Claims
AIR Worldwide Corp. released Tuesday its 2015 Global Modeled Catastrophe Losses report, reporting the global aggregate average annual insured loss was $74.4 billion in 2015, up from $72.6 billion in 2014. All figures are in United States dollars. The report includes global exeedence probability metrics on both an insured and insurable basis. [Click image to […]
By Canadian Underwriter | September 16, 2015
2 min read
Property and casualty reinsurance worldwide is seeing a reduction in the oversupply of reinsurance capacity compared to the previous year despite the continuing highly competitive environment, Hannover Re CEO Ulrich Wallin said Monday during a press conference in Monte Carlo. “Most significantly, the resurgent economy in the United States, the world’s largest reinsurance market, is […]
By Canadian Underwriter | September 15, 2015
3 min read
An auto insurance claimant is asking the Supreme Court of Canada to rule on the question of whether future disability benefits, under the Canada Pension Plan, should be deducted from a Nova Scotia auto insurer’s payments under the family protection endorsement. In a decision released last June, the Nova Scotia Court of Appeal ruled against […]
Canada’s property and casualty insurance market – faced with challenging market dynamics and unforeseen headwinds like the steep decline in global oil prices – remains resilient, prompting A.M. Best to maintain a stable rating outlook for the industry as a whole. Canada’s p&c market has benefited “from solid risk-adjusted capitalization, profitable operating performance, continued investments […]
7 min read
MIDDLETOWN, Calif. – Some 400 homes were among the hundreds of structures destroyed as fast-moving wildfires raged through communities in Northern California, leaving at least one person dead and sending residents fleeing along roads where some buildings and vehicles were still in flames. The California Department of Forestry and Fire Protection confirmed Sunday one fatality […]
By Canadian Underwriter | September 14, 2015
4 min read
AIR Worldwide will work with security risk and cyber data providers BitSight Technologies and Risk Based Security (RBS) to build an advanced cyber risk model. AIR Cyber Risk Model will seek to help the insurance industry better manage the evolving threat of cyber attacks by incorporating “the most up-to-date and complete incident data, real-time security […]
Contingent business interruption insurance does not cover some “important supply chain risks,” though some insurers are discussing the possibility for broadening CBI coverage, while a lack of historical data makes it difficult for carriers to underwrite terrorism coverage, Swiss Re suggested in a report released Monday. “There is a lack of both historical and simulation […]
Abundant capacity, the influx of new capital and limited loss experience is keeping the pressure on reinsurance pricing, terms and conditions, Alex Moczarski, president and CEO of Guy Carpenter & Company, LLC and chairman of Marsh & McLennan Companies International, said at the company’s eighth annual press briefing for Reinsurance Rendez-Vous 2015 in Monte Carlo. […]
WASHINGTON – Stung by recent court decisions that have gone against them, Justice Department lawyers are making a fresh push to clarify a computer trespass law that critics malign as overly broad. The 1986 law, known as the Computer Fraud and Abuse Act, was intended to punish hackers who breach someone else’s computer network and […]
By Canadian Underwriter | September 11, 2015
PORTLAND, Ore. – University of Washington researchers are testing an earthquake alert system as the Pacific Northwest prepares for the day when a 600-mile-long fault line looming off the coast unleashes a catastrophic earthquake and tsunami. The fault line hasn’t produced a major quake since 1700, but seismologists say one could happen in our lifetimes. […]
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