Latest news with #insurance
Yahoo
28 minutes ago
- Business
- Yahoo
Burning cash: Sask. insurance agencies dealing with glut of wildfire insurance claims
As wildfires continue to tear through northern Saskatchewan, insurance companies are starting to feel the heat. Insurance companies expect the fire season to run April to September. But while they often affect less-populated areas farther north, this year that has not entirely been the case, said Emily Proulx, branch manager for Hub International in Prince Albert. Proulx said she has noticed an uptick in claims made across the province from areas like Denare Beach, La Ronge and Flin Flon. While most people tend to purchase coverage for their homes, not everyone understands the full scope of it, especially when it comes to emergency situations. Many insurance companies have a moratorium during certain seasons, including wildfire season, when coverage cannot be changed or increased, Proulx said. She said fire insurance cannot be added if a fire is already burning within a certain distance of a property or there is a "threat." Proulx used Candle Lake as an example. "There's a fire burning within that 50 kilometres or whatever," she said. "There's no negotiation with the insurance company to say, 'Can you add coverage?' The answer is flat out 'no.'" Knowing your policy Craig Stewart, vice-president of climate change and federal issues for the Insurance Bureau of Canada, said the priority is "making sure that our customers are prepared and that the people that need insurance can still get it and that the insurance coverages are what people need." "Most people expect it never to happen to them, so it's very important to be prepared in case it does," Stewart said. That includes taking photographs and inventory of what's in your home and identifying what is most valuable. "If you get to the point where you need to unfortunately evacuate, file a claim … sometimes you can't get back to your home to be able to demonstrate what was there," Stewart said. He said most people who have "full replacement value" in their policy can have their homes rebuilt. 700 wildfire related claims, SGI Canada says Since May, there have been close to 700 wildfire-related claims made to SGI Canada involving mass evacuation claims, total loss of house, cabin fires or houses with fire damage that are still standing. SGI Canada said its auto fund has also received more than 300 claims, with most being a total loss. "It's too early to tell what kind of impact this wildfire season will have, but as extreme weather events become more frequent and severe, the insurance industry as a whole will be affected," said a spokesperson for SGI Canada in an email to CBC. "Losses due to wildfires, floods, wind and hailstorms continue to trend upwards. Mitigation measures and construction resiliency will be key to stabilizing insurance rates going forward."
Yahoo
an hour ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of AVLA Seguros de Crédito y Garantía S.A.
MEXICO CITY, July 17, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of AVLA Seguros de Crédito y Garantía S.A. (AVLA Chile) (Chile). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect AVLA Chile's balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management. The ratings also recognize AVLA Chile's affiliation and strategic importance to its ultimate parent, AVLA Bermuda Holding Corp Ltd. (ABHC), a financial holding company domiciled in Bermuda, engaged in insurance operations in Chile, Peru, Mexico, Brazil and the United States. As of May 2025, ABHC had equity of USD 89 million. AVLA Chile began operations in Chile in 2013 as AVALCHILE, before changing its name to AVLA Chile in 2016. AVLA Chile specializes in credit insurance and surety; it ranks first in Chile in surety and within the top three in credit insurance, based on market share. AM Best assesses AVLA Chile's business profile as neutral. The company has redefined its risk appetite successfully through adverse market conditions. In AM Best's view, management's capabilities remain key to adjusting its product offerings amid these evolving market conditions. During the past two years, AVLA Chile's operating performance has been limited by its underwriting results and has followed a downward trend that as of December 2024, resulted in a USD 1.4 million loss. The company's results were impacted by an increase in claims from financial guarantees, which could not be offset by revenue from fees for credit studies, tied to credit insurance policies, in contrast to 2023. The company has taken measures to correct this trend, and as of March 2025, combined ratio has returned to premium sufficiency levels. AM Best will continue to monitor AVLA Chile's results and underwriting quality. AVLA Chile's balance sheet strength assessment is strong given its solid capital base for the risks it undertakes. The strong balance sheet strength assessment recognizes the company's reinsurance dependence, while also taking into account the excellent security level of its reinsurance panel. AVLA Chile benefits from belonging to the AVLA Group, as reflected by the willingness and proven history of capital contributions made by its shareholders to support growth, with the latest one taking place in 2024, equivalent to USD 4.8 million. Positive rating actions could take place if AVLA Chile can show a stable upward trend in risk-adjusted capitalization, underpinned by consistently positive bottom-line results. Positive rating actions also could take place if AVLA Chile is able to demonstrate a consistent upward trend in its bottom-line results, that compares favorably with the adequate assessment. Negative rating actions could occur if in AM Best's opinion, the strategic importance of AVLA Chile to its group decreased significantly, or if the AVLA Group's consolidated financial strength deteriorated to a point no longer supportive of the current ratings. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Inger Rodriguez Financial Analyst +52 55 1102 2720, ext. 108 Alfonso Novelo Senior Director, Analytics +52 55 1102 2720, ext. 107 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of AVLA Re Ltd.
