Claims
Seeking ways to better manage the risks associated with oil-by-rail transport – as well as to deal with the often negative and costly fallout from derailments, collisions or worse – is gaining momentum in Canada. Ottawa looks to be moving forward with tougher protections for rail tanker cars, proposing new requirements that would give shippers […]
By Angela Stelmakowich, Editor|Angela Stelmakowich, Editor | February 28, 2015
3 min read
There are five core areas in property damage/business interruption policies where improvements are required, said a Feb. 26 report from Marsh LLC. According to the report, Business Interruption Insurance Efficacy: Five Key Issues, improvements are required in indemnity periods, insured values, wide area damage scenarios, supply chain and claims settlement. Regarding wide area damage, the report […]
By Canadian Underwriter | February 27, 2015
2 min read
Insurance customers surveyed report a higher rate of satisfaction while dealing through agents rather than through the Internet and carriers need to “expand their use” of catastrophe modeling tools, Cap Gemini SA and Efma suggest in a recent report. Paris-based Capgemini – whose offerings include computer services – and financial service industry association Efma announced […]
By Canadian Underwriter | February 26, 2015
More than half of the world’s 226 natural disasters occurred in the Asia and Pacific region last year, affecting 80 million people and costing nearly $60 billion in economic losses, said a new report from the United Nations. Disasters in Asia and the Pacific: 2014 Year in Review, released by the United Nations Economic and […]
Global insured losses in 2014 were at the lowest level seen since 2009, Guy Carpenter & Company LLC, a global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies, said in its annual Global Catastrophe Review, released on Feb. 25. The report said that significant insured losses in 2014 totalled […]
By Canadian