Claims
In light of a recent Supreme Court of Canada ruling on a builder's risk policy, insurers can anticipate that court decisions involving disputes over standard form insurance contracts are more likely to be appealed.
By Timothy McGurrin, Partner, Miller Thomson | October 1, 2016
7 min read
MORGAN HILL, Calif. – A wildfire in a mostly remote area of California’s Santa Cruz Mountains has now destroyed eight homes and sent a firefighter to the hospital, officials said Thursday. One firefighter was injured and hospitalized, but no details were given on his condition. The blaze burning for three days had previously only burned […]
By Canadian Underwriter | September 30, 2016
1 min read
VANCOUVER – The higher frequency of billion-dollar-plus natural catastrophe events in Canada contributes to the global reinsurance community viewing the country differently and pricing will need to change to reflect risk, Mark Cloutier, group CEO for Brit Insurance Ltd., said during an NICC panel discussion Friday. “It may have been somewhat considered in the past […]
By Greg Meckbach | September 30, 2016
4 min read
Catastrophe modelling firm AIR Worldwide is estimating insured losses in mainland China from Typhoon Meranti earlier this month at between US$650 million and US$1.15 billion. Typhoon Meranti experienced rapid intensification on Sept. 11-12, with wind speed increasing more than 150 kilometres per hour in a 24-hour period, according to the Joint Typhoon Warning Center. Super […]
3 min read
VANCOUVER – The Fort McMurray wildfire, though not on the same scale, shared many characteristics of the 2011 Thai floods and New Zealand earthquakes, Joel Baker, president and CEO of the National Insurance Conference of Canada (NICC), said Thursday at the opening session of NICC. The Thai floods and New Zealand quakes “took the global […]
By Jason Contant | September 30, 2016
2 min read
VANCOUVER – Capital requirements could always be increased to cover an extreme event, such as a huge earthquake in British Columbia, but a balance must be struck, Jeremy Rudin, superintendent of the Office of the Superintendent of Financial Institutions (OSFI), suggested during a Q&A at NICC in Vancouver. “We have to pick a spot that […]
WASHINGTON, D.C. – A team of top scientists is telling world leaders to stop congratulating themselves on the Paris agreement to fight climate change because if more isn’t done, global temperatures will likely hit dangerous warming levels in about 35 years. Six scientists who were leaders in past international climate conferences joined with the Universal […]
By Greg Meckbach | September 29, 2016
BEIJING – At least 32 people were reported missing Thursday after rain-saturated hillsides collapsed onto villages in southeastern China following a typhoon. A rescue operation was underway in Sucun village in China’s Zhejiang province, south of the financial hub of Shanghai, after it was hit by a landslide on Wednesday evening, leaving 26 missing, the […]
Effective this Monday, Ontario police will be able to impose three-day roadside licence suspensions for drivers found to be operating vehicles while impaired by a drug or by a combination of drugs and alcohol. The Transportation Statute Law Amendment Act (Making Ontario’s Roads Safer) – Bill 31 under the previous session of the legislature – […]
By Canadian Underwriter | September 29, 2016
HOBOKEN, N.J. – A commuter train plowed into the Hoboken, New Jersey rail station during the morning rush hour Thursday, killing at least one person and injuring more than 100 others, some critically, in a tangle of broken concrete, twisted metal and dangling cables, authorities said. Witnesses reported seeing one woman trapped under concrete and […]
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