MEXICO CITY, July 17, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of AVLA Re Ltd. (AVLA Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings of AVLA Re reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). AVLA Re is ultimately owned by AVLA Bermuda Holding Corp Ltd. (ABHC), a financial holding company domiciled in Bermuda that is engaged in insurance operations in Chile, Peru, Mexico, Brazil and the United States. As of May 2025, ABHC had equity of USD 89 million. AVLA Re is considered a new company as it began operations in January 2022, under a Class 3A insurer license in Bermuda. The company currently reinsures business from other ABHC subsidiaries in Chile, Peru, Mexico and Brazil, and plans to reinsure premiums from third parties in the medium to long term. AVLA Re's business profile is considered limited, given the small size of the company and its high degree of competition. The balance sheet strength of the company is considered very strong. AVLA Re has received two capital infusions from its holding company since its creation. AM Best will monitor any capital flows to and from the company to continue assessing the strength of its balance sheet. The company's operating performance is considered adequate and in line with its position as a recently formed company. AVLA Re's premium growth has been prudent, with controlled increments in businesses from subsidiaries in the group. The company's claims experience has been in line with organization's expectations and AVLA Re was able to post positive bottom-line results of USD 5.8 million in its third year of operations. AM Best will continue to monitor the underwriting quality and operating metrics of this building block. AVLA Re's ERM assessment is considered appropriate for its risk appetite and strongly supported by ABHC's back office. AVLA Re benefits from capital support from ABHC, as well as synergies and brand recognition from the group, with which AVLA Re shares experienced management. The stable outlooks reflect AM Best's expectations that AVLA Re will meet its business objectives in terms of operating metrics and capitalization. Negative rating actions could occur if AVLA Re's capital base erodes due to significant capital base deterioration or sustained unfavorable operating results. Negative rating actions could also occur should AVLA Re's importance to the group's strategy lessens in AM Best's opinion. Positive rating actions could occur in the medium term, driven by a consistent, upward trend in operating results, which in turn, strengthens its capital base. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Inger Rodriguez Financial Analyst +52 55 1102 2720, ext. 108 Alfonso Novelo Senior Director, Analytics +52 55 1102 2720, ext. 107 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Business
- Yahoo
AM Best Upgrades Issuer Credit Rating of AVLA Perú Compañía de Seguros S.A.
