Munich Re suffers natural catastrophe losses of $932.7 million in 2010 Q1

Munich Re said it “achieved a clear profit” in 2010 Q1, despite heavy burdens from natural catastrophes. The reinsurer estimated a loss of €700 million (Cdn$932.7 million) in the first quarter due to natural catastrophes. The Chilean earthquake made up about €500 million (Cdn$666.4 million) of that total.“The year 2010 to date has been marked […]

By Canadian Underwriter | April 28, 2010 | Last updated on October 2, 2024
1 min read

Munich Re said it “achieved a clear profit” in 2010 Q1, despite heavy burdens from natural catastrophes. The reinsurer estimated a loss of €700 million (Cdn$932.7 million) in the first quarter due to natural catastrophes. The Chilean earthquake made up about €500 million (Cdn$666.4 million) of that total.“The year 2010 to date has been marked by an exceptional accumulation of severe natural catastrophes — the earthquakes in Haiti and Chile, Winter Storm Xynthia over western Europe, severe weather events in Australia and most recently a strong earthquake in China,” Munich Re noted in a statement.Despite the first-quarter losses, Munich Re is projecting a consolidated result of over €2 billion (Cdn$2.7 billion) in 2010. Munich Re reported a profit of €2.56 billion (Cdn$3.4 billion) in 2009.

Canadian Underwriter

Why insurers won their dispute over a $50-million excess policy

Claims

Why insurers won their dispute over a $50-million excess policy

An insured is not entitled to coverage on a “claims made and reported” excess liability policy when it failed to report the claim to the excess insurer within the policy period, Ontario’s Appeal Court has confirmed. The insured, a law firm, argued it was entitled to professional liability coverage despite “imperfect compliance” with the claim […]

By David Gambrill | September 18, 2024

4 min read

After Calgary’s record-breaking storm, do homeowners have proper hail coverage?

Claims

After Calgary’s record-breaking storm, do homeowners have proper hail coverage?

This summer’s hailstorm that caused over $2.8 billion in damage across the city of Calgary helps raise the question: do homeowners have sufficient coverage for their risk?  “Most home insurance policies cover damage caused by hailstorms, however the extent of the coverage and what the policy covers can vary,” says Steven Harris, licensed insurance broker […]

By Alyssa DiSabatino | September 24, 2024

2 min read

A different type of auto fraud

Claims

A different type of auto fraud

Although preliminary reports suggest auto theft in Canada is decreasing in 2024, another issue of concern is emerging for auto insurers: a surge in fraudulent credit applications. Automotive application fraud is up 54% year-over-year in Canada, largely driven by falsified credit applications and the continued prevalence of identity theft, consumer credit reporting agency Equifax Canada […]

By Jason Contant | September 24, 2024

2 min read