Canadian wildfires News

Climate Change Causes 379% Hike in Insured Damages in Canada Over 10 Years: Report

The annual average insurable losses in the last decade increased in Canada by a whopping 379%, when compared to the prior 30-year average, according to an analysis from MyChoice, a Toronto-based insurtech company. The report pointed to statistics from the …

Nat Cats Cost Insurers $39.5B in 2016, Highest Level in 4 Years: Willis Re

Insured loss estimates from major natural catastrophes totaled US$39.5 billion during 2016, which is the highest level since 2012 when market losses totaled US$60 billion, according to a report published by Willis Re, the reinsurance division of Willis Towers Watson. …

Just 2% of China’s July Floods Covered by Insurance, vs. Nearly 70% in U.S.: Aon

China’s seasonal “Mei-Yu” rainfall in July led to the worst flooding since 1998, bringing total combined economic losses of an estimated US$33 billion, according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. Affecting the Yangtze …

Allianz Q2 Profit Drops 46% on Nat Cat Claims, Expected Sale of South Korea Unit

Allianz SE said second-quarter profit almost halved, missing estimates, as Europe’s biggest insurer faced higher claims from natural disasters and charges for the expected sale of its South Korea unit. Net income declined to 1.1 billion euros ($1.2 billion) from …

XL Estimates Q2 Cats to Cost $240M, Led by Alberta Wildfires

XL Group Plc, the insurer that expanded last year with the purchase of Catlin Group Ltd., said second-quarter catastrophe costs were probably about $240 million pretax, with wildfires in Alberta, Canada, responsible for about half the total. Flooding in Europe …