Claims
Six of the ten ports with the highest potential insured loss from natural catastrophes are on the United States gulf coast, Risk Management Solutions (RMS) Inc. said in a release Monday. Newark, Calif.-based RMS ranked the top 10 ports in the world by greatest potential loss from catastrophes with a 500-year return period. Ranked third […]
By Canadian Underwriter | August 8, 2016
2 min read
CRESTLINE, Calif. – A wildfire in the San Bernardino National Forest east of Los Angeles has tripled in size to 7 square miles. The blaze in the San Bernardino Mountains east of Silverwood Lake and south of the high desert city of Hesperia grew from 1,500 acres on Sunday to 4,500 acres early Monday. Containment […]
By Jason Contant | August 8, 2016
1 min read
Allianz Group reported Friday a 2.9-point deterioration in its property & casualty combined ratio, as natural catastrophe losses were “almost twice” its 10-year average for the second quarter. Munich-based Allianz reported its p&c operations had a combined ratio 96.4% during the three months ending June 30, compared to 93.5% during the same period in 2015. […]
3 min read
Aviva Canada has launched its Home Protect Bundle product, calling it the first of its kind insurance solution “to help Canadian homeowners prevent claims from reoccurring, repair damages before a claim occurs, and provide unlimited professional assistance.” Available in Canada beginning this month, the 3-in-1 bundle can be easily added to an existing Aviva home […]
Tropical Storm Risk (TSR) – part of Aon Benfield Research’s academic and industry collaboration – has issued its updated August forecast for the 2016 Atlantic hurricane season, forecasting 15 named storms between June and November. TSR’s Professor Mark Saunders and Dr. Adam Lea are now forecasting 15 named storms, seven hurricanes and three major (Category […]
Aviva plc has reported a general insurance combined ratio of 95.8% for Canada for the first six months of 2016, up 3.9 points from the H1 2015 combined ratio of 95.8%. In particular, the combined operating ratio for the first six months of 2016 was 97% for Personal lines, compared to 93.6% for the first […]
Canada’s worst-ever insured natural disaster – the Fort McMurray wildfire – delivered a hard hit to the underwriting activity of Economical Insurance, contributing to a net income in the second quarter of 2016 of about half the prior-year quarter. Economical Insurance reports that net income for the quarter ending June 30, 2016 amounted to $17.1 […]
4 min read
The total value of outstanding insurance-linked securities issuance dropped from $24 billion to $22.3 billion between Jan. 1 and June 30, Swiss Re Capital Markets Corp. said in a report released Thursday, observing that issuance “came to a screeching halt” after April 30. All figures are in United States dollars. In its Insurance Linked Securities […]
By Canadian Underwriter | August 5, 2016
Echelon Financial Holdings Inc. (EFH) is exiting the European market to focus on growing its Canadian operations, which were negatively affected by the Fort McMurray wildfires that contributed to lower net income for both 2016 H1 and Q2 compared to prior-year periods. Net income for the three months ended June 30, 2016 fell 43% to […]
Northbrook, Ill.-based Allstate Corporation has reported catastrophe losses of US$961 million in the second quarter of 2016 compared to US$797 million in the same quarter of 2015 and US$1.79 billion in the first six months of the year compared to US$1.09 billion in H1 2015. Allstate Corporation said that its Property-Liability combined ratio was 100.8% […]
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