Claims
The government of Saskatchewan announced on Wednesday that it has approved a number of recommendations put forward by Saskatchewan Government Insurance (SGI) for changes to its auto injury coverage programs. Changes include improvements to both the Tort and No Fault programs to better meet the needs of customers by providing improved benefits for those most […]
By Canadian Underwriter | October 7, 2015
2 min read
Ontario’s ruling Liberals say their proposed condominium law would clarify rules on insurance and paying for property damage, but opposition critics contended Tuesday that the proposed licensing and adjudicative body would be “weak in accountability and transparency” and would not address disputes between owners and builders. Bill 106, the Protecting Condominium Owners Act, is before […]
3 min read
Disaster risks are increasing, but insurance hasn’t kept pace as the estimated US$1.3 trillion gap between insured and total losses remains stubbornly large, said a new report from Swiss Re. Launched at the World Bank/IMF annual meetings in Lima, Peru, the Disaster risk financing: Smart solutions for the public sector report found that the economic […]
The Receivables Insurance Association of Canada (RIAC) announced on Monday an 8% growth in direct premiums totalling about $111.4 million during the first two quarters of 2015. In the first half of 2015, ending June 30, Canadian underwriters carried 6,802 receivables insurance policies compared to 6,598 policies in the same period last year, the RIAC […]
By Canadian Underwriter | October 6, 2015
PARIS – The United Nations on Monday released a first draft of the negotiating text for the major conference on climate taking place in Paris in December. The document is a step forward for the talks, slimming down the text from more than 90 pages earlier this year to just 20. Negotiators from 195 countries […]
Insured damage arising from a windstorm Aug. 29 in British Columbia probably exceeded $25 million, Insurance Bureau of Canada suggested in a release Tuesday. Quoting from Toronto-based Catastrophe Indices and Quantification Inc., IBC said a preliminary estimate of insured damage from the storm, which swept through southern B.C., is more than $25 million. “The storm […]
1 min read
The average annualized cost of cybercrime incurred by a benchmark sample of organizations in the United States was US$15 million, a nearly 20% increase year-over-year, according to a study conducted by the Ponemon Institute and sponsored by HP Enterprise Security. The annual 2015 Cost of Cyber Crime Study also found that the average annualized cost […]
South Carolina Governor Nikki Haley has declared a state of emergency for the state, as flash flood warnings were issued for Berkeley, Charleston and Dorchester in anticipation of rainfall between 10 and 15 inches. Much more rain than that already fell in many towns in those counties, catastrophe modelling firm AIR Worldwide said in a […]
COLUMBIA, S.C. – Days of torrential rains kept much of South Carolina and its capital gripped by floodwaters early Monday as emergency workers promised renewed door-to-door searches for anyone still trapped after a weekend deluge and hundreds of rescues. At least seven weather-related deaths have been blamed on the vast rainstorm. Heavy rain kept falling […]
By Canadian Underwriter | October 5, 2015
Dr. Gordon McBean, the Institute for Catastrophic Loss Reduction’s (ICLR) director of policy, is stressing the importance of establishing a “science foundation for action” that addresses both energy and environmental issues. Dr. McBean participated yesterday in the opening panel discussion at the Science and Technology for Society forum meeting in Kyoto, Japan on Sunday. ICLR’s […]
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