Claims
The government of Alberta announced on Thursday that it is advancing $20 million in Disaster Recovery Program funding to help with uninsurable costs related to the Fort McMurray wildfire. The funding is intended to help with uninsurable costs, such as those related to emergency response, evacuation, cleanup of damaged areas and public spaces and repairs […]
By Canadian Underwriter | February 24, 2017
2 min read
RSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re very, very pleased with the result we’ve produced in Canada and at the end of […]
By Angela Stelmakowich | February 24, 2017
5 min read
Crop insurance coverage levels in Saskatchewan are increasing to a record $217 per acre in 2017, up from $216 per acre in 2016. A joint press release from Saskatchewan Crop Insurance Corporation (SCIC) and Agriculture and Agri-Food Canada on Thursday said that the improved coverage is a result of the continuation of strong forecasted crop […]
By Canadian Underwriter | February 23, 2017
An Ontario motorist charged with impaired driving is facing a third trial now that the Supreme Court of Canada has ruled that a judge did not have to hold a voir dire before admitting opinion evidence from a police drug recognition expert. In a ruling released Thursday, a majority of Supreme Court of Canada judges […]
4 min read
PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has put the initial loss estimate for extra-tropical cyclone Egon at 212 million euros. The low pressure system associated with Egon developed as a secondary low from a large depression named Dieter and travelled rapidly in an easterly direction over northern France and Germany […]
Swiss Re has reported full-year 2016 net income of US$3.6 billion, including Property & Casualty Reinsurance net income of US$2.1 billion. Swiss Re said that its net income in P&C Re was US$2.1 billion last year compared to US$3 billion in 2015, despite higher large losses from natural catastrophes, including the Fort McMurray wildfire, the […]
LOS ANGELES – Twelve years ago, widespread destruction from Hurricane Katrina on the Gulf Coast helped compel federal engineers 2,000 miles away in California to remake a 1950s-era dam by constructing a massive steel-and-concrete gutter that would manage surging waters in times of torrential storms. The nearly $1 billion auxiliary spillway at Folsom Dam, scheduled […]
By Jason Contant | February 22, 2017
Paris-based reinsurer SCOR SE released Wednesday its latest financial results, reporting a combined ratio of 93.1% in 2016, up 2 points from 91.1% in 2015. The combined ratio in the most recent quarter was 93.3%, up 1.1 points from 92.2% in Q4 2015. Gross written premiums were 13.83 billion euros in 2016, up 3% from […]
By Canadian Underwriter | February 22, 2017
Economical Insurance has reported that gross written premiums (GWP) for the fourth quarter of 2016 ending Dec. 31 grew by $23.8 million, or 4.8%, to $521.8 million from $498 million in Q4 2015. In particular, personal lines premiums grew by $28.3 million, or 9.5%, driven primarily by increased auto policy volumes in the insurer’s broker […]
New survey findings indicate a disconnect between how many Canadian businesses have experienced fraud in the last year and the high level of confidence among business and C-suite executives regarding their ability to prevent such incidents. Half of the Canadian businesses taking part in the survey – carried out by Ipsos on behalf of national […]
3 min read
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