Claims
The severe storms that have struck the southern United States have prompted the Storm Prediction Center (SPC) to issue a “high risk” outlook in the month of January for the first time in nearly two decades, Risk Management Solutions, Inc. (RMS) said on Thursday. Jeff Waters, RMS meteorologist and product manager, RMS North America severe […]
By Canadian Underwriter | January 26, 2017
3 min read
Brokers should expect personal automobile insurance to be “much more difficult” for their carriers, while a new definition of catastrophic impairment in Ontario was the most important change the province made effective June, 2016, the president of Intact Insurance suggested Wednesday to Toronto-area brokers. Canada-wide, the industry-wide loss ratio in auto was 81% and the […]
By Jason Contant | January 25, 2017
MONTREAL – Taxi companies and drivers across Quebec are claiming a first victory in their battle against Uber after a judge on Monday authorized their class action against the ride-hailing company. The taxi industry is seeking “hundreds of millions” against the U.S.-based firm, said Marc-Antoine Cloutier, a lawyer representing drivers, owners and their union. “Uber […]
By The Canadian Press | January 25, 2017
2 min read
Georgia’s insurance commissioner is estimating US$100 million in property damage from storms and tornadoes that devastated parts of the state and resulted in at least 15 deaths. Commissioner Ralph T. Hudgens said in a press release issued Wednesday that “hundreds” of homes were damaged or destroyed. “Individuals in these areas have suffered devastating losses and […]
By Canadian Underwriter | January 25, 2017
WINNIPEG – The Red River Basin Commission is warning Manitobans living along the Red River to prepare for a flood season. Manitoba RRBC director Steve Strang says while there is a good possibility of flooding, it is hard to predict what level. Strang explains that while heavy snowfall in the province so far this winter […]
By The Canadian Press | January 24, 2017
1 min read
California Governor Edmund G. Brown Jr. has declared states of emergency in about 50 counties following severe winter storms across the state. On Monday, Brown issued two emergency proclamations to secure funding to help communities respond to and recover from severe winter storms that have caused flooding, mudslides, erosion, debris flow and damage to roads […]
By Canadian Underwriter | January 24, 2017
The Travelers Companies, Inc. has reported a net income of US$943 million for the fourth quarter of last year ending Dec. 31, 2016, up 9% from US$866 million in the prior-year quarter. Travelers released its financial results on Tuesday, noting that operating income in Q4 2016 was US$919 million compared to US$886 million in Q4 […]
4 min read
Intact Insurance must participate in the defence of a lessee of commercial property – on a Grimsby, Ont. site formerly occupied by a gas station – which is being sued by a neighbouring property owner alleging that contaminants migrated to its property. This is due to an exception – for sudden and accidental release – […]
By Canadian Underwriter | January 23, 2017
6 min read
The insurance-linked securities (ILS) sector is set to gather steam this year, with a record amount of catastrophe bonds to mature in the first half of 2017, according to a new report from Aon Securities. Aon Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, released its report on Monday. […]
The scale of embedded connectivity could lead to an unmanageable cyber security risk created by botnets, Juniper Research Limited cautioned Monday in releasing data indicating the consumer Internet of Things (IoT) installed base will reach 15 billion-plus units by 2021. The 15 billion consumer IoT connections represents a 120% increase over 2016, notes a statement […]
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