Claims
The Financial Services Commission of Ontario (FSCO) is warning insurers and consumers about a “mystery shopper scam” being conducted by an entity that is using the name of a legitimate United States mystery shopping company, A Closer Look/A Closer Look Inc., without authorization. FSCO said in a statement on Tuesday that this company has sent […]
By Canadian Underwriter | November 8, 2016
2 min read
MARRAKECH, Morocco – Hot and wild and with an “increasingly visible human footprint” – that’s how the U.N. weather agency sums up the global climate in the past five years. In a report released Tuesday at international climate talks in Morocco, the World Meteorological Organization said 2011-2015 was the hottest five-year period on record. That […]
By Jason Contant | November 8, 2016
Nearly four-fifths (78%) of global small- and medium-sized enterprises (SMEs) surveyed by Zurich Insurance Group expected risks associated with climate change to have a significant impact on their business. Zurich’s fourth annual global SME survey, titled Potential effect on business of small and medium enterprises (SMEs) due to climate change in 2016, was released on […]
By Canadian Underwriter | November 4, 2016
3 min read
A constitutional challenge to Ontario’s auto accident benefits dispute resolution system is scheduled for a three-day hearing next February, but the retired judge who recommended that AB disputes go before a public sector administrative tribunal suggested Wednesday that it would have “seriously undermined” the proposals to reform the system if AB disputes could be brought […]
By Jason Contant | November 4, 2016
5 min read
Brazeau County in Drayton Valley, Alta. has declared a state of agricultural disaster “due to the hardship that weather conditions, specifically, excessive and persistent precipitation have placed on local farmers.” During the Nov. 1 Brazeau County Council meeting, council unanimously voted to declare a state of agricultural disaster, the county said in a press release […]
By Canadian Underwriter | November 3, 2016
Swiss Re has reported a net income of US$3 billion for the first nine months of 2016, with all business units contributing to the result, “despite the difficult market environment.” The net income results, released on Thursday, compared to US$3.7 billion for the same period in 2015. “Net income was supported by large and tailored […]
The Insurance Bureau of Canada (IBC) is applauding the Government of Canada’s focus on infrastructure investments and flood mitigation in its recently released Fall Economic Statement 2016. In the statement, released on Tuesday, the federal government proposed $21.9 billion over 11 years for green infrastructure, including targeted investments that “support greenhouse gas emission reductions; enable […]
By Canadian Underwriter | November 2, 2016
The role of urban centres as economic powerhouses has never been more apparent. A 2011 report from McKinsey & Company notes 600 cities are projected to generate more than 60% of global growth to 2025. Not only are populations more urban, but they are interconnected, fuelling the efficiencies of today’s truly global economy. This interconnectivity, […]
By Sean Murphy, President, Lloyd's Canada | November 2, 2016
6 min read
Flooding affecting the Windsor and Tecumseh areas in southwestern Ontario is estimated to have caused almost $108 million in insured damage as of Sept. 30, Insurance Bureau of Canada (IBC), citing figures from Catastrophe Indices and Quantification Inc., reported Wednesday. More than 6,000 home, auto and business claims were filed with insurers following the flood, […]
1 min read
Private insurers in New Zealand have paid out almost NZ$19 billion to settle commercial and residential claims since the Canterbury earthquakes in 2010 and 2011, the Insurance Council of New Zealand (ICNZ) announced Tuesday. Of that total, almost NZ$9 billion was for domestic claims. To date, insurers have “fully settled 94% of all Canterbury earthquake […]
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