins, Editor

Tech trends influencing claims adjusting in Canada