Claims
Impact Forecasting announced on Tuesday that it has launched ELEMENTS 10, its complete catastrophe modelling platform, which includes new flood models for Canada. ELEMENTS 10 offers the ability to run insurers’ own or third-party model, plus access to new flood models for Canada, the United States, Malaysia and Poland, Impact Forecasting, Aon Benfield’s cat model […]
By Canadian Underwriter | July 12, 2016
3 min read
Market issuance of non-life catastrophe bonds for the first half of the year amounted to US$2.8 billion, with six transactions in the second quarter accounting for US$1 billion of capacity, notes a report from Willis Capital Markets & Advisory (WCMA). Even after starting with record-setting issuance in the 2016 Q1, the US$2.8 billion in issuance […]
Total worldwide economic losses for the first half of 2016 were US$70 billion, of which US$27 billion were insured, significantly higher than the first year losses of US$59 billion in 2015, of which US$19 billion were insured, Munich Re said on Tuesday. “The main losses drivers were powerful earthquakes in Japan and Ecuador, storms in […]
The 2016 hail season in Texas is already one of the most severe in the state’s history, with year-to-date results reaching the nine-year average for hail storm damage in the United States, according to CoreLogic, Inc., a global property information, analytics and data-enabled services provider. CoreLogic said that estimated losses in Fort Worth, Plano, Wylie […]
SGI Canada will be assigning additional adjusters to Estevan, Saskatchewan – among the areas in the province hit by heavy rainfall that prompted localized flash flooding – to handle what is anticipated to be higher-than-normal claim volumes, the insurer reported Monday afternoon. “SGI will be assigning additional adjusters to Estevan, or other areas as required, […]
A dispute between a forest product firm’s captive reinsurer and Swiss Reinsurance Company, arising from a US$70-million settlement, could reach the Supreme Court of Canada. Vancouver-based MacMillan Bloedel Ltd. purchased commercial general liability policies from American International Group Inc. during the 1990s, before MacMillan Bloedel was acquired by Weyerhaeuser Company Ltd. In 1993, MacMillan Bloedel […]
CALGARY – Oilsands producers are not expected to be among the recipients of a record insurance payout arising from the wildfire in Fort McMurray, Alta., in May even though some of them had to halt production for weeks at a cost of millions of dollars. Suncor Energy (TSX:SU) said Friday it doesn’t intend to claim […]
By Canadian Underwriter | July 11, 2016
2 min read
ESTEVAN, Sask. – A state of emergency has been declared in Estevan, Sask., after the southeastern city was hit by at least 130 millimetres of rain in just over two hours. The emergency was declared around 4:00 p.m. Sunday, soon after streets and basements were hit by flash flooding. There were concerns that some parts […]
By The Canadian Press | July 11, 2016
Laetere Re Ltd. has issued US$100 million worth of catastrophe bonds, covering certain named storms and earthquake in the United States, on behalf of three subsidiaries of United Insurance Holdings Corp. The issuance was announced July 7 by Swiss Re Capital Markets, which structured and placed the deal. The bonds were issued on behalf of […]
The highest level of catastrophe losses in five years contributed to the U.S. property and casualty insurance industry witnessing deteriorated underwriting results in the first quarter of 2016 compared to the prior-year quarter, notes a special report issued Friday by A.M. Best. The industry’s underwriting gain was US$2.1 billion for the first quarter of 2016, […]
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