Claims

Extreme cloud attack could pack as much of a cost wallop as Hurricane Sandy Extreme cloud attack could pack as much of a cost wallop as Hurricane Sandy Image

Claims

Extreme cloud attack could pack as much of a cost wallop as Hurricane Sandy

A malicious hack that fells a cloud service provider for a time has the potential to produce estimated economic losses of as much as US$53 billion, in line with the hit delivered by Superstorm Sandy, suggests a new research scenario from speciality insurer Lloyd’s and cyber risk analytics modelling firm Cyence. Superstorm Sandy, the second […]

By Canadian Underwriter | July 18, 2017

5 min read

Judicial determination on interpretation of property Cat XOL with reinsurers sought Judicial determination on interpretation of property Cat XOL with reinsurers sought Image

Claims

Judicial determination on interpretation of property Cat XOL with reinsurers sought

Alberta Motor Association Insurance Company is looking to divide the loss arising out of the Fort McMurray wildfire, which exceeded a duration of 168 hours, into six multiple loss occurrences in line with its reading of its property catastrophe excess of loss (Cat XOL) reinsurance agreement with a number of reinsurers. AMA Insurance is looking […]

By Angela Stelmakowich | July 18, 2017

4 min read

Extent of damage remains unclear as winds fan B.C. wildfires Extent of damage remains unclear as winds fan B.C. wildfires Image

Claims

Extent of damage remains unclear as winds fan B.C. wildfires

KAMLOOPS, B.C. – Wildfires across British Columbia have torn through several communities, but officials say the number of homes, businesses and other structures lost remains unclear. Hot, windy weather has fanned flames across the province, including near Ashcroft, where a fire has now burned through 423 square kilometres. Fire information officer Ellie Dupont said the […]

By The Canadian Press | July 17, 2017

3 min read

Estimated insured damage for June storm in central Alberta upwards of $30 million Estimated insured damage for June storm in central Alberta upwards of $30 million Image

Claims

Estimated insured damage for June storm in central Alberta upwards of $30 million

A severe storm that swept through central Alberta in the third week of June is estimated to have caused more than $30 million in insured damage, reports Insurance Bureau of Canada (IBC), citing figures from Catastrophe Indices and Quantification Inc. (CatIQ). A low-pressure system on June 20 brought severe thunderstorms that produced hail and winds […]

By Canadian Underwriter | July 17, 2017

2 min read