Claims
The National Oceanic and Atmospheric Administration in the United States has updated its outlook for this year’s Atlantic hurricane season, slightly reducing its initial forecast, but still predicting an above-normal number of storms. There have been four named storms since the season began in June, including Andrea, Barry, Chantal, and Dorian. “Significant activity is expected […]
By Canadian Underwriter | August 8, 2013
2 min read
Swiss Re Group reported Thursday a net income of $786 million for the second quarter of 2013, up from $83 million in the same quarter of 2012, despite this spring having had a high number of catastrophes. The company reported that all of its business segments contributed positively to growth. “Our company has delivered another […]
Economical Insurance has reported a consolidated net income of $15.8 million for the second quarter of 2013, down $23.5 million from the prior year quarter, after seeing losses from severe weather events in June. The Waterloo, Ont.-based insurer’s results incorporate $27.4 million of weather-related catastrophe costs, net of reinsurance and tax, mainly from the storm […]
By Canadian Underwriter | August 7, 2013
Risk and Insurance Management Society Inc. (RIMS) is calling on the U.S. government to extend its Terrorism Risk and Insurance Act, in some form, beyond 2014. TRIA was first passed into law in 2002 and, in essence, requires insurers to offer terrorism coverage to commercial clients. One of its aims is to ensure the “widespread […]
3 min read
Strong thunderstorms and flooding in the Greater Toronto Area marked the second billion-dollar natural disaster event in Canada this year, and were among the catastrophes that marked this July, notes Aon Benfield’s latest recap report. Total economic losses from the GTA floods are estimated to be around $1.5 billion, with about half of that covered […]
Insurance payments from the tornadoes that hit Oklahoma in May have now passed $1 billion, the state’s insurance department said Tuesday. “These numbers are staggering,” insurance commissioner John D. Doak said in a statement from the department. “We’ve topped $1 billion in payments and the rebuilding is just beginning,” Doak said. “We expected to see […]
1 min read
Munich Re has licensed AIR Worldwide’s Multiple Peril Crop Insurance (MPCI) Models for the United States and China in a bid to enhance the reinsurer’s risk management capabilities for its catastrophe-exposed agricultural treaties. The updated weather-based models, which were released Tuesday, estimate underwriting gains and losses based on crop yield probabilities in the context of […]
An academic and industry collaboration part of Aon Benfield Research has issued an updated forecast for the 2013 Atlantic hurricane season. Prof. Mark Saunders and Dr. Adam Lea from Tropical Storm Risk are now predicting 15 named storms, seven hurricanes and three major hurricanes (Category 3 or higher), a slight reduction from their forecast in […]
By Canadian Underwriter | August 6, 2013
Munich Re released Tuesday its financial results for the quarter ending June 30, estimating a claims burden of 45 million euros from the Alberta floods and 35 million euros from the May 20 tornado that killed dozens in Oklahoma. The Munich-based reinsurer reported gross written premiums, across all lines, of 12.809 billion euros for the […]
The Financial Services Commission of Ontario (FSCO) has advised consumers that Kevin Kolenda and Hole-in-WON (Hole-in-WON.com) are not licensed to do insurance business in the province. “FSCO has been informed that Mr. Kolenda and Hole-in-WON are soliciting and providing prize or award insurance coverage for golf contests and events in Ontario,” the regulator said. “The […]
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