First above-normal Atlantic hurricane season since 2012 produced five landfalling U.S. storms: NOAA
December 1, 2016 by Canadian UnderwriterThe first above-normal Atlantic hurricane season since 2012 has produced five landfalling storms in the United States, the National Oceanic and Atmospheric Administration (NOAA) said on Wednesday. The Atlantic, eastern Pacific and central Pacific 2016 hurricane seasons ended on Nov.…
After new energy regulations, Oklahoma’s earthquake rate drops
November 30, 2016 Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – The rate of earthquakes in Oklahoma has dropped dramatically since late May, when the state limited wastewater injections into energy wells, an Associated Press statistical analysis shows. And a new scientific study says the state is on its…
Estimate for net ultimate U.S. asbestos losses increased to US$100 billion: A.M. Best
November 29, 2016 by Canadian UnderwriterA.M. Best has increased its estimate for losses that property and casualty insurers in the United States can ultimately expect from third-party liability asbestos claims to US$100 billion. The new figure – included in a new report issued Monday –…
Net income for U.S. P&C industry for first nine months of 2016 down 26.8% compared to 9M 2015: A.M. Best
November 28, 2016 by Canadian UnderwriterThe property and casualty industry in the United States reported a US$2.3 billion net underwriting loss in the first nine months of 2016 and a 26.8% decline in net income compared with the same period in 2015, according to preliminary…
Global insurtech market forecast to grow at compound annual growth rate of more than 10% between 2016 and 2020, new report suggests
November 24, 2016 by Canadian UnderwriterThe global insurtech market is forecast to grow at a compound annual growth rate of more than 10% between 2016 and 2020, according to a new report from global technology research and advisory company Technavio. The market research report, titled…
Staying the same not a sustainable approach to attracting young professionals to insurance
November 23, 2016 by Angela StelmakowichThe traditional insurance world must change with the times – reflecting shifting demographics and fostering diversity – if it is to build on the progress made with regard to attracting more young professionals to the field. “The traditional (insurance) world…
Global Aerospace reports drone insurance covering invasion of privacy, malicious damage ‘easier to obtain’
November 22, 2016 by Canadian UnderwriterInsurance carriers will expand their coverage of unmanned aircraft systems, or drones, while the absence, in the United States, of airworthiness certification requirements imposes a “considerable amount of diligence” on property and liability insurers covering drones, Global Aerospace Inc. suggested…
Veniam, StarHub partner to create connected vehicle mesh network in Singapore, bolster Internet availability
November 21, 2016 by Canadian UnderwriterTech company Veniam has signed its first-ever collaboration agreement in Asia with info-communications provider StarHub to create a connected vehicle mesh network in Singapore by transforming thousands of connected vehicles into mobile Wi-Fi hotspots. Veniam’s aim “is to connect thousands…
In world of Internet-enabled things, U.S. says security needed
November 16, 2016 Tami Abdollah - THE ASSOCIATED PRESSWASHINGTON – The Obama administration urged tech companies to make millions of devices safe from hacking, underscoring the risks posed by an increasingly bewildering array of internet-connected products permeating daily life, covering everything from fitness trackers to computers in automobiles.…
Munich Re posts profit of 684 million euros in third quarter
November 10, 2016 by Canadian UnderwriterMunich Re has posted a profit for 684 million euros in the third quarter of 2016 ending Sept. 30, up from 525 million euros in the same quarter last year. For the first nine months of the year ending Sept.…
Regulators: Close more disposal wells after Oklahoma quake
November 9, 2016 The Associated PressOKLAHOMA CITY – Oklahoma regulators are ordering the shutdown of more disposal wells and restricting the volume of others near where a magnitude 5.0 earthquake struck. The plan released Tuesday by the Oklahoma Corporation Commission’s Oil and Gas Division requires…
Businesses plan to “invest in resilience” in aftermath of Hurricane Matthew: FM Global
October 28, 2016 by Canadian UnderwriterThe ravages of Hurricane Matthew are prompting businesses to rethink their natural hazards preparedness, with more than one out of four surveyed employees in the stricken region saying they believe their companies will increase investment in the area. The survey,…