Claims
VANCOUVER – A natural gas operation that halted work after a 4.6-magnitude earthquake in northeastern British Columbia last week has been linked to the largest earthquake in the province that’s been attributed to fracking. Progress Energy, which is owned by Malaysia’s Petronas, paused its operations after the Aug. 17 quake that occurred 114 kilometres from […]
By Canadian Underwriter | August 27, 2015
2 min read
The largest losses from storm surge along the Gulf and East coastal locations in the United States are concentrated in relatively few places, but flooding from a 100-year hurricane could spur losses exceeding US$100 billion in three cities, notes a new study from Karen Clark & Company (KCC). The study report, Most Vulnerable US Cities […]
4 min read
SANTA ANA, Calif. – While drought-plagued California is eager for rain, the forecast of a potentially Godzilla-like El Nino event has communities clearing out debris basins, urging residents to stock up on emergency supplies and even talking about how a deluge could affect the 50th Super Bowl. Roofers, on the other hand, are reveling in […]
By Canadian Underwriter | August 26, 2015
3 min read
Alberta Health Services (AHS) has issued an air quality advisory for the Edmonton area, in full, due to smoke from wildfires in Washington state. The advisory comes two days after the AHS issued similar advisories for the province’s south (Lethbridge, Medicine Hat), Calgary and central (including Two Hills, Drumheller, Lloydminister and Rocky Mountain House) zones. […]
More than 13,000 homes with a combined reconstruction cost of over US$3 billion are at some level of risk from the Chelan wildfire in the state of Washington, CoreLogic, Inc. said on Wednesday. The global property information, analytics and data-enabled services provider said in its Wildfire Hazard Risk Report that a total of 13,121 homes […]
A former insurance broker in the United States has been sentenced to four years in federal prison for illegally collecting over US$3.75 million from nearly 800 trucking companies nationwide by selling or brokering fictitious cargo insurance policies. John Kill, the former operator of Appeal Insurance Agency, LLC, “held himself out as an honest broker to […]
Insured damage caused by heavy rain, strong winds and a hailstorm that hit southern Alberta August 4 and 5 has been estimated to have $100 million-plus in insured damage, reports Insurance Bureau of Canada (IBC), citing figures from Property Claim Services (PCS), a Verisk Analytics business. A band of severe thunderstorms moved in and around […]
MONTREAL – Taxi drivers are staging demonstrations in cities across the province against the UberX ride-hailing service. One of the biggest protests was held in Montreal today, where several hundred cabbies parked their vehicles for more than an hour in an industrial park. Related: Quebec Premier Couillard open to legalizing UberX style modes of transportation […]
By The Canadian Press | August 25, 2015
1 min read
The reinsurance market showed signs of decelerating rate declines in its most recent June/July 2015 renewals, indicating that pricing could be approaching a new equilibrium, said Fitch Ratings in a new global sector report. Pricing in the reinsurance market has been pressured by a long-running influx of alternative reinsurance capital from private equity firms, hedge […]
By Canadian Underwriter | August 25, 2015
RSA Insurance Group plc’s Board of Directors has announced its willingness to recommend to shareholders an offer at the level of Zurich Insurance Group’s revised all-cash offer for RSA at 550 pence per ordinary RSA share. The recommendation of the “Possible Offer to RSA shareholders [is] subject to the satisfactory resolution of the other terms […]
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