Claims
Hurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model development team, on Thursday released the report, which evaluates the impact of natural disaster events […]
By Canadian Underwriter | October 5, 2017
4 min read
The magnitude of the fire that engulfed London’s Grenfell Tower in June was preventable, according to a newly released whitepaper from FM Global, one of the world’s largest business property insurers. On June 14, a massive fire broke out in the 24-storey Grenfell Tower, located in West London, United Kingdom, claiming the lives of about […]
3 min read
Property Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the Verisk Analytics business noted in a press release. “With this combined effort, PCS loss estimates […]
BOSTON – Yahoo has tripled down on what was already the largest data breach in history, saying it affected all 3 billion accounts on its service, not the 1 billion it revealed late last year. The company announced Tuesday that it has sent emails providing notice to additional user accounts affected by the August 2013 […]
By Jason Contant | October 4, 2017
2 min read
In many parts of the world, the constant fear of extremist attacks has led to tighter security measures at hotels and resorts, but that is less so in the United States, where hotels are reluctant to intrude on the privacy of guests. Security experts say the shooting attack that left at least 59 people dead […]
By Canadian Underwriter | October 3, 2017
5 min read
A coalition of insurers and associations is urging the United States Congress to quickly reform and extend the National Flood Insurance Program, which owes billions to the U.S. government and will expire this year unless a law extending NFIP is passed. “With the NFIP set to expire on Dec. 8, Congress must work quickly to […]
TORONTO – A proposed Canadian class action over a highway safety guardrail is going ahead even though an American Appeal Court has found no evidence the manufacturer made secret cost-saving design changes the plaintiffs allege turn the barriers into potentially lethal spears. Lawyer Matthew Baer said he had not read the U.S. decision, but said […]
Aviva Canada is marking the beginning of Cyber Security Awareness Month (October) with the announcement that it is introducing enhancements to its identity theft coverage at no additional cost to existing customers. The coverage features widespread financial protection if a customer’s identity is compromised, including through the following: Aviva Canada reports that online security breaches […]
Seven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of hacked businesses spent more than $50,000 to respond, note findings of the nationwide poll of […]
By Canadian Underwriter | October 2, 2017
Willis Re is supporting the B3i initiative – the global blockchain effort launched last fall – by becoming a member and taking part in its prototype market testing phase. The announcement follows the successful launch of a working market testing prototype at the Monte Carlo Rendezvous in September, notes a statement from Willis Re, the […]
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