Claims
CALGARY – Climate change didn’t directly cause major wildfires in Alberta and British Columbia this year but it did contribute to their extreme nature, says a University of Alberta researcher. B.C. recorded its worst-ever fire season. Wildfires that began in early April scorched just over 12,000 square kilometres of timber, bush and grassland and at […]
By Jason Contant | October 23, 2017
3 min read
A massive botnet is forming to create a cyber storm that could “take down the Internet,” researchers at cyber protection company Check Point Software Technologies Ltd. warned on Thursday. Check Point said in a blog post that they have discovered a brand new botnet that is “evolving and recruiting” Internet of Things (IoT) devices at […]
By Canadian Underwriter | October 20, 2017
The governments of Manitoba and Canada have agreed to pay more than $90 million to certain First Nations who were affected by flooding in 2011. McKenzie Lake Lawyers LLP said in a statement released earlier this week that while not admitting wrongdoing, the governments of Manitoba and Canada have agreed to pay $90.283 million in […]
Swiss Re has estimated its preliminary combined losses from Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to be approximately US$3.6 billion, net of retrocession and before tax. Of the total combined losses, claims from the two earthquakes in Mexico are expected to be approximately US$175 million, Swiss Re said in a press […]
The wildfires in California have cost US$1.045 billion in losses, preliminary data from the California Department of Insurance has revealed. On Thursday, California Insurance Commissioner Dave Jones announced preliminary data provided by eight California insurers processing claims for tens of thousands of policyholders, the insurance department said in a press release. While the numbers are […]
Insurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities reported on Friday. Those were the main findings of the latest quarterly ILS market update […]
Awareness of earthquake risk in British Columbia looks to be on the rise if registrants for the 2017 Great British Columbia ShakeOut, which reached record numbers this year, is any indicator. A record 886,000 British Columbians participated Thursday, joining millions of people worldwide who take part in the annual Great ShakeOut “drop, cover and hold […]
A US$700 million pre-tax hit for catastrophe losses in 2017 Q3 contributed to Travelers Companies, Inc. seeing both its net income and core income drop compared to the prior-year quarter. The U.S. insurer’s net income amounted to US$293 million for the quarter ended Sept. 30, 2017 compared to US$716 million for the same period of […]
4 min read
FREDERICTON – New Brunswick will seize drunk drivers’ cars for up to two months under a law that comes into force Nov. 1 Public Safety Minister Denis Landry says the new law will make the province one of the country’s toughest on impaired driving. Anyone convicted of drunk driving will have their vehicle impounded for […]
By Jason Contant | October 19, 2017
2 min read
Today’s criminals are more sophisticated than ever, as cross-industry fraud is occurring in 84% of polled cases, a new survey of fraud mitigation professionals has found. The third annual LexisNexis Fraud Mitigation Study surveyed 800 fraud mitigation professionals from the insurance, financial services, retail, government, healthcare and communications industries in the United States. The survey, […]
By Canadian Underwriter | October 19, 2017
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