Claims
Ontario mutuals should take note of the new draft federal regulations on demutualization even though, as currently published, they do not apply to provincially chartered mutuals, John Taylor, president and CEO of the Ontario Mutual Insurance Association (OMIA), suggested last week. The recent federal announcement has moved the issue of demutualization to centre stage, Taylor […]
By Canadian Underwriter | March 29, 2015
3 min read
SACRAMENTO, Calif. – A plan to pump $1 billion of water spending into drought-stricken California cleared the Legislature on Thursday and was sent to Gov. Jerry Brown, who is expected to sign the legislation. The legislation includes $267 million in grants to water-recycling projects and expand drinking water supplies in small and poor cities. The […]
By Canadian Underwriter | March 27, 2015
2 min read
The Insurance Bureau of Canada (IBC) is applauding the government of British Columbia’s earthquake preparedness report, which recommends that the provincial and federal governments engage with the insurance industry and other key stakeholders to develop a strategy on disaster resilience and increase public awareness on the need to prepare. The B.C. government released the Earthquake […]
SANTIAGO, Chile – Communities in a desert region of northern Chile struggled Thursday to cope with rain-provoked flooding that has claimed the lives of at least seven people, knocked out power and cut off roadways. Thunderstorms with torrential rains moved into the Atacama desert region Tuesday, causing the Copiapo River to overflow its banks. Fears […]
By Canadian Underwriter | March 26, 2015
MONTABAUR, Germany – Andreas Lubitz never showed any sign he was anything but thrilled to have landed a job with Germanwings, according to those who taught him the trade as a teenager in this town in the woody hills of Western Germany. On Thursday, French prosecutors said Lubitz, the co-pilot of Germanwings Flight 9525, “intentionally” […]
4 min read
TULSA, Okla. – The first batch of severe weather in this year’s tornado season has devastated an Oklahoma mobile home park, and storms across the area damaged buildings, tore off roofs and left debris strewn across roads. One person was killed and several were injured. Tens of thousands of Oklahoma residents were without power Thursday […]
WASHINGTON – House intelligence committee leaders unveiled a bipartisan cybersecurity bill Tuesday amid signs of broad agreement on long-sought legislation that would allow private companies to share with the government details of how they are hacked, without fear of being sued. “We’re light years ahead of where we were last session,” said Rep. Adam Schiff, […]
By Canadian Underwriter | March 25, 2015
Canadian mutual property & casualty insurance firms who demutualize would not be involved in allocating benefits among mutual and non-mutual policyholders, if draft regulations published last month are implemented, a spokesperson for Economical Insurance suggests. However, there is a question as to whether those regulations “will embody the orderly and transparent process hoped for to ensure […]
Global insured losses from natural catastrophes and man-made disasters were $US35 billion in 2014, down from $US44 billion in 2013 and well below the $US64 billion-average of the previous 10 years, according to a Swiss Re sigma study released on Wednesday. There were 189 natural catastrophe events in 2014, the highest ever on sigma records, […]
FREDERICTON – A former chief justice and two academics have been appointed to a commission in New Brunswick to determine whether government-placed conditions can be met before a moratorium on shale gas fracking can be lifted. Former chief justice Guy Richard, former University of New Brunswick president John McLaughlin and Cheryl Robertson, a former board […]
By The Canadian Press | March 24, 2015
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