Claims
Most states in the United States lack a sustainable financial strategy to respond to the changing climate landscape, including wildfires, notes a study released Thursday by Swiss Re and Johns Hopkins School of Advanced International Studies (SAIS). “Although individual decision-makers largely agree that the ‘rear-view mentality’ regarding wildfire costs is no longer acceptable, the urgency […]
By Canadian Underwriter | September 18, 2015
4 min read
Transportation network companies (TNCs) are raising questions about insurance coverage – and gaps in that coverage – but represent a potential area of growth for insurers if protective measures are taken, notes a briefing from A.M. Best. The demand for coverage in the TNC space south of the border is growing, states Transportation Network Companies […]
The U.S. Geologic Society is reported to have made a loss estimate from the 8.3-magnitude earthquake in Chile on Sept. 16 – emphasizing it is early on and the range is far from concrete – of as much as US$1 billion. Noting it is “far too early to provide an economic loss projection,” BNamericas quoted […]
3 min read
ILLAPEL, Chile – Thousands of residents of this small city in northern Chile were sleeping outside Thursday after a powerful earthquake destroyed their homes, forced more than 1 million to evacuate and killed at least eight people in the quake-prone South American nation. Several coastal towns were flooded from small tsunami waves set off by […]
By Canadian Underwriter | September 17, 2015
A third of respondents to a global Kaspersky Lab survey who suffered a malware infection also experienced a financial loss, averaging US$160. “Victims spent money on professional repairs, software to eliminate the effects of an infection, and some even had to buy a replacement device. When financial losses were incurred, the average cost of an […]
The rise in sea levels in the long term – made worse by event risks such as hurricanes and storm surges – may pressure the operations, capital funding requirements and indebtedness of some local governments in the United States, Fitch Ratings suggests in a new report issued Wednesday. Already having an impact on some U.S. […]
Old is new again when it comes to rain barrels and how they can be used to help combat the modern problem of increasing water damage, suggests Insurance Bureau of Canada (IBC). Insurance claims for water damage have soared in recent years, and water has surpassed fire as the leading cause of damage to homes, […]
By Canadian Underwriter | September 16, 2015
2 min read
LOS ANGELES – A record-breaking storm slammed parched Southern California on Tuesday, cutting off power to thousands, jamming traffic during the morning commute and stranding some people in surging waterways. Downtown Los Angeles saw a staggering 2.39 inches (6.07centimetres), breaking a record for rainfall for the date and marking the second-wettest 24-hour period on record […]
HILDALE, Utah – A van and SUV carrying three women and 13 children sat near the widening stream, waiting for the water to recede so they could cross back to their homes in a small, polygamous town on the Utah-Arizona border. But in an instant, flood waters engulfed them and the two vehicles were sucked […]
The global demand for cyber insurance presents a huge commercial opportunity for insurers and reinsurers – estimated to be at least US$7.5 billion by the end of the decade – but with that opportunity comes risks that could be potentially devastating, notes a new paper from PricewaterhouseCoopers LLP (PwC). Insurance 2020 & beyond: Reaping the […]
7 min read
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