MEXICO CITY, July 17, 2025--(BUSINESS WIRE)--AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb+" (Good) from "bbb" (Good) and affirmed the Financial Strength Rating of B++ (Good) of AVLA Perú Compañía de Seguros S.A. (AVLA Perú) (Lima, Peru). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect AVLA Perú balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The upgrade of AVLA Perú's Long-Term ICR recognizes its affiliation and strategic importance to its ultimate parent, AVLA Bermuda Holding Corp Ltd. (ABHC), a financial holding company domiciled in Bermuda that is engaged in insurance operations in Chile, Peru, Mexico, Brazil and the United States. As of May 2025, ABHC had equity of USD 89 million. The stable outlooks reflect AM Best's expectation that the company will be able to continue growing and return to profitable technical results, while maintaining its risk-adjusted capitalization. AVLA Perú is a surety, credit and property/casualty insurer that began operations in 2015. The company specializes in surety and complimentary lines of credit insurance, as well as a property line, engineering. AVLA Perú remains in the top 10 among Peru's non-life carriers and top three in the country's surety segment, based on market share. AM Best views AVLA Perú business profile as neutral. Since its creation in 2015, AVLA Perú has capitalized successfully on Peru's guarantee market, which has limited capacity, and become one of the country's main participants for credit insurance and surety. AM Best's neutral assessment of the company's business profile reflects the size of its operation within a small segment in Peru. AM Best considers the company's operating performance to be adequate. AVLA Perú has been able to promote its products in a profitable manner and maintain adequate underwriting performance since 2017, taking proactive steps to manage claims due to market events and developing alternatives for revenue. AVLA Perú's technical results have been complemented by an active investment strategy that generated good investment results in 2024. AVLA Perú's balance sheet strength assessment is very strong given its solid capital base for the risks it undertakes, as reflected in its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The very strong balance sheet strength assessment also recognizes the company's capital management capabilities and shareholders' willingness and proven history of making capital contributions to support AVLA Perú's growth. A panel of reinsurers supports AVLA Perú's balance sheet strength level with excellent security. Positive rating actions could take place if AVLA Perú is able to achieve a consistent upward trend in risk-adjusted capitalization, underpinned by positive bottom-line results. Negative rating actions could occur if the operating performance of AVLA Perú deteriorates due to further losses to a point no longer supportive of the adequate assessment. Negative rating actions could occur if in AM Best's opinion, the strategic importance of AVLA Perú to its group decreased significantly or if the consolidated financial strength of the AVLA Group deteriorated to a point no longer supportive of the current ratings. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Inger Rodriguez Financial Analyst +52 55 1102 2720, ext. 108 Alfonso Novelo Senior Director, Analytics +52 55 1102 2720, ext. 107 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Business
- Yahoo
AM Best Upgrades Credit Ratings of SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A.
AMSTERDAM, July 17, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a" (Excellent) from "a-" (Excellent) of SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A. (SIAT) (Italy), a subsidiary of Unipol Assicurazioni S.p.A. (Unipol). The outlook of these Credit Ratings (ratings) is stable. The upgrades follow the improvement in the financial strength of SIAT's ultimate parent, Unipol, which was assigned an FSR of A (Excellent) and a Long-Term ICR of "a" (Excellent) on 17 July 2025. The ratings reflect SIAT's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings factor in SIAT's importance to, and integration into the operations of Unipol, as well as AM Best's expectation that Unipol would provide prompt and sufficient financial support to its subsidiary, should it be needed. SIAT's Best's Capital Adequacy Ratio (BCAR) assessment was at the very strong level at year-end 2024, and AM Best expects it to be maintained, at least, at that very strong level over the medium term. SIAT maintains a strong liquidity profile, with liquid investments accounting for approximately 151% of net technical liabilities at year-end 2024. Partially offsetting factors to the balance sheet strength include the company's investment concentration in Italian government bonds and its dependence on reinsurance to write high-value risks. SIAT has a track record of adequate operating performance, supported by good underwriting profitability, with volatility contained by the company's effective reinsurance programme. In 2024, pre-tax profits amounted to EUR 11.1 million (adjusted by AM Best for extraordinary income and expenses), with the combined ratio standing at 84.4% (as calculated by AM Best). SIAT's five-year average combined ratio stood at 87.9% (2020-2024) (as calculated by AM Best). AM Best expects SIAT to continue to report adequate performance, supported by selective underwriting. SIAT has an established reputation as a niche insurer in the marine hull and cargo segments, in which it ranks among the leading players in Italy. In addition, the company's business profile benefits from its reciprocal outsourcing agreements with Unipol. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Andrea PortaSenior Financial Analyst +31 20 808 1700 Jose Berenguer Associate Director, Analytics +31 20 808 2276 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
