Claims
Aon Benfield’s Tropical Storm Risk (TSR) and a research scientist at the Colorado State University (CSU) have both predicted 11 named storms, four hurricanes and two major (Category 3+) hurricanes between the months of June and November. TSR, part of Aon Benfield Research’s academic and industry collaboration and Dr. Philip Klotzbach of CSU issued their […]
By Canadian Underwriter | April 11, 2017
3 min read
ST. JOHN’S, N.L. – More icebergs have drifted into major shipping lanes off Newfoundland, forcing ships to go far out of their way to steer clear of the massive ice mountains. “It’s the only place in the world where icebergs intersect in a major shipping lane like that,” Gabrielle McGrath, commander of the United States […]
By The Canadian Press | April 10, 2017
The U.S. Senate Committee on Commerce, Science & Transportation is holding a field hearing in West Palm Beach, Fl. to discuss the economic impacts of extreme weather and coastal flooding. Lead by Senator Bill Nelson (D-FL), the hearing, titled “Extreme Weather and Coastal Flooding: What is Happening Now, What is the Future Risk, and What […]
By Canadian Underwriter | April 10, 2017
2 min read
A plaintiff could file a pollution lawsuit in Alberta “well past” the end of the limitation period, even if a hazardous substance was released more than 50 years ago, a lawyer warned in a recent blog post. Alberta’s Environmental Protection and Enhancement Act “is a public protection statute,” Calgary-based lawyer Rob Omura wrote in an […]
4 min read
The initial estimate of the insured property market loss from extra-tropical cyclone Thomas is 213 million euros, representing the second time so far this season that a European winter storm exceeded 200 million euro, Zurich-based PERILS reports. The market loss estimate is based on ultimate gross loss data as reported by primary insurance companies, notes […]
DETROIT – Hyundai and Kia are recalling 1.4 million cars and SUVs in the U.S., Canada and South Korea because the engines can fail and stall, increasing the risk of a crash. The recall covers some of the Korean automakers’ most popular models in the U.S. and Canada including 2013 and 2014 Hyundai Santa Fe […]
By Jason Contant | April 7, 2017
The Institute for Catastrophic Loss Reduction (ICLR) will be hosting a webinar in two weeks on lot-level approaches to control urban flood risk and mitigate basement flooding. The webinar on April 21 at 10 a.m. Eastern time is part of the institute’s Friday Forum series. The seminar will discuss the issue of basement flooding in […]
By Canadian Underwriter | April 7, 2017
Intact Financial Corp. recently reported its catastrophe losses, net of reinsurance, were $88 million for the first three months of 2017. Toronto-based Intact also says it wants to “double” its direct-to-consumer business in the “mid-term” and is nominating Sylvie Paquette, former president and chief operating officer of Desjardins General Insurance Group, to its board of […]
When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day hobbled with anxiety over subduction zones and probabilities. We shouldn’t panic or overreact. What we […]
By Angela Stelmakowich | April 7, 2017
5 min read
A weather system that brought sub-freezing temperatures to South Carolina and Georgia, as well as heavy rains in Peru were among the catastrophes with economic losses exceeding $1 billion in March, Aon plc’s Impact Forecasting unit reported Friday in its Global Catastrophe Recap. “Preliminary reports” indicate that crop losses resulting from a Nor’easter March 13-15, […]
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