Claims
What are the key elements of a best-in-class catastrophe plan? Not only do businesses need to look inward to determine company-specific risks andexposures, but also look outward to see how lessons learned elsewhere can be employed
By Joe Colby, Senior Vice President and Head of Claims, Canada & English Caribbean, Swiss Re | October 31, 2015
7 min read
The unprecedented growth of mega-cities and the changing environment mean the Cat risk business is growing. With that, risk modelling - fuelled by lessons learned and the availability of data - could serve as an increasingly important tool for how insurers and reinsurers calculate expected loss.
By Patti Ristich, Partner, R2 communications Inc. | October 31, 2015
5 min read
ARICHAT, N.S. – Canadian Coast Guard divers have been called in to remove thousands of litres of oil from a ship that sank 45 years ago off Nova Scotia’s eastern shore. The tanker Arrow ran aground on Cerberus Rock and sank in heavy seas near Arichat, N.S., in February 1970. At the time, the wreck […]
By The Canadian Press | October 30, 2015
1 min read
The Institute for Catastrophic Loss Reduction (ICLR) will be hosting a workshop in November on the current state and availability of climate data. The presentation will describe the current state and availability of data in the province, “which is an illustrative case typical of most Canadian jurisdictions,” said information from ICLR. The forum will be […]
By Canadian Underwriter | October 30, 2015
2 min read
SAINT JOHN, N.B. – High winds are causing outages today for power customers in parts of southern New Brunswick. NB Power says more than 7,500 customers were without electricity as of 1:20 p.m. Most of the affected customers are in the Rothesay and St. Stephen areas. Marie-Andree Bolduc, a spokesperson with the utility, said sustained […]
By The Canadian Press | October 29, 2015
Considering things from the consumer perspective is important for insurers to truly understand – and, in turn, be able to respond to – ever-evolving consumer expectations, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), suggested Thursday at IBC’s 15th Annual Regulatory Affairs Symposium. Kicking off symposium in downtown Toronto, “when the world […]
By Canadian Underwriter | October 29, 2015
3 min read
The creation of private sector pre-financing options will migrate management of catastrophes to insurance and reinsurance companies, where claims handling and risk management are at the core of their operations, according to a new public sector risk report from Guy Carpenter. Released on Thursday, the report, titled Partnerships: The way to public sector risk financing, […]
CALGARY – The Alberta government’s approval of clearcutting in a popular recreational area west of Calgary has raised the ire of local residents who fear the move could result in large fluctuations in water levels and potential flooding. Spray Lakes Sawmills has been authorized to cut a nine square kilometre section of land in the […]
Pembroke, Bermuda-based AXIS Capital Holdings Limited has reported a combined ratio of 96.6% for the third quarter of 2015, compared to 92.2% in Q3 2014, and net premiums written (NPW) for its Insurance segment of US$381 million, an increase of 5% from the same period last year. Although NPW for the Insurance segment increased, overall […]
By Canadian Underwriter | October 28, 2015
Following its acquisition earlier this year of insurance carrier Catlin Group Ltd., XL Group plc reported a 66.1% year-over-year increase in third-quarter gross written premiums in property & casualty and a 3.3-point increase in its expense ratio, while an explosion last August in the Chinese port of Tianjin contributed to a 5.2-point increase in XL’s […]
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