Claims
Preliminary estimates suggest that total economic losses from weather events in December – including significant storms in the United States and United Kingdom – will exceed US$4 billion, with insured losses “likely to approach or exceed US$2 billion,” Aon Benfield said on Wednesday. Impact Forecasting, Aon Benfield’s catastrophe model development team, released its monthly Global […]
By Canadian Underwriter | January 6, 2016
3 min read
Catastrophe bond issuance activity by new limit fell approximately 25% year over year in 2015 to US$6 billion, while issuance of catastrophe bonds including coverage for Canada witnessed a shift, notes a new report issued Wednesday by Property Claims Services (PCS). Overall, the Artemis Deal Directory reports that catastrophe bond issuance – measured by new […]
6 min read
SAN FRANCISCO – El Nino storms lined up in the Pacific, promising to drench parts of the West for more than two weeks and increasing fears of mudslides and flash floods in regions stripped bare by wildfires. Stronger systems are predicted starting Tuesday following light rain a day earlier. At least two more storms are […]
By Canadian Underwriter | January 5, 2016
The United States Department of Justice has filed a civil complaint against Volkswagen, Audi and Porsche in connection with the ongoing emissions scandal. The complaint, on behalf of the Environmental Protection Agency (EPA), was filed on Monday in federal court in Detroit against Volkswagen AG, Audi AG, Volkswagen Group of America Inc., Volkswagen Group of […]
4 min read
Despite reinsurer capital being down 2% to US$565 billion in the third quarter of 2015 compared to year-end 2014, Aon Benfield’s outlook for Apr. 1, 2016 reinsurance renewals is positive, with insurers expected to see improvements in pricing terms and conditions similar to that achieved for clients at Jan. 1, 2016. “The value proposition of […]
5 min read
SMITHERS, B.C. – Residents on the southeast edge of Smithers, B.C., are on high alert as ice jams threaten to flood the area and force people from their homes. Regional District of Bulkley-Nechako chairman Bill Miller says ice has backed up along the Bulkley River, causing water to rise and seep into basements and crawl […]
By The Canadian Press | January 4, 2016
1 min read
Flooding on the Mississippi River is “approaching or even exceeding” the flood levels reached in 2011, Verisk Analytics Inc.’s AIR Worldwide unit warned last week. The United States mid-western region “has endured repeated precipitation events in the last month, including a significant snowfall over the Thanksgiving holiday,” stated Hemant Chowdhary, principal scientist at Boston-based AIR […]
By Canadian Underwriter | January 4, 2016
The costliest global natural catastrophe for the insurance industry was a series of winter storms that struck the northeast United States and Canada, Munich Re said in its 2015 nat cat review, released on Monday. According to a press release from Munich Re, insured losses for the storms came to US$2.1 billion, with overall losses […]
Reinsurance rates at Jan. 1, 2016 renewals have continued to decline across the majority of markets, with Willis Re reporting Monday that earlier forecasts for a “softening in the softening” in pricing have proved illusory. “Despite the signs of pricing stabilization in peak property catastrophe zones at the June/July 2015 renewals,” notes Willis Re’s latest […]
Patrick O'Hara, president of the Canadian Insurance Claims Managers Association, is hoping to continue efforts to beef up education and attract more young people to the profession.
By Angela Stelmakowich, Editor | December 31, 2015
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
