Claims
Dublin, Ireland-based XL Group plc said on Monday that its preliminary estimated losses related to the mid-August port explosion in Tianjin, China are approximately US$100 million. The estimate, pretax and net of reinsurance and reinstatement premium, is 30% attributable to the company’s Insurance segment and 70% to the Reinsurance segment, XL Group said in […]
By Canadian Underwriter | October 19, 2015
2 min read
Willis Re is hoping to help insurers develop their own independent view of risk with the adoption of a dual approach that involves enhancing and validating output for perils and regions covered by vendor models, as well as building new proprietary models where no vendor models exist. “In both aspects of this dual approach, the […]
Some interesting manoeuvers can be expected as reinsurers seek to hold or grow their share of signings in the forthcoming renewals, Nick Frankland, CEO of Europe, Middle East and Africa (EMEA) operations for Guy Carpenter & Company, LLC, suggested Sunday during the Reinsurance Symposium in Baden-Baden. Hosted by global risk and reinsurance specialist Guy Carpenter, a […]
Manitoba Premier Greg Selinger announced on Friday that the province will invest $400,000 over the next two years in a new Prairie Climate Centre at the University of Winnipeg (UWinnipeg), making it the first province to sign a “right to healthy environment declaration” championed by the David Suzuki Foundation. The province will invest $200,000 in […]
By Canadian Underwriter | October 18, 2015
LOS ANGELES – Rescuers threw ladders and tarps across mud up to 6 feet deep to help hundreds of people trapped in cars that got caught in flash-flooding and violent mud flows along a major Southern California trucking route, a California Highway Patrol official said Friday. The people were rescued from State Route 58 roughly […]
By Canadian Underwriter | October 16, 2015
4 min read
British Columbia has the power under Canada’s constitution, to impose roadside prohibitions on drivers who fail breathalyzer tests, the Supreme Court of Canada has ruled. Canada’s highest court announced Friday it dismissed an appeal, on constitutional grounds, of four motorists who had been subject to roadside driving prohibitions in B.C. The court did find that […]
5 min read
The National Association of Insurance Commissioners (NAIC) in Washington, D.C. has announced that its Cybersecurity Task Force has adopted a Cybersecurity Bill of Rights, aimed at bolstering consumer protection. “Consumers have a right to expect their personal, financial and health information entrusted to the insurance industry is secure,” said Adam Hamm, NAIC Cybersecurity Task Force […]
3 min read
The City of Calgary is urging caution after being advised on Thursday that private for-hire vehicle company UberX intends to commence offering its service in the city, in breach of a bylaw. “The City advises citizens that there are risks associated with participating in private for-hire vehicle services such as Uber,” the city said in […]
CHEYENNE, Wyo. – Wildfires burning on prairie land in five states have destroyed more than a dozen homes and killed livestock in the past few days as a region normally accustomed to crisp temperatures and even snow this time of year gets a taste of California-style drought. Fires with volcano-like smoke plumes visible for miles […]
By Canadian Underwriter | October 15, 2015
The Insurance Corporation of British Columbia (ICBC) said that it will submit the remainder of its 2015 basic rate application on Thursday, asking for a 5.5% increase to basic insurance rates – lower than the earlier potential for 6.7% considered in late August. ICBC will submit the remainder of its basic rate application with the […]
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