Zurich estimates net claims related to Hurricanes Harvey, Irma and Maria of US$700 million
October 19, 2017 by Canadian UnderwriterZurich Insurance Group has become that latest insurer to estimate the impact of Hurricanes Harvey, Irma and Maria on its book of business. Zurich said in a press release on Thursday that it currently estimates aggregate claims in the third…
Some reinsurance programs ‘have been called upon four or five times’ in 2017: CMS
October 18, 2017 by Canadian UnderwriterWith analysts estimating catastrophe losses exceeding $100 billion to the property & casualty insurance industry in 2017, a law firm suggested Wednesday there is a risk disputes over reinstatement of reinsurance coverage and erosion limits, between North American insurers and…
ICLR researching wind damage on partially-built wood framed structures
October 16, 2017 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction is “seeking to better understand” why partially-built wood frame structures fail with high winds, ICLR said in a document it provided Monday to Canadian Underwriter. “Every year, several partially built single family homes, duplexes…
Actual U.S. homeowners’ loss ratio 10 points lower than modeled expected over past 10 years: Aon
October 16, 2017 by Canadian UnderwriterThe catastrophe loss ratio, over 10 years, was 10 points lower than the modeled expected cat loss ratio in homeowners’ insurance in the United States, Aon plc suggested in a report released Monday. Aon Benfield Analytics released Monday its annual…
Hurricanes to date a capital event for reinsurers, 2017 could be even more costly Cat year than 2005
October 16, 2017 by Canadian UnderwriterThe above-average activity for the Atlantic hurricanes season so far – a season that is not yet done – is already a capital event for p&c reinsurers and the remainder plus wildfire activity likely only contributes to nervousness, S&P Global…
Lloyd’s reports already paying US$738 million for Hurricanes Harvey, Irma and Maria
October 13, 2017 by Canadian UnderwriterThe Lloyd’s market has now paid almost three quarters of a billion dollars (US$738 million) in response to Hurricanes Harvey, Irma and Maria, the world’s specialist insurance market said on Thursday. “When you get three catastrophic weather events as well…
Spurt of vegetation growth contributes to California wildfires: Munich Re
October 12, 2017 by Canadian UnderwriterWith deadly wildfires destroying more than 3,500 properties north of San Francisco, Munich Re is warning that “prime wildfire conditions” may continue in California this winter. “Over the past decade, the United States has seen an uptick in the frequency…
XL Group estimates US$1.33 billion loss from Hurricanes Harvey, Irma and Maria
October 12, 2017 by Canadian UnderwriterXL Group Ltd. reported on Wednesday a preliminary estimate of approximately US$1.33 billion relating to Hurricanes Harvey, Irma and Maria. For the third quarter of 2017, total catastrophe losses, including smaller loss events, are preliminarily estimated at approximately US$1.48 billion. These…
‘Quality of construction’ often a factor in wind damage to homes: AEIC speaker
October 11, 2017 Greg Meckbach, Associate EditorThe Institute for Catastrophic Loss Reduction has “heard really good things” about the prospect of hurricane straps being mandated in all new home construction in Ontario, ICLR’s managing director suggested at a recent conference. Hurricane straps, which are metal bands…
Bermuda’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes
October 11, 2017 by Canadian UnderwriterBermuda market firms may fund at least a quarter of the estimated US$100 billion in aggregate insured losses from hurricanes Harvey, Irma and Maria, suggest preliminary aggregated loss estimates from the Association of Bermuda Insurers & Reinsurers (ABIR). “Based on…
Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR
October 10, 2017 by Canadian UnderwriterCatastrophe losses “should reach” US$95 billion, for the private insurance market, from three recent North Atlantic hurricanes and the earthquake in Mexico, SCOR SE suggested Monday. That figure is the “total private insured market loss for the combined Harvey-Irma-Maria hurricanes…
Guidewire’s planned acquisition of Cyence to help p&c clients deal with 21st-century risks
October 10, 2017 by Canadian UnderwriterGuidewire Software, Inc.’s planned acquisition of Cyence Inc. will ensure Guidewire clients can access a cloud-based data listening and risk analytics solution to help them manage emerging risks for which long claims histories may not be available. California-based Guidewire Software,…