Claims
SANTA ROSA, Calif. – Government officials outlined plans Monday for what they say will be the largest fire clean-up in California history, aimed at removing hazardous substances and ash from 8,400 homes and other structures burned in Northern California wildfires. With hundreds of anxious homeowners listening, state emergency services official Eric Lamoureux set a target […]
By Jason Contant | October 25, 2017
3 min read
An overnight fire destroyed high voltage electrical cables attached to a bridge in New Westminster, B.C., damaging power lines and affecting about 20,000 people in the city. The cable fire knocked out electricity to the neighbourhood of Queensborough, shutting down schools and businesses, the Canadian Press reported on Wednesday. The blaze early Wednesday morning forced […]
By Canadian Underwriter | October 25, 2017
2 min read
After five years of below-average loss experience, 2017 looks set to become the “most expensive catastrophe loss year ever for the P&C sector,” but reinsurers’ existing capital base is sufficient to service the bulk of losses sustained so far, a new report from JLT Re suggests. The vast majority of these losses are a result […]
4 min read
Total estimated insured losses from Hurricane Irma in Florida have already topped US$5 billion, the Florida Office of Insurance Regulation (FOIR) has reported. Aggregate information compiled from claims data filed by insurers shows that total estimated insured losses are US$5,311,772,141. The figure has not been audited or independently verified and covers all claims based on […]
XL Group Ltd. has reported a P&C combined ratio of 146.9% for the third quarter of 2017 ending Sept. 30, as natural catastrophe losses largely attributed to Hurricanes Harvey, Irma and Maria took their toll. Excluding prior-year development and nat cat losses for the quarter, XL Group’s P&C combined ratio was 89.8% for the most […]
Police in Saskatchewan issued a total of 449 tickets during Saskatchewan Government Insurance’s (SGI) traffic safety spotlight on school zone safety in September. The vast majority of the tickets were for drivers speeding in school zones – 439 tickets for drivers speeding in school zones (tickets issued by police officers; there were also 1,542 photo […]
By Canadian Underwriter | October 24, 2017
A Quebec court recently ruled that obtaining credit reports and replacing accounts are potentially matters for which plaintiffs could be entitled to compensation in a class-action lawsuit arising from a breach of a retailer’s payment card data.
By Antoine St-Germain, Partner, Gasco Goodhue St-Germain LLP | October 24, 2017
If the Supreme Court of Canada restores Friday a 2014 ruling made by the Ontario Superior Court of Justice, Canadian banks would be made “insurers against cheque fraud perpetrated by employees on their employers,” argue two Big 5 Canadian banks who were sued by a company that lost more than $5 million due to cheque […]
By Canadian Underwriter | October 23, 2017
Despite a nationwide advertising blitz for mobile auto insurance apps and widespread use of digital channels to purchase insurance, auto insurance customers in the United States have been slow to adopt digital claims reporting, J.D. Power reported on Monday. Its 2017 U.S. Auto Claims Satisfaction Study, the consumer insights, advisory services and data and analytics […]
Lloyd’s has revised its net claims estimates for Hurricanes Harvey and Irma to a combined US$3.9 billion, plus a preliminary claims estimate for Hurricane Maria of US$0.9 billion. In a statement on Monday, Lloyd’s also reported that the world’s specialist insurance market has so far paid almost US$900 million in claims for Harvey, Irma and […]
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