Claims
This year holds the highest levels of political and economic uncertainty for a decade, with systemic financial risk topping the list of greatest threats, according to the World Economic Forum’s report, Global Risks 2008.Diversification of risk may have strengthened stability in good times, but systemic financial risk remains acute, researchers warn. Changes in the financial […]
By Canadian Underwriter | January 8, 2008
1 min read
By focussing on the 2004 and 2005 hurricane seasons, risk models may overestimate the probabilities of both U.S. landfall risk and potential insured losses, new research from AIR Worldwide says.”By only focusing on the 2004 and 2005 seasons, it is easy to forget every hurricane season is unique and actual landfall activity is a function […]
By Canadian Underwriter | January 7, 2008
The Insurance Bureau of Canada has called for the formation of an ongoing working group between the insurance industry and the government of British Columbia to ensure residents of B.C. are protected as best as possible against an earthquake. Two strong earthquakes on Jan. 5 shook the area just south of the Queen Charlotte Islands, […]
2 min read
The first half of 2008 will likely bring warmer weather in southern Canada and increased storm activity in the southern United States, Aon’s Annual Global Climate and Catastrophe Report: 2007 says.The period between January and May 2008 will mainly be influenced by the El Nino/Southern Oscillation, which is an anomalous warming or cooling of the […]
By Canadian Underwriter | January 3, 2008
Despite the absence of any mega-catastrophes, the global insurance industry had to cope with far higher natural catastrophe losses in 2007 than in 2006, Munich Re has reported on its Web site.”Despite the general absence of extreme events, overall economic losses had reached US$75 billion by the end of December an increase of 50% on […]
Go-kart not an “automobile” on private track, court rules A go-kart operated on a private track is not an “automobile” according to the standard Ontario automobile insurance contract, the Ontario Court of Appeal ruled in Adams v. Pineland Amusements Ltd. Denis Potvin was driving a go-kart on a track owned and operated by Pineland Amusements […]
December 31, 2007
4 min read
Phishing attacks in the United States soared in 2007, as US$3.2 billion was lost to these attacks, according to a survey by Gartner, Inc.Phishing is essentially the practice of luring Internet users to a fake Web site through the use of authentic-looking emails with a real organization’s logo in an attempt to steal passwords, financial […]
By Canadian Underwriter | December 19, 2007
Natural and man-made catastrophes led to overall financial losses of US$61 billion across the globe, with property insurers contending with losses totalling US$25 billion, according to preliminary estimates by Swiss Re.Although the insured losses, at US$25 billion, were US$9 billion higher than in the previous year, 2007 is below the long-term trend, a Swiss Re […]
By Canadian Underwriter | December 18, 2007
Agriculture Financial Services Corp. an Alberta crown corporation (with a private-sector board of directors) that provides farmers and agribusinesses with crop insurance and farm income disaster assistance paid out a record of more than 7,200 hail-related claims this year.The Edmonton Journal has reported that a record 89 hailstorms flattened farmers’ fields in the summer, resulting […]
By Canadian Underwriter | December 14, 2007
Underwriters need to beware of seemingly “harmless” business interruption (BI) coverages such as for interdependent and contingent losses, power outages and the financial consequences of prevented access that could accumulate into a big payout should a claim occur, Swiss Re warns.In its report, The Vitzliputzlis of Business Interruption Insurance, Swiss Re says a Vitzliputzlis is […]
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