Claims
Global law firm Clyde & Co has launched a consultancy to advise insurers and clients in other sectors on all aspects of the new area of smart contracts, blockchain and distributed ledger technologies. Clyde Code, as the consultancy will be called, will provide clients with legal and technical advice and services to help them realize […]
By Canadian Underwriter | September 21, 2017
3 min read
The federal agency responsible for ensuring that markets function as they should and for protecting investors was hacked last year and the intruders may have used the nonpublic information they obtained to profit illegally. The disclosure arrived two months after a government watchdog said deficiencies in the computer systems of the Securities and Exchange Commission […]
By Jason Contant | September 21, 2017
2 min read
The Allstate Corporation has estimated gross catastrophe losses, excluding homeowners flood, of US$576 pre-tax for Hurricane Harvey. The losses will be reduced by US$23 million in anticipated reinsurance recoveries, for a net estimated loss of US$553 million, Northbrook, Ill.-based Allstate said in a press release on Thursday. Estimated losses for Harvey include approximately 55% related […]
Hurricane Maria is causing river levels to approach or exceed record levels in the United States territory of Puerto Rico, while Hurricane Irma could cause total economic losses of up to US$95 billion in the U.S. and the Caribbean, catastrophe modeling vendors report. As of Thursday morning, Hurricane Maria was centred over water about 175 […]
A reduction two years ago, in Ontario’s prejudgment interest rate for pain and suffering damages awarded in auto bodily injury lawsuits, was intended to apply to lawsuits arising from vehicle collisions before 2015 if they go to trial after Bill 15 took effect, the Court of Appeal for Ontario has ruled. Bill 15 – the Fighting […]
4 min read
The federal government should be moving ahead with action against Volkswagen in the wake of news that Ontario has charged the company and carried out a raid on its headquarters, according to an environmental organization. On Tuesday, provincial authorities executed a search warrant at Volkswagen Canada offices in the Toronto area as part of its […]
By Jason Contant | September 20, 2017
Hurricane Maria – which was producing winds of about 200 kilometres per hour Wednesday morning on Puerto Rico and predicted to cause about 600 mm of rain in some places – “could result in material insured losses” for Caribbean and Puerto Rican insurers, A.M. Best Company Inc. reported. “A strike by Maria could severely test […]
By Canadian Underwriter | September 20, 2017
MEXICO CITY – Rescuers said Wednesday they have found a surviving child in the ruins of a school that collapsed in Mexico’s magnitude 7.1 earthquake, one of many efforts across the city to save people trapped in under schools, homes and businesses toppled by a quake that killed at least 225 people. Helmeted workers worked […]
6 min read
WATERTON, Alta. – Parks Canada says the wildfire in southwestern Alberta is no longer out of control and is being held. But the agency says the Kenow fire in Waterton Lakes National Park is still active and covers an estimated 380 square kilometres. Residents, business owners and lease holders are now able to return to […]
By Jason Contant | September 19, 2017
1 min read
Product recalls can have a significant impact on a business, regardless of its industry, size or location. Brokers need to keep abreast of associated risks to inform clients about what insurance coverage should be in place and to help them develop a product recall plan that best suits their needs and exposures.
By Cameron Brady, Assistant Vice President, Product Recall Underwriting, Chubb | September 15, 2017
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