Claims
Frank Cowan Company is offering insured Ontario municipalities road reviews, the latest addition to the company’s suite of complimentary value-added services, to help municipalities mitigate road liability frequency and severity. “Motor vehicle accidents and road liability incidents have a large impact on loss ratios which can translate into higher insurance premiums,” reports Larry Ryan, president […]
By Canadian Underwriter | January 26, 2016
1 min read
WASHINGTON – The Obama administration asked the Pentagon on Friday to help overhaul the federal security clearance system, aiming to turn the page on a devastating data breach that exposed a major vulnerability for U.S. national security. A new government office, called the National Background Investigations Bureau, will take over the job of running background […]
4 min read
British Columbia’s 131 provincial public sector organizations generated 46,000 tonnes fewer greenhouse gas emissions (GHGs) in 2015 compared to the baseline year of 2010 – a reduction equivalent to the emissions produced by 9,800 cars in one year. The provincial Ministry of Environment released the statistic in a new report showcasing B.C.’s first five years […]
By Canadian Underwriter | January 25, 2016
2 min read
Building upon the success of the inaugural event in 2015, the second National Wildfire Community Preparedness Day in Canada will be held on May 7, 2016. The announcement was made on Monday by Partners in Protection/FireSmart Canada, in collaboration with the National Fire Protection Association (NFPA), the Institute for Catastrophic Loss Prevention (ICLR) and The […]
TORONTO – A fiery explosion at a Toronto propane plant that forced thousands out of their homes in the dead of night and claimed the life of an employee caused “unprecedented” devastation, an Ontario judge ruled in imposing $5.3 million in fines against the company and its directors. Sunrise Propane, which is no longer in […]
Eight years after Hurricane Ike damaged most homes in Galveston, Texas, the insurance market’s capacity to cover windstorm for energy firms in the Gulf of Mexico is less than 4% of the actual exposure, while the “vast majority of energy companies remain inadequately protected” against cyber risk, Willis Towers Watson plc suggested in a recent […]
3 min read
NEW YORK – U.S. East Coast residents who made the most of a paralyzing weekend blizzard face fresh challenges as the workweek begins: slippery roads, spotty transit service and mounds of snow that buried cars and blocked sidewalk entrances. For many, the weekend extends into Monday because of closed schools and government offices. Officials were […]
5 min read
ANCHORAGE, Alaska – A magnitude-7.1 quake knocked items off shelves and walls in Alaska, jolting the nerves of residents in this earthquake-prone region. There were no reports of injuries, but four homes were lost to explosions or fire following the quake. Alaska’s state seismologist, Michael West, called Sunday’s early morning quake the strongest in the […]
With nearly US$4 billion worth of insurance-linked securities maturing during the first six months of 2016, Swiss Re Capital Markets Corp. suggests it is “hopeful” there will be new sponsors entering the market this year. In its ILS market update announced Friday, Swiss Re listed 24 issuances of catastrophe bonds, with a total value of […]
By Canadian Underwriter | January 24, 2016
Insurers in the United States paid out an estimated US$2.9 billion in winter-related insured losses in 2015 but remain well-positioned financially to weather the significant storm expected to strike the east coast of the U.S. this weekend, the Insurance Information Institute (I.I.I.) said earlier this week. “Insured losses caused by severe winter weather are on […]
By Canadian Underwriter | January 22, 2016
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