‘Weak safety culture’ led to sinking of cargo vessel
December 13, 2017 Jason Dearen - THE ASSOCIATED PRESSA “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,…
Catastrophes likely to have “muted” effect on Canadian reinsurance pricing
December 4, 2017 Jason Contant, Online EditorReinsurance 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…
More Windsor residents eligible for Ontario government flood relief
November 20, 2017 Greg Meckbach, Associate EditorNearly 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…
How small code changes can reduce big water claims
November 15, 2017 Jason Contant, Online EditorWith 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…
Hurricanes Harvey, Irma & Maria make it “critical” to address shortcomings of NFIP: A.M. Best
November 11, 2017 by Canadian UnderwriterThe 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,…
California wildfires could cost insurers up to US$8 billion: Aon Benfield
November 9, 2017 by Canadian UnderwriterHistoric 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…
Hannover Re records Group net income of 549 million euros in Q3 despite substantial nat cat losses
November 9, 2017 by Canadian UnderwriterHannover 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…
Q3 combined ratio improves 0.8 points at Allstate
November 7, 2017 by Canadian UnderwriterDespite 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…
North American commercial insurance buyers likely to face rate increases in 2018: Willis Towers Watson
November 7, 2017 by Canadian UnderwriterCommercial 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…
ICLR to hold webinar on homes impacted by Hurricane Irma
November 7, 2017 by Canadian UnderwriterThe 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…
Strength in Numbers
November 3, 2017 Emily Atkins, EditorTech trends influencing claims adjusting in Canada
Q3 reinsurance loss ratio up 56.5 points for Arch Capital
November 2, 2017 by Canadian UnderwriterAfter estimating it could lose nearly $320 million due to natural catastrophes including major North Atlantic hurricanes in the three months ending September 30, Arch Capital Group Ltd. has reported its combined ratio in reinsurance deteriorated 51.5 points, from 75.9%…