Claims
QUEEN CHARLOTTE CITY, B.C. – Billy Yovanovich was about to rise from bed when his house started trembling from a powerful earthquake on British Columbia’s north coast. “I was just waking up and my dog, actually, I think heard it coming, and she started shuffling around,” he said. “It shook me up.” The 6.1 magnitude […]
By Canadian Underwriter | April 24, 2015
2 min read
WASHINGTON – The House passed a bill Thursday encouraging private companies to share information about cyberattacks with federal authorities in an attempt to combat the growing problem. The bill passed the House by a vote of 355-63 The bill grants protection from liability for companies that share information and follow certain procedures. Companies have been […]
The Ontario government has yet to decide on key details of its mandatory pension plan, which is opposed by the Insurance Brokers Association of Ontario, but the ruling Liberals confirmed Thursday they are setting up an organization to administer the plan, scheduled to take effect in 2017. The Ontario Retirement Pension Plan – first announced […]
3 min read
The global insurance industry has an opportunity to provide solutions and products in light of the considerable protection gap – the difference between economic and insured losses from natural catastrophes – that currently exists and could grow larger, Christoph Oehy, Swiss Re’s head of treaty underwriting and senior vice president of Property & Specialty, suggested […]
By Canadian Underwriter | April 23, 2015
5 min read
New Brunswick’s Department of Public Safety is warning that four water levels on the St. John River are forecast to exceed flood stage today and tomorrow. In its River Watch 2015 alert, the department noted that “ice has been occurring on the St. John River at and below Grand Falls and in the Tobique and […]
KASHECHEWAN, Ont. – The evacuation of a remote northern Ontario First Nation is set to begin today as the rapidly rising Albany River threatens the community. About 600 of the most vulnerable residents in the James Bay community of Kashechewan will be taken to Kapuskasing, Hearst and Smooth Rock Falls. Chief Derek Stephen says the […]
1 min read
A coalition of insurers, taxpayer advocates, environment groups and mitigation and housing organizations in the United States is calling for major reforms of the federal government’s natural disaster policies to refocus on mitigation. The coalition, SmarterSafer, released a report this week, recommending a series of policy reforms “to address the rising cost of natural disasters […]
Willis Group Holdings plc announced Wednesday a new forensic accounting and complex claims (FACC) practice, which the commercial brokerage says will help companies “across all industry sectors globally” submit claims “in a format that is familiar to insurers.” London-based Willis said the FACC practice will include a team of accountants and other forensic experts who […]
Few changes are anticipated for the 2016 version of the minimum capital test (MCT), which requires federally regulated property and casualty insurance companies in Canada to maintain adequate capital, says Judith Roberge, director of property and casualty insurance, capital division for the Office of the Superintendent of Financial Institutions (OSFI). “The biggest change is going […]
4 min read
TORONTO – Investigators say at least six homes are not structurally sound after a blast flattened one home in northeast Toronto killing one man and damaging 40 nearby homes. Wayne Romaine, an investigator with the Ontario Fire Marshal’s office, said a gas leak caused the massive explosion Monday afternoon, but it will be a while […]
By Canadian Underwriter | April 22, 2015
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