Claims
New Zealand will continue to flesh out the details of proposed changes aimed at simplifying and improving the Earthquake Commission (EQC) scheme to help support more timely response to affected policyholders. Reforms to the Earthquake Commission Act seek to “simplify the relationship between the EQC scheme and private insurance and help provide faster and smoother […]
By Canadian Underwriter | June 27, 2017
4 min read
Earthquakes are estimated to cost the United States US$6.1 billion annually in building stock losses, according to an updated report published last week by the Federal Emergency Management Agency (FEMA). The new loss estimate represents a 10% increase over the previous estimate in 2008, but when accounting for inflation changes, there is a net small […]
By Canadian Underwriter | June 26, 2017
DETROIT – Drowning in a sea of lawsuits and recall costs, Japanese air bag maker Takata Corp. is expected to seek bankruptcy protection in Tokyo and the United States early Monday. Takata was done in by defective air bag inflators that can explode with too much force, spewing out shrapnel. They’re responsible for at least […]
By Jason Contant | June 26, 2017
3 min read
AIR Worldwide has released what the catastrophe risk modelling firm calls the industry’s first crop hail model to provide stakeholders across the crop insurance value chain with a probabilistic view of the effects of hail on Canadian crops. Currently available in CATRADER Version 19, the Crop Hail Model for Canada reflects the company’s 10,000 simulations […]
2 min read
A recent ruling by Alberta's Court of Appeal, finding insurers are not guarantors of construction, could have an impact on insurers facing large claims for pre-existing deficiencies or long-standing building code infractions revealed by inspections after damage from an insured peril. Does the reasoning mean insurers in Alberta no longer need to pay for deficiencies never realistically contemplated as being part of the insured risk?
By Sandra Weber, Partner; and Colin Flynn, Associate, McLennan Ross LLP | June 23, 2017
6 min read
WINNIPEG – Indigenous and municipal leaders from northern Manitoba say a broken rail line to Churchill could be fixed in about two months if governments and the railway owner are willing to spend the money. Chief Betsy Kennedy of the War Lake First Nation says the Keewatin Railway Company – a First-Nations-run company in northwestern […]
By Jason Contant | June 23, 2017
1 min read
Legalizing recreational marijuana use in Colorado, Oregon and Washington has resulted in collision claim frequencies that are about 3% higher overall than would have been expected without legalization, according to a new analysis from the Highway Loss Data Institute (HLDI). HLDI, part of the Insurance Institute for Highway Safety (IIHS), reported in a statement on […]
By Canadian Underwriter | June 23, 2017
RED DEER, Alta. – People in Red Deer were cleaning up Wednesday after a violent windstorm that knocked out power and prompted the central Alberta city to declare a local state of emergency. Homes were damaged Tuesday when wind gusts of more than 100 km/h hit the city of about 100,000 just after 7 p.m. […]
By The Canadian Press | June 22, 2017
NEW ORLEANS – A suspected tornado near Birmingham, Alabama, flattened businesses and injured one person Thursday, while the mayor of a coastal Louisiana town urged residents to evacuate ahead of a rising tide – two lingering effects of a weakening Tropical Depression Cindy that was fueling harsh weather across the Southeast. A liquor store and […]
By Jason Contant | June 22, 2017
During the same month it released its awareness campaign on impaired driving, Saskatchewan Government Insurance (SGI) has reported 324 impaired-driving related offences during May’s traffic safety spotlight – “another reminder of why such campaigns are needed.” Last month, police reported 324 impaired driving offences, SGI said in a statement on Tuesday. Of those offences, 280 […]
By Canadian Underwriter | June 22, 2017
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