Claims
Insured losses from the two earthquakes that struck Japan in April could be as high as US$1.7 billion to US$2.9 billion, with economic losses of US$5.5 billion to US$7.5 billion, industry experts suggested on Wednesday. Guy Carpenter & Company, a global risk and reinsurance specialist and wholly owned subsidiary of Marsh & McLennan Companies, said […]
By Canadian Underwriter | May 12, 2016
4 min read
More than half of Canadians believe their personal and confidential information held by all levels of government is vulnerable to a security breach, whether it’s an unauthorized internal access or an external data hack and theft, according to results of a survey conducted on behalf of Accenture. The survey, released on Wednesday, found that 54% […]
By Canadian Underwriter | May 11, 2016
3 min read
Economical Insurance estimates its pre-tax losses related to the Fort McMurray wildfire will be $35 million to $45 million, net of reinsurance recoveries and reinstatement premiums. Economical Insurance said in a statement on Wednesday that its catastrophe reinsurance coverage commences once losses reach $30 million on an individual loss event. The insurer will record the […]
2 min read
Hannover Re’s sharply improved underwriting results in property and casualty reinsurance for 2016 Q1 – coupled with the elimination of a positive special effect in 2015 Q1 – helped the world’s third largest reinsurer post a 12.7% hike in Group net income compared to the prior-year quarter. Group net income in the first quarter of […]
By Canadian Underwriter | May 10, 2016
An Ontario government bill proposing to increase fines, to $500,000, for health privacy violations recently passed third reading at Queen’s Park in Toronto. Bill 119 proposes some changes to Ontario’s Personal Health Information Protection Act (PHIPA). “These amendments would make it mandatory to report certain privacy breaches to the Information and Privacy Commissioner and to […]
The Fort McMurray wildfire has the potential to give rise to “much more complex issues for the reinsurance market than may appear at first sight,” particularly surrounding issues of causation, aggregation and contingent business interruption (CBI), said a partner with CMS Cameron McKenna LLP in London, United Kingdom. Alex Denslow, a partner with the Insurance […]
By Jason Contant | May 10, 2016
Investigators with the BC Wildfire Service and provincial natural resource officers have found evidence to suggest at least 10 separate wildfires in three distinct areas have been deliberately set. Extra conservation officers have been brought in to help with the investigation into the fires, which are believed to be connected, the Ministry of Environment said […]
CALGARY – Kelly McIntyre has tilled the soils of northwestern Alberta for more than 30 years, but only this spring did he conclude that he needed crop insurance. “There just seems to be increased risk, more risk all the time,” says McIntyre, a wheat and canola farmer near Fairview in Alberta’s Peace Country. He says […]
First-quarter underwriting income dropped about 73% year-over-year for The Allstate Corp. in the wake of two large hailstorms in late March in the southern United States. The Northbrook, Ill.-based insurer reported May 4 that catastrophe losses were $827 million during the three months ending March 31, up nearly threefold from $294 million during the same […]
By Canadian Underwriter | May 9, 2016
EDMONTON – Alberta Premier Rachel Notley says the “ocean of fire” that hit Fort McMurray burned about 10 per cent of the buildings, but the hard work of firefighters saved the bulk of the city so it can be rebuilt. “The fast action and the hard work and the dedication and the smarts of these […]
By Steve Wilson | May 9, 2016
5 min read
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