Claims
The 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 as earthquakes in Mexico and flooding in Asia all happening so close to each other, […]
By Canadian Underwriter | October 13, 2017
4 min read
The province of Manitoba will add vital information to its flood mapping inventory for three of its priority watersheds, the provincial and federal governments announced on Thursday. Manitoba Infrastructure Minister Ron Schuler announced the expanded flood mapping inventory for watersheds in the Assiniboine River and Lake Manitoba basins with Doug Eyolfson, MP for Charleswood-St. James-Assiniboia-Headingley, […]
3 min read
Consider US$70 billion to US$90 billion. US$15 billion. US$25 billion to US$37 billion. These are just some of the many loss estimates — insured, economic and other — meant to pin down the spiralling, drenched mess that Harvey has created in Texas and Louisiana. RMS reports its modelling, in part based on anonymized data on […]
By Angela Stelmakowich, Editor | October 12, 2017
The aggregated average total breach cost of a cyber event is US$394,000, with an average claim for a large company of US$3.2 million, a new report from NetDiligence has found. NetDiligence, a provider of cyber risk readiness and response services, outlined the figures in its seventh annual 2017 Cyber Claims Study, released earlier this week. […]
By Canadian Underwriter | October 12, 2017
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 of wildfires that have caused significant insured property losses,” stated Mark Bove, Munich Reinsurance America’s […]
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 preliminary estimates are pre-tax and net of reinsurance, reinstatement and adjustment premiums and redeemable non-controlling […]
Sponsors raised $2.8 billion through catastrophe bond transactions that included Canada, “the most robust year in catastrophe bond market history,” Property Claims Services (PCS) said in a new report. Bigger and More Mature: PCS Q3 2017 Catastrophe Bond Report was released on Wednesday by PCS, a Verisk Analytics business. The report said that sponsors completed […]
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 that wrap around trusses and connect to walls, “would have kept roofs on” to some […]
By Jason Contant | October 11, 2017
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 historical experience, regulatory stress tests and publicly announced preliminary estimates by listed companies, ABIR estimates […]
By Canadian Underwriter | October 11, 2017
2 min read
Canadian property owners can do more to “take the weak links” out of the chain of events causing homes to burn from wildfire, a speaker suggested at the recent Annual Engineering Insurance Conference (AEIC). “How a property is landscaped is absolutely key to mitigating the impact of wildfire,” said Glenn McGillivray, managing director of the […]
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