Claims
The Terrorism Risk Insurance Revision and Extension Act (TRIREA) H.R. 2761 was passed on Wednesday afternoon by the U.S. House of Representatives with a vote of 312 to 110 and is strongly supported by the Risk and Insurance Management Society (RIMS), according to a release. RIMS is pleased that the bill, as passed by the […]
By Canadian Underwriter | September 21, 2007
1 min read
The Canadian insurance industry needs to strive for pricing consistency, Richard Ward, Lloyds CEO, told a crowd at the Risk and Insurance Management Societys conference in Halifax.Ward discussed contract certainty and claims management initiatives that Lloyds has taken to improve efficiency and service within the London market and urged Canadian insurers to follow suit. These […]
By Canadian Underwriter | September 20, 2007
2 min read
Elie, the tornado that ripped through parts of Manitoba on June 22, has been given a rating of F5 intensity, the highest on the Fujita tornado damage scale, the first officially documented in Canada according to Environment Canada meteorologists. Damage indicators are used to measure the strength of tornadoes, with an F5 tornado accounting for […]
Dalhousie University in Halifax was home to a sea of nervous faces at the RIMS Canada conference Sept. 18, as students tested their skills playing Risk, a classic game of strategy, for their chance to win a $5,000 bursary from Aon Reed Stenhouse (Aon). As the clock ticked down, six players had avoided elimination and […]
By Canadian Underwriter | September 18, 2007
3 min read
The Ontario Superior Court of Justice ordered Chubb Insurance Company of Canada to pay just over Cdn$5 million to Missisauga policyholder Bridgette Sagl, after Sagls house burned down in December 1997.Chubb initially denied coverage based on its (ultimately disproven) theory that arson caused the fire.The court observed that Chubbs reason for denying coverage was influenced […]
By Canadian Underwriter | September 17, 2007
Hurricane Humberto, who made landfall on southeast Texas earlier this week, likely caused damages that will not exceed US$500 million [approximately Cdn$515.37 million], reports Risk Management Solutions (RMS).The figure includes wind damage to residential, commercial and industrial properties and business interruption resulting from power outages or damage to property, an RMS release says.Wind damage has […]
By Canadian Underwriter | September 14, 2007
Reinsurance and risk intermediary Benfield and reinsurer Partner Re have collaborated to produce the Hazard & Risk Science Review 2007, which summarizes research findings and conclusions of hazard and risk science papers published in the last 12 months that are most relevant to the insurance and resinsurance markets.The summarized findings are organized into four broad […]
By Canadian Underwriter | September 13, 2007
Supersport motorcycles have the highest death rates and worst overall insurance losses among all types of motorcycles, the Insurance Institute for Highway Safety (IIHS) reports. Supersports are built on racing platforms but modified for the highway and sold to consumers, an IIHS statement explains.In an institute analysis of deaths per 10,000 registered motorcycles, supersport drivers […]
By Canadian Underwriter | September 12, 2007
Aon is hosting a Risk tournament (the board game) in support of future leaders in risk management. The tournament will take place at Dalhousie University, Studley Campus Quad, on September 17 at 10 a.m., with roughly 200 students expected to attend. The top three will be awarded with academic bursaries for tuition or other costs […]
In the wake of the tropical storm Chantal, which hit Newfoundland and Labrador at the beginning of August causing an estimated Cdn$5.8 million in insured damages, insures are showing the commitment to policyholders, according to the Insurance Bureau of Canada. Insurers are responding quickly to residents’ claims, Don Forgeron, vice president, Atlantic, IBC, said in […]
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