Multiple-peril insurance

Fraser Institute News Release: Provinces risk their finances by relying on federal transfers for programs in areas of provincial jurisdiction

Retrieved on: 
Tuesday, June 6, 2023
Transfer, Dental care, Bangladesh Technical Education Board, Canada Health and Social Transfer, Federation, Multiple-peril insurance, EPF, Pharmacare, Public policy, Fraser Institute, Risk, CAP, Health insurance, Renewable energy

“When the federal government makes spending commitments in areas of provincial jurisdiction, there is always the risk that when the federal government changes, or federal government priorities change, the provinces will be on the hook to finance those programs and their increasing costs,” said Tegan Hill, a senior economist with the Fraser Institute and co-author of Repeating the Past: Provinces Accept Federal Money at Their Peril.

Key Points: 
  • “When the federal government makes spending commitments in areas of provincial jurisdiction, there is always the risk that when the federal government changes, or federal government priorities change, the provinces will be on the hook to finance those programs and their increasing costs,” said Tegan Hill, a senior economist with the Fraser Institute and co-author of Repeating the Past: Provinces Accept Federal Money at Their Peril.
  • The study draws on the experience of Canada’s recent past—specifically the 1990s—when the federal government reformed and reduced transfers to the provinces to tackle the federal deficit and mounting debt.
  • Any change in federal priorities or the finances of the federal government could result in marked financial pressure being imposed on the provinces.
  • “Provincial policymakers should be aware of the risk to their own fiscal positions when entering into funding agreements with the federal government for provincial programs, and the current federal deficit and debt problem only heightens this risk.”

Hurricane Ian drives natural catastrophe year-to-date insured losses to USD 115 billion, Swiss Re Institute estimates

Retrieved on: 
Thursday, December 1, 2022
Tropical Storm Ian, Swiss Re, Environment, Science, Hurricane Katrina, Risk, Extreme weather, Weather, Insurance, Climate change, Nature, USD, Pacific typhoon season, Urbanization, Multiple-peril insurance, Flood, EUR, Hurricane Andrew, Ian, Property insurance

The re/insurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world.

Key Points: 
  • The re/insurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world.
  • Hurricane Ian is this year's costliest natural catastrophe with estimated preliminary insured losses of USD 5065 billion.
  • Swiss Re Institute estimates it to be the second-costliest insured loss ever on sigma records after Hurricane Katrina in 2005.
  • Urban development, wealth accumulation in disaster-prone areas, inflation and climate change are key factors at play, turning extreme weather into ever rising natural catastrophe losses.

Floods and storms drive global insured catastrophe losses of USD 38 billion in first half of 2022, Swiss Re Institute estimates

Retrieved on: 
Tuesday, August 2, 2022
Public sector, Insurance, Drought, Gaps, Industry, EUR, Multiple-peril insurance, Temperature, Pacific typhoon season, Swiss Re, Climate change, USD, Risk assessment, Weather, Fire, Globe, Earthquake, Wildfire, Property insurance, Coal, Flood

Man-made events triggered an additional USD 3 billion in insured losses, bringing total catastrophe insured losses to USD 38 billion.

Key Points: 
  • Man-made events triggered an additional USD 3 billion in insured losses, bringing total catastrophe insured losses to USD 38 billion.
  • In February, a series of winter storms hit Europe and prompted estimated insured losses of USD 3.5 billion, bringing this key peril back on the insurance industry's agenda.
  • It set a new record for flood losses in the country at so far close to USD 3.5 billion.
  • Global economic losses from natural and man-made catastrophe events are estimated at USD 75 billion in the first half of 2022.

AIR Worldwide Releases Updated Multiple Peril Crop Insurance Model for China

Retrieved on: 
Tuesday, September 22, 2020
Actuarial science, Articles, Academic disciplines, AIR Worldwide, Crop insurance, Insurance, Touchstone, Risk management, Risk, Stochastic, Financial risk modeling, Multiple-peril insurance

Boston, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril.

Key Points: 
  • Boston, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril.
  • Since then, the model has been updated several times to keep it current with the fast-changing Chinese agricultural insurance market, said Dr. Jeff Amthor, assistant vice president, AIR Worldwide.
  • The AIR Multiple Peril Crop Insurance Model for China leverages a 10,000-year stochastic catalog that contains losses reflecting the most recent assumptions regarding policy conditions.
  • The AIR Multiple Peril Crop Insurance Model for China is available in the 2020 release of the Touchstone Re catastrophe risk management system.