Claims
A spate of thunderstorms and tornadoes in the United States in May cost the national economy about US$3 billion in economic losses, with overall insured losses set to easily exceed US$1 billion, despite low flood insurance penetration in parts of Oklahoma and Texas, said the latest Global Catastrophe Recap report from Impact Forecasting. “Total aggregated […]
By Canadian Underwriter | June 4, 2015
2 min read
British Columbia’s Ministry of Energy and Mines announced on Wednesday changes to its greenhouse gas (GHG) reduction regulation to encourage more fleet operators to switch from diesel and gasoline to cleaner-burning natural gas to run their buses, trucks and marine vessels. A natural gas vehicle produces 20% to 30% fewer GHG emissions compared to a […]
3 min read
CoreLogic estimates that the total reconstruction cost value (RCV) of the 6.6 million-plus homes on the U.S. Atlantic and Gulf coasts at risk of hurricane storm surge inundation in 2015 is almost US$1.5 trillion. Released Thursday, CoreLogic’s 2015 storm surge analysis examines risk from hurricane-driven storm surge for homes along the Atlantic and Gulf coastlines […]
A bill before Parliament could, if passed into law, help organizations investigate fraud by sharing personal information without having to obtain consent, a federal Cabinet minister suggested in Ottawa Tuesday, though critics contend that part of Bill S-4 could “lead to excessive disclosures” and that firms should eventually be required to notify affected individuals. Bill […]
By Canadian Underwriter | June 3, 2015
6 min read
The Insurance Council of Australia (ICA) reported on Tuesday that insurance losses from claims following a series of severe storms that hit the eastern part of the continent in April and May have passed AUD$1.55 billion. As of June 1, ICA member companies have received 119,935 claims following storms that struck widespread areas of New […]
Insurers are testing the waters around the drone or unmanned aerial system (UAS) industry as the opportunities and advantages afforded by using this type of machinery become more apparent, suggests a new report from Marsh. The sector’s growth projections “are nothing short of phenomenal,” states Dawning of the Drones: the Evolving Risk of Unmanned Aerial […]
The Institute for Catastrophic Loss Reduction (ICLR) has been designated as an International Centre of Excellence (ICoE) by unanimous approval of the Integrated Research on Disaster Risk (IRDR)’s Scientific Committee. The designation, at a meeting in Qingdao, China on Wednesday, makes Toronto-based ICLR one of just seven ICoEs located around the world contributing to the […]
Aviva Canada announced on Tuesday that is now offering overland water protection for residential property owners and tenants through its network of independent insurance brokers. The coverage – offered as an add-on to personal property insurance policies that have sewer back-up protection in place – can now be purchased through brokers in Ontario and Alberta, […]
By Canadian Underwriter | June 2, 2015
An international response is needed to combat cyber security threats to nuclear facilities from criminals and terrorists, Yukiya Amano, director general of the International Atomic Energy Agency (IAEA), cautioned Monday. Speaking at IAEA’s International Conference on Computer Security in a Nuclear World in Vienna, Amano said plainly “terrorists and other criminals operate international networks and […]
OTTAWA – Federal Transport Minister Lisa Raitt says car manufacturers can’t be trusted to voluntarily recall vehicles when there are safety concerns. Consequently, she says the federal government plans to give itself the power to force recalls when Canadians’ safety is threatened. Related: Takata airbag recall affects 1.2 million vehicles in Canada Raitt says the […]
By The Canadian Press | June 1, 2015
1 min read
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