Claims
Munich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335 million. In May, 2016, wildfires in Alberta resulted in the evacuation of Fort McMurray and […]
By Canadian Underwriter | August 11, 2017
2 min read
The National Oceanic and Atmospheric Administration (NOAA) in the United States is now forecasting 14-19 named storms, five to nine hurricanes and two to five major (Category 3+) hurricanes between June and November for the Atlantic Basin. The agency’s August forecast is up from its initial forecast in May. At that time, NOAA forecasters predicted […]
By Canadian Underwriter | August 10, 2017
KAMLOOPS, B.C. – Tourism officials are starting to assess the impact of devastating wildfires in British Columbia and have received mixed feedback on the toll so far on the travel sector. Maya Lange of Destination BC, the province’s tourism planning and marketing corporation, said businesses outside the fire zone have complained of cancellations. “Unfortunately some […]
By Jason Contant | August 10, 2017
3 min read
The reserve adequacy of the property and casualty industry south of the border was relatively stable last year, with 2016 marking the 11th consecutive year of favourable development from prior-accident years, Conning notes in a study issued this week. “The property-casualty industry’s overall loss position as of year-end 2016 appears stable, with significant differences by […]
SASKATOON – A summer storm that swamped Saskatoon submerged streets, knocked out power in some neighbourhoods and forced a city mall to close. Market Mall shut down Tuesday afternoon after rain, which dumped more than 50 millimetres on some parts of the city and flooded parts of the shopping centre. Saskatoon police warned drivers to […]
By Jason Contant | August 9, 2017
1 min read
A modern-day Hurricane Andrew would cost an estimated US$80-100 billion in economic damage, up dramatically from the US$26.5 billion cost in 1992 dollars, according to a new report from Swiss Re. The hurricane in August 1992 destroyed more than 25,000 homes and damaged an additional 100,000, with roughly 60% of the economic damage (US$15.5 billion) […]
By Canadian Underwriter | August 9, 2017
The federal government’s proposal to explore lowering the legal alcohol limit for drivers in a bid to improve road safety is “commendable,” but with cannabis due to be legalized in less than a year, now is not the right time to introduce such a measure, the Quebec branch of the Canadian Automobile Association suggested on […]
Five catastrophe events in Canada led to $438 million in insured losses in the first half of this year, according to the PCS H1 2017 Catastrophe Review, released on Wednesday. “Unsurprisingly, insured losses from PCS-designated events in Canada fell dramatically from the first half of 2016 to the first half of 2017,” Property Claim Services […]
4 min read
Almost half of respondents to a recent U.S. survey are unaware of the potential for financial losses associated with an insider incident and a third do not know how much related losses are costing their organizations. Findings indicate many organizations do not realize insider-related attacks can cause serious damage, notes a statement Monday from Dtex […]
OTTAWA – Federal Justice Minister Jody Wilson-Raybould is considering lowering the legal alcohol limit for licensed drivers, according to a letter she sent to her Quebec counterpart. In the correspondence to Stephanie Vallee dated on May 23, Wilson-Raybould suggests lowering the limit to 50 milligrams of alcohol per 100 millilitres of blood from the current […]
By Jason Contant | August 8, 2017
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