Claims
The importance of determining the value of a commercial property when applying for insurance
By Timothy Zimmerman and Ari Singer | July 15, 2016
7 min read
With the recent wildfire in Fort McMurray, Alta. being the most expensive natural disaster in Canadian history and in the same province as Canada’s second most expensive catastrophe, officials from Insurance Bureau of Canada recently suggested that building codes and zoning laws may need to change to reduce property risk. “There is no question that […]
By Canadian Underwriter | July 14, 2016
4 min read
The government of Saskatchewan announced on Thursday that a temporary Provincial Disaster Assistance Program (PDAP) flood recovery centre will open in the city of Estevan to provide immediate support and advice to residents affected by recent severe weather and flooding. “I would like to commend the community for their resilience and for the many acts […]
3 min read
The recent wildfires in Alberta cost Aspen Insurance Holdings Ltd. roughly US$30 million, net of reinsurance and reinstatement premiums, the Hamilton, Bermuda-based carrier suggested in a press release Wednesday. Aspen’s initial estimate, of pre-tax losses, net of reinsurance and reinstatement premiums, related to natural catastrophes, was about US$65 million during the three months ending June […]
2 min read
Climate change may undermine the soundness of insurers’ current catastrophe models, as well as diminish the effectiveness of existing portfolio diversification and risk transfer practices, suggested a recent report from the Toronto-based Global Risk Institute (GRI). “On the bright side, advances in clean technology and low-carbon infrastructure will open up new sources of premium growth […]
XL Group plc’s preliminary net loss estimate relating to natural catastrophes – including the largest single loss from the Alberta wildfires – is US$240 million for the second quarter of 2016, the company announced Wednesday. This estimate – pretax and net of reinsurance and reinstatement premiums – is split approximately US$100 million in the Group’s […]
Chubb Limited has estimated that natural catastrophe losses in the second quarter of 2016 cost the insurer US$390 million pre-tax, or US$315 million after tax. According to Chubb’s estimate, released on Tuesday, of the pre-tax total, US$320 million is from natural catastrophes in North America and US$70 million is from events outside North America. The estimate […]
By Canadian Underwriter | July 13, 2016
Ontario is building nearly 500 electric charging stations at more than 250 locations across the province in a bid to help reduce greenhouse gas pollution and fight climate change, the provincial Ministry of Transportation (MTO) said on Wednesday. The ministry said in a release that the province is working with 24 public and private sector […]
DETROIT – Federal safety investigators are asking electric car maker Tesla Motors for details on how its Autopilot system works and why it failed to detect a tractor trailer that crossed its path in a Florida crash. The National Highway Traffic Safety Administration, in a letter to Tesla posted Tuesday, also requests data on all […]
By Jason Contant | July 13, 2016
LITCHFIELD, Minn. – Storms carrying tornadoes, torrential rain and powerful winds damaged homes, deposited a snowplow in a tree and flooded highways in north-central Minnesota and northern Wisconsin. Audrey Schoenberg took shelter at a restaurant in Litchfield, Minnesota, after a tornado Monday flipped her home off its foundation. “I’m numb. I’m numb. I don’t know […]
By Jason Contant | July 12, 2016
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