Claims
HALIFAX – Nova Scotia tabled legislation Friday that sets the stage for its promised cap and trade regime, although specific details on the regulations and the effect on consumers are yet to be known. Premier Stephen McNeil’s Liberal government opted for a cap and trade system last November as part of Ottawa’s push to get […]
By Jason Contant | October 2, 2017
3 min read
Flood-related cover for residential policyholders is far advanced from what it was when the devastating floods hit southern Alberta in 2013, but it is now time to refine those offerings and address outstanding issues, says Gord Enders, president of Direct-Line Insurance. Canada’s p&c insurance industry has “come a long way” on the issue since 2013, […]
By Angela Stelmakowich | September 29, 2017
5 min read
The Insurance Corporation of British Columbia (ICBC) is warning customers to delete any text messages purporting to be sent from the insurer, after “a number” of customers reported to have received these texts over the last 24 hours. ICBC reported that the text messages tell the receiver they’ve been sent a refund for a traffic […]
By Canadian Underwriter | September 29, 2017
2 min read
Insured losses from Hurricane Maria will total almost US$30 billion, according to a flash estimate from catastrophe risk management firm Karen Clark & Company (KCC). The majority of losses – US$28.35 billion – will be from Puerto Rico, KCC said in the flash estimate, released on Thursday. Insured losses are estimated at US$789 million for […]
The United States House of Representatives has passed a bill that modifies requirements for purchasing flood insurance and provides tax incentives for individuals and businesses affected by recent hurricanes in the country. Introduced in the House on Sept. 25, the Disaster Tax Relief and Airport and Airway Extension Act of 2017, the bill specifies that […]
Global risk modelling and analytics firm RMS is estimating that the insured losses from Hurricane Maria will be between US$15-30 billion. RMS said in a press release on Thursday that the estimate represents the insured losses associated with wind, storm surge and inland flood damage across the Caribbean, with Puerto Rico and Dominica suffering the […]
By Canadian Underwriter | September 28, 2017
PERILS AG has upped its estimate of the property insurance market loss for Tropical Cyclone Debbie, which affected the Australian states of Queensland and New South Wales this spring, to just shy of AU$1.7 billion. The Zurich-based organization’s third loss estimate, issued Thursday, is up from the AU$1.4 billion estimate that it issued in late […]
Hurricane Andrew brought with it great devastation and loss a quarter-century ago, but also helped cement the value of well-informed catastrophe modelling. Fast forward 25 years and, once again, rethinking modelling is in order
By Karen Clark, Co-founder, Karen Clark & Company | September 28, 2017
1 min read
The Canadian P&C industry’s combined ratio improved 7.06% in the second quarter of this year from the same quarter last year to 97.71% from 104.77%, according to the MSA Quarterly Outlook Report, released on Thursday. “What a difference a year makes!” wrote Joel Baker, president and CEO of MSA Research Inc., in the report. “At […]
4 min read
The “two most significant wildfires in British Columbia this summer” caused more than $127 million in insured damage, the Insurance Bureau of Canada (IBC) said, quoting Catastrophe Indices and Quantification Inc. (CatIQ). The wildfires around Williams Lake caused close to $100 million in insured damage to homes, vehicles and businesses, while the Elephant Hill wildfire […]
By Canadian Underwriter | September 27, 2017
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