Claims
The Supreme Court of Canada will not hear an appeal from medical equipment firm Smith & Nephew plc, paving the way for a class action lawsuit to proceed in Alberta. In 2015, the Alberta Court of Queen’s Bench denied an application, from Milana Warner, to certify a lawsuit against London, England-based Smith & Nephew as […]
By Canadian Underwriter | February 8, 2017
3 min read
When determining accumulation of risk, wildfire presents an “additional complexity” for insurers and reinsurers, a speaker suggested at a recent conference. “Wildfire is a really complex peril,” said Manuel Chirouze, managing director, natural hazards and geoscience for the Americas at Guy Carpenter & Company LLC. “Most of the losses will be coming from the wildland-urban […]
By Greg Meckbach | February 8, 2017
When an Ontario auto insurer notifies a claimant that he or she has not sustained a catastrophic impairment, that does not constitute the denial of a benefit for the purposes of the two-year limitation on filing a lawsuit, a lawyer warned claims professionals recently. For accidents occurring on or after June 1, 2016, there is […]
4 min read
Intact Financial Corp. released Wednesday its financial results for 2016, reporting a 5% increase in direct premiums written and a 40% drop in underwriting income during a year when Canada’s most expensive natural disaster cost the firm $400 million before reinsurance. For 2016, Intact’s combined ratio was 95.3%, up 3.6 points from 91.7% in 2015. […]
NEW ORLEANS – Brittany Ross remembers she was savoring the smell of her aunt’s simmering white beans when the storm that injured about 40 people in southeastern Louisiana hit. “The place started shaking, kind of twisting,” she said Tuesday as she stood amid the wreckage at a small trailer park in eastern New Orleans. The […]
By Jason Contant | February 8, 2017
Munich Re reported on Tuesday a consolidated result of 2.6 billion euros for 2016, including a 0.5 billion euro profit in the fourth quarter of 2016 ending Dec. 31 compared to 0.7 billion euros in the previous year quarter. Munich Re (Group) achieved a “satisfactory” operating result of 4 billion euros in 2016 (4.8 billion […]
By Canadian Underwriter | February 7, 2017
The Allstate Corp. has released its financial results for 2016, reporting catastrophe losses of $2.572 billion for the calendar year, up 49.6% from $1.719 billion in 2015. All figures are in United States dollars. The combined ratio for Northbrook, Ill.-based Allstate was 96.1% for 2016, up 1.2 points from 94.9% in 2015. The combined ratio […]
2 min read
BELLA BELLA, B.C. – The chief of a village near British Columbia’s Great Bear Rainforest says members of the First Nations community fought a wildfire on their own this weekend after they were unable to get help from provincial government agencies. Heiltsuk Chief Marilyn Slett says the fire broke out late Friday on a hillside […]
By The Canadian Press | February 6, 2017
The global Internet of Things (IoT) insurance market is estimated to grow dramatically at a compound annual growth rate (CAGR) of 65.89% to reach US$42.76 billion by 2022 from 2016, according to a new report from Research and Markets. The market research store released the new report – IoT Insurance Market – Global Forecast to […]
By Canadian Underwriter | February 6, 2017
British Columbia’s Minister of Energy and Mines has announced an investment of $40 million to encourage British Columbians to “make the switch to zero-emission vehicles, reduce greenhouse gas emissions and support investment in made-in-B.C. green technology.” Bill Bennett announced the investment on Friday. The funding for the province’s Clean Energy Vehicle (CEV) Program will be […]
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