Canadian Underwriter


News CatastrophesClaimsInsuranceMarkets / Coverages

Spurt of vegetation growth contributes to California wildfires: Munich Re

October 12, 2017 by Canadian Underwriter

With 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

News CatastrophesClaimsInsuranceMarkets / Coverages

XL Group estimates US$1.33 billion loss from Hurricanes Harvey, Irma and Maria

October 12, 2017 by Canadian Underwriter

XL 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

News CatastrophesConstructionInsuranceMarkets / Coverages

‘Quality of construction’ often a factor in wind damage to homes: AEIC speaker

October 11, 2017 Greg Meckbach, Associate Editor

The 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

News AssociationsCatastrophesClaimsInsuranceReinsurance

Bermuda’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes

October 11, 2017 by Canadian Underwriter

Bermuda 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

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR

October 10, 2017 by Canadian Underwriter

Catastrophe 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

News AnnouncementsInsuranceMergers and AqcuisitionsTechnology

Guidewire’s planned acquisition of Cyence to help p&c clients deal with 21st-century risks

October 10, 2017 by Canadian Underwriter

Guidewire 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,

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Move critical infrastructure protection burden ‘on to the back’ of reinsurers: engineering conference speaker

October 6, 2017 Greg Meckbach, Associate Editor

A lack of insurance coverage for critical infrastructure is one reason for the growing gap between insured and economic losses and 2017 “is going to be the costliest year in world insurance history,” a speaker said Thursday at the 44th

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Record month of Atlantic tropical cyclones leads to major financial toll: Aon Benfield

October 5, 2017 by Canadian Underwriter

Hurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Property Claim Services and NFIP to report aggregate flood loss estimates

October 5, 2017 by Canadian Underwriter

Property Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the

News CatastrophesClaimsInsuranceLegislation / Regulation

U.S. politicians urged to ‘work quickly’ to ensure NFIP ‘sustainable for the future’

October 3, 2017 by Canadian Underwriter

A coalition of insurers and associations is urging the United States Congress to quickly reform and extend the National Flood Insurance Program, which owes billions to the U.S. government and will expire this year unless a law extending NFIP is

News Insurance

2017 industry catastrophe losses could reach US$190 billion before tax: Fitch

October 2, 2017 by Greg Meckbach

With Hurricanes Maria, Irma and Harvey causing devastation in Puerto Rico, Florida and Texas respectively over the course of three weeks, catastrophe losses in 2017 “will constitute a capital event” for some insurance and reinsurance carriers, Fitch Ratings Inc. has

News Insurance

Irma could cost Chubb more than $700 million after tax

October 2, 2017 by Canadian Underwriter

Chubb Limited has released its preliminary loss estimates attributable to Hurricanes Irma and Harvey. “Losses for Hurricane Irma are currently estimated to range from $800 million to $950 million pre-tax, or $640 million to $760 million after tax,” stated Chubb, which was formed in