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It was a week about cat losses, vehicle recalls and flooding risk.
This week, the p&c industry was seen as a solid place to invest, despite a new report from Swiss Re suggesting that 2016 hit the industry hard. In other news, Manitoba is at risk of flooding this spring and Ford is recalling almost 600,000 vehicles over engine and door safety concerns.
Canadian plans betting on property and casualty insurance sectorThree major pension funds have made significant investments in property and casualty insurance companies in the past six months. The transactions suggest pension plans want to ride out the cycles of the insurance industry.
Southern Manitoba remains at moderate to major risk of flooding: forecastersForecasters say the latest data shows southern Manitoba remains at moderate to major risk of spring flooding. Officials say the danger of flooding is down slightly from last month, but much will depend on the weather in the coming weeks.
Natural catastrophes and man-made disasters highest since 2012
Total economic losses and global insured losses from natural catastrophes and man-made disasters in 2016 were the highest since 2012, reversing the downtrend of the previous four years, according to Swiss Re.
Ford recalling 570,000 vehicles over engine fire risk, unsecured doors
Ford is recalling more than 570,000 vehicles in North America and Europe to fix separate problems that can cause engine fires and doors to fly open unexpectedly. The recalls will hit the company’s bottom line in the first quarter of this year. Ford said in a Wednesday filing with securities regulators that the recalls will cut pretax earnings by $295 million.