Insurance industry cautions that weather disasters on the rise

Canada flood insurance industry

Officials in Canada are cautioning consumers and insurers that storms are getting stronger. The Insurance Bureau of Canada (IBC) has released a statement that cautions the insurance industry that the severity, frequency, and therefore the cost of extreme weather in the country is on the increase. It also noted that Alberta has experienced the greatest increase in severe weather occurrences. According to Don Forgeron, from the IBC, “The insurance industry claim payouts are the canary in the coal mine.” The amount of damage caused by severe weather events, and the…

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Insurance industry growth is anticipated to continue through 2020

Insurance Industry 2020

Munich Re predicts that the strength of the sector will continue on over the next 7 years. According to the Insurance Market Outlook 2013, which was just released by Munich Re, the global insurance industry will continue with strong growth over several years to come, especially in emerging nations. The report showed that there will be slower growth in reinsurance than in the primary coverage sector. The chief economist at Munich Re, Michael Menhart, said about the insurance industry’s future, that “The global economic recovery is also benefiting the insurance…

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New Towers Watson study warns that insurance prices could be rising amidst a flat market.

A new study from Towers Watson, a worldwide professional services firm, has found that prices for commercials insurance have remained the same for the ninth successive quarter. Overall, prices for commercial property and management liability lines have decreased over the past two years. Workers compensation, however, saw a steep increase in the first quarter of this year. The study also finds that prices for other commercial lines of insurance have been steadily increasing. The director of Towers Watson’s Property & Casualty practice, Bruce Fell, notes that the increases in workers…

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