Claims
2016 is “very likely” to be the hottest year on record, with global temperatures even higher than the record-breaking temperatures in 2015, according to an assessment by the World Meteorological Organization (WMO), the United Nation’s agency on weather, climate and water. Preliminary data shows that 2016’s global temperatures are approximately 1.2° Celsius above pre-industrial levels, […]
By Canadian Underwriter | November 14, 2016
4 min read
A powerful magnitude-7.8 earthquake and several large aftershocks struck New Zealand’s South Island in the early morning hours of Monday local time, killing at least two people and injuring several others, Impact Forecasting has reported. The U.S. Geological Survey (USGS)-registered magnitude 7.8 earthquake caused widespread damage in the North Canterbury region of the South Island, […]
The outlook for surety in Canada is healthy, but a number of developments are introducing increased risk that need to be taken into account and properly managed, speakers suggested during the Toronto Risk and Insurance Education Forum last week in downtown Toronto. Likely, “80% or so of the bonds issued are these approved (by Canadian […]
By Angela Stelmakowich | November 14, 2016
5 min read
ATLANTA – All but a few of the nation’s largest active wildfires Thursday were burning in the South, where a relentless drought has turned pine trees into torches and forced evacuations in dozens of communities in the Appalachian foothills. High winds, unseasonably warm temperatures and weeks without rain have combined to spark blaze after blaze […]
By Jason Contant | November 11, 2016
A casino in Ontario announced on Thursday that it “recently became aware that it has been the victim of a cyberattack that resulted in the theft of (past and present) customer, employee and vendor information.” Casino Rama Resort in the First Nation community of Rama said in a press release that it first became aware […]
By Canadian Underwriter | November 11, 2016
2 min read
The total insured value of exposed residential and commercial properties in coastal counties in the United States now exceeds US$13 trillion, according to a new report from AIR Worldwide. The catastrophe risk modelling firm released the report titled The Coastline at Risk: 2016 Update to the Estimated Insured Value of U.S. Coastal Properties on Thursday. […]
3 min read
The third quarter of 2016 marked the third consecutive quarter that the rate of decline for global insurance rates has moderated by weighted average, Marsh notes in its newly released Global Insurance Market Index Q3 – 2016. Pointing out that global insurance rates declined for the 14th consecutive quarter, the report explains “the continued availability […]
The City of Edmonton announced on Wednesday that it has released preliminary neighbourhood flood maps as part an ongoing flood mitigation assessment. The city-wide assessment was initiated in response to floods in 2012 and future planning for changing weather patterns and rainstorms, the City of Edmonton said in a press release. The assessment looked at […]
By Canadian Underwriter | November 10, 2016
The insured loss from the wildfire in May in Fort McMurray, Alta. will be “somewhere between” $3.6 billion and $4.6 billion, with European reinsurers covering nearly half of the loss, analysts from A.M. Best Company Inc. suggested Thursday. “The reinsurers are the ones shouldering a good portion of it,” Joel Silverthorn, senior financial analyst with […]
By Jason Contant | November 10, 2016
Munich Re has posted a profit for 684 million euros in the third quarter of 2016 ending Sept. 30, up from 525 million euros in the same quarter last year. For the first nine months of the year ending Sept. 30, Munich Re posted a consolidated profit of 2.1 billion euros, down from 2.4 billion […]
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