Claims
A trend seems poised to take flight whereby companies in need of drone services to gain specific insights will increasingly tap the expertise of third-party providers. “I think third-party companies who provide services utilizing drones will be more common than having individuals at a company utilizing a drone and having a drone kept in a […]
By Angela Stelmakowich | September 8, 2017
4 min read
Hurricane Harvey is likely to be one of the costliest natural disasters on record for the economy of the United States, with damage from the hurricane to minimally cost tens of billions of dollars, Aon Benfield has reported. Impact Forecasting, Aon Benfield’s catastrophe model development team, released on Friday its monthly Global Catastrophe Recap report, […]
By Canadian Underwriter | September 8, 2017
Property losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties eligible for coverage regardless of whether they are actually insured and without any application of […]
By Canadian Underwriter | September 7, 2017
Catastrophe bond issuance in the 12 months ending June 30, 2017, reached a historic US$11.3 billion, nearly US$2 billion larger than the previous all-time record, Aon Securities said in a new report. Aon Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, released the annual report on the insurance-linked securities […]
3 min read
PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has disclosed a third loss estimate of 284 million euros for extratropical cyclone Zeus, which affected France on March 6 and 7. The revised estimate of the property insurance market loss is up from the second loss estimate of 269 million euros, issued by […]
By Canadian Underwriter | September 6, 2017
2 min read
Distracted driving continues to claim more lives on roads in British Columbia than impaired driving, the Insurance Corporation of British Columbia (ICBC) said in a press release on Wednesday. Despite tougher penalties, more police enforcement and continued public education, on average, 78 people are killed each year because of distracted driving and inattentive drivers, ICBC […]
The British Columbia government has taken the reins to protect drivers and address mounting financial concerns at the Insurance Corporation of B.C. (ICBC), including by limiting rate increases that threatened to reach double-digits. “Drastic action is needed to fix ICBC’s devastating financial crisis, but B.C. drivers should not be forced to pay 20% basic rate […]
After a shaky start, earthquake is steadily gaining profile among stakeholders from governments to policyholders about the risk and the importance of having plans in place. Nowhere in Canada is awareness higher than on the west coast of British Columbia, which abuts the ring of fire. But even there, a shift in thinking is under way as to what areas could produce the largest insured losses should a quake occur.
By Justin Moresco, Senior Product Manager, RMS | September 5, 2017
6 min read
The global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick, N.J.-based A.M. Best releases a report on the global reinsurance market, which includes a list […]
By Canadian Underwriter | September 5, 2017
Gross losses accrued in the National Flood Insurance Program (NFIP) from Hurricane Harvey will be between US$7-10 billion, Pete Dailey, vice president of product management with Risk Management Solutions, Inc. (RMS), suggested in a blog posted on Friday. About 40% of those claims are expected to come from Harris County alone, an area whose county […]
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