Claims
WASHINGTON – Takata will recall another 35 million to 40 million air bag inflators, a stunning increase that will more than double what is already the largest automotive recall in American history, the federal government announced Wednesday. The recall expansion would bring to as many as 69 million the total number of inflators to be […]
By Jason Contant | May 5, 2016
4 min read
An estimated 90% of the homes in the Waterways neighbourhood of Fort McMurray, Alta. have been lost as a major wildfire continues to sweep through the town. The Regional Municipality of Wood Buffalo said in a media briefing on Wednesday that as of 12:30 p.m., there was 90% loss of Waterways homes and a 50% […]
By Canadian Underwriter | May 4, 2016
5 min read
Property Claim Services (PCS) declared two catastrophe events in Canada in the first quarter of 2016, the first time the company has designated a first-quarter event in the country since 2011. The first event, a winter storm, is still under review, with a preliminary estimate of $25 million, PCS said in its PCS Q1 2016 […]
3 min read
Economical Insurance’s “journey towards becoming a strong, Canadian, independent public company is now well under way,” a leg of which will include a strategic expansion into the direct-to-consumer market, president and CEO Karen Gavan said during the mutual’s Annual General Meeting (AGM) Tuesday. The separately branded direct channel – expected to be launched later this […]
More and more, the conversation surrounding business interruption (BI) is moving from the physical aspect of BI to the information technology side of things, attendees to the NetDiligence Cyber Risk Summit heard on Friday. Miki Ho, senior underwriter in the professional indemnity and cyber risk department at Allianz Global Corporate & Specialty noted during a […]
By Jason Contant | May 3, 2016
Swiss Re has reported a net income of US$1.2 billion in Q1 2016, down from US$1.4 billion reported in the prior-year period, but “supported by solid underwriting and strong investment results.” Net income for Property and Casualty Reinsurance was US$587 million, down from US$808 million in Q1 2015. Swiss Re attributed the P&C Re results […]
By Canadian Underwriter | May 2, 2016
2 min read
OTTAWA – The federal government quietly spent $75 million to settle with victims and creditors affected by the Lac-Megantic rail disaster – a contribution that also shielded it from lawsuits related to the deadly crash. Former transport minister Lisa Raitt said the deal, which involved 24 other defendants who settled, was under negotiation before her […]
By Jason Contant | May 2, 2016
FORT MCMURRAY, Alta. – An out-of-control wildfire has forced about 700 people from their homes near Fort McMurray in northern Alberta. Emergency officials issued a mandatory evacuation order late Sunday for residents of the Centennial Trailer Park and Prairie Creek neighbourhoods just south of the city after the fire got rolling earlier in the day. […]
By The Canadian Press | May 2, 2016
1 min read
Economical Insurance of Waterloo, Ont plans to launch a property insurance product that covers overland flooding this year, a company official told industry professionals Friday. “We are really looking forward at Economical to launching our overland flood coverage later this year,” said Jeffrey Baer, manager of advanced analytics at Economical. Baer made his comments during […]
By Greg Meckbach | May 1, 2016
When placing commercial liability coverage, insurance brokers should never tell policyholders how much coverage is enough. Clients should be advised there is always a possibility of being underinsured for a potential judgment or settlement.
By The CIP Society - Insurance Institute of Canada | May 1, 2016
6 min read
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