Claims
A syndicated reinsurance facility covering “catastrophic and systemic loss accumulations arising from liability portfolios” is available now to Canadian insurers from the reinsurance division of London-based broker Willis Group Holdings plc., the company announced Wednesday. The facility, called PRIMO, has more than US$400 million of “reinsurance capacity worldwide on the basis of pre-agreed contract wording,” […]
By Canadian Underwriter | May 13, 2015
2 min read
PERILS has put its initial estimate for insured losses in the wake of windstorm Mike-Niklas – which combined to cause significant damage across parts of western and central Europe – at 853 million euros. The two events occurred in rapid succession and affected similar regions within a 36-hour period from Mar. 29 to Apr. 1, […]
By Canadian Underwriter | May 11, 2015
Aerial drone manufacturers themselves are likely to face potential product liability issues, suggests a new Best’s Briefing released on Monday by rating agency A.M. Best Company. “Operator skills or shortcomings in product training could also inevitably lead to greater risk exposure and liability,” the briefing said. “The potential for dangers to aviation, invasion of privacy […]
4 min read
With new insurers entering the Canadian market, the City of Toronto will save 11.2% on umbrella and excess liability coverage, on renewal next month, while its rate for boiler and machinery coverage is increasing by 5.6% due in part to an electrical failure incident at City Hall last year, a recent city staff report suggests. […]
By Canadian Underwriter | May 8, 2015
A proposal to mandate insurance coverage of up to $1 billion for railway operators in Canada is in a federal government bill that was tabled Thursday for third reading in the House of Commons, the same day a separate bill proposing up to $1 billion in absolute liability on pipeline operators was tabled for first […]
Preliminary economic losses from the magnitude-7.8 earthquake that struck Nepal in late April are “expected to reach and possibly exceed” US$5 billion, Aon Benfield revealed in its April 2015 Global Catastrophe Report on Thursday. The report from Impact Forecasting, Aon Benfield’s catastrophe model development team, said that the preliminary economic losses from the disaster could […]
3 min read
OKLAHOMA CITY – Authorities are investigating the damage left behind by spring storms carrying more than a dozen suspected tornadoes that swept across the southern Plains, bringing floods, forcing the evacuation of an international airport and destroying homes near Oklahoma City. At least 12 people were injured, but no deaths were immediately reported from the […]
By Canadian Underwriter | May 7, 2015
The U.S. Department of Transportation’s Federal Aviation Administration (FAA) announced on Wednesday a partnership with industry to explore the next steps in drone operations beyond the type of operations the agency proposed in the draft small unmanned aircraft systems (UAS) rule it published in February. The FAA announced the framework of regulations on Feb. 15, […]
By Canadian Underwriter | May 6, 2015
Storms between Apr. 30 and May 3 in southeast Queensland and northern New South Wales (NSW) – prompting 7,500 claims and initial loss estimates of AU$26 million as of Monday morning – represent Australia’s fifth declared disaster so far in 2015. The Insurance Council of Australia (ICA) declared the storms a catastrophe Monday as a […]
By Canadian Underwriter | May 5, 2015
OTTAWA – Canada’s disaster-relief team is now setting up operations in earnest in Nepal, but aid agencies and the Nepalese government warned Monday that a long road of rebuilding after the devastating earthquake lies ahead. “It’s far away; it’s on the other side of the world. It’s going to be easy for people to forget,” […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
