Claims
If the Great New England Hurricane of 1938 were to hit today, insured losses would reach between US$40 billion and US$55 billion, RMS reports. This would include losses to both the private insurance market and those policies covered under the National Flood Insurance Program (NFIP), according to the RMS report, The 1938 Great New England […]
By Canadian Underwriter | January 7, 2009
2 min read
Property catastrophe rates were pushed up 8% due to high catastrophe losses and the continuing international credit crisis, according to a briefing published by Guy Carpenter & Company. Major findings in the briefing, Cats and Credit Push Prices Up: Global Reinsurance Review January 2009, include: • Despite the magnitude of catastrophes and financial losses, the […]
By Canadian Underwriter | January 6, 2009
PSYCHOSES RELATED TO PHYSICAL BRAIN INJURIES NOT ‘TOO REMOTE FOR RECOVERY’ Pychoses caused by right-hemisphere brain damage arising from a car collision are not “too remote to allow for recovery,” the Ontario Superior Court of Justice has found, distinguishing the case from the facts found in the Supreme Court of Canada’s decision in Mustapha. InChinsang […]
December 31, 2008
1 min read
The Canadian Independent Adjusters’ Association (CIAA) has announced its 2008-09 National Executive: Back row (l-r): Pat Battle, executive director; Fred Plant, AIIC, immediate past president; Randy LaBrash, CIP, CFE, CFEI, treasurer; Wendy Fralick, CIP, director; Marie Gallagher, FCIP, CRM, secretary; John Jones, BA, director. Front row (l-r):Mary Charman, CIP, second vice president; Reno Daigle, CIP, […]
At the Ontario Insurance Adjusters Association (OIAA) Holiday Celebration on Dec. 10, more than 1,000 claims professionals and industry supporters ascended to the top of the CN Tower for a 360- degree view of Toronto. OIAA president Laurie Walker welcomed all those who rose to new heights to attend the event. They sampled food from […]
Although a competitive pricing environment is expected to abate somewhat because of the recent decline in market capacity, “it is premature to predict a shift to a hardening market, outside of a few hard hit market subsegments,” says a recent report by Fitch Ratings on the U.S. property and casualty industry posted by Fitch Ratings.The […]
By Canadian Underwriter | December 22, 2008
Maple Leaf Foods has reached a Cdn$25-million settlement agreement in a class action following a listeriosis outbreak.The settlement is designed to increase by up to Cdn$2 million to the extent that claims and costs exceed $25 million, according to Maple Leaf Foods. The compensation paid from the settlement amount will be administered by the class […]
By Canadian Underwriter | December 19, 2008
Global catastrophes in 2008 cost insurers US$50 billion, making it the second-costliest year ever in terms of insured losses, according to a forthcoming Swiss Re sigma study.More than 238,000 people lost their lives to natural catastrophes and man-made disasters this year, including the death of 138,400 people in Myanmar during a tropical cyclone and 87,400 […]
By Canadian Underwriter | December 18, 2008
The International Association of Insurance Supervisors (IAIS) and specifically the Reinsurance Transparency Group (RTG) are considering an early warning/early reaction mechanism for reinsured major catastrophes, especially catastrophes that span multiple jurisdictions.IAIS’s Global Reinsurance Market Report (GRMR) 2008 notes that some senior (re)insurance supervisors recently considered the introduction of such a mechanism to enable coordination efforts […]
By Canadian Underwriter | December 17, 2008
The Institute for Catastrophic Loss Reduction (ICLR) and The Co-operators are poised to unveil on Dec. 17 the third “safer living home” to be built in Canada.The house, which replaces a home that was previously destroyed by fire, has been built in Fort Erie (Ridgeway), Ontario. The new home is built to “better-than-building-code” standards under […]
By Canadian Underwriter | December 16, 2008
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