Claims
By focusing on riverine flooding in its newly launched G-CAT Canada Flood Model, Guy Carpenter & Company, LLC felt that “it captures the majority of the hazard,” said company research hydrologist Joseph Becker at the flood model launch in Toronto last week. “[We focus on] identifying those that are most dangerous or the ones that […]
By Canadian Underwriter | April 20, 2015
3 min read
The Supreme Court of Canada has allowed an appeal, from Zurich Insurance Company, of an earlier Court of Appeal for Ontario decision, over Ontario’s “pay first dispute later” system for auto accident benefits claims. The highest court announced April 17 it allowed Zurich’s appeal with costs. The judgment is expected to be published within 48 […]
Catastrophe risk management firm RMS has issued an insured loss estimate from Windstorm Niklas ranging from 750 million euros to 1.4 billion euros, with Germany looking as though it will absorb the lion’s share of the hit. The loss estimate for Niklas, which hit Europe in late March, is based on hazard reconstruction using the […]
2 min read
Global risk and reinsurance specialist Guy Carpenter & Company, LLC launched a specialty practice Monday focused exclusively on providing private sector solutions to relieve the cost of catastrophes on government entities. Approximately 73% – or US$2.7 trillion – of natural catastrophe losses globally between 1970 and 2014 were uninsured, Guy Carpenter & Company, a wholly […]
Cyber risk is a business issue. That was one of four key themes that characterized the state of cyber risk programs and issues facing the retail and distribution sector, according to a Deloitte report released this week. The report, titled Cyber risk in retail: Protecting the retail business to secure tomorrow’s growth, also found that: […]
By Canadian Underwriter | April 17, 2015
Guy Carpenter, a global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies, has launched its new G-CAT Canada Flood Model, what it calls the “first-ever probabilistic flood model for Canada” that will allow insurers to assess their exposure to the peril. “By launching the G-CAT Canada Flood Model, Guy […]
Looking to mark Earth Day Apr. 22, the American Academy of Actuaries has announced it will use social media messages to help bring attention to the risk of severe extreme weather/climate-related events and their incidence. “Our aim is to evaluate and help manage exposure to these risks from an insurance perspective. We do that by […]
By Canadian Underwriter | April 16, 2015
OTTAWA – Time stands still for no one, but that didn’t stop cyberattackers from trying to shut down a National Research Council service that synchronizes computer clocks. The federal research council’s Network Time Protocol service was hit with two denial-of-service attacks last year, records obtained under the Access to Information Act show. An internal research […]
Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, said in a report released on Wednesday that catastrophe bond issuance for Q1 reached a record of $US1.7 billion, higher than any other Q1 issuance in the history of the insurance-linked securities (ILS) sector. The report, Insurance-Linked Securities First […]
By Canadian Underwriter | April 15, 2015
HALIFAX – As the snow begins to recede in Nova Scotia, all that remains of Bob Parker’s main greenhouse is a crumpled pile of aluminum and plastic. “It basically looks like a bomb hit it,” he said Tuesday from his property in Pictou County. “And because of the amount of snow that’s still on the […]
By Canadian Underwriter | April 14, 2015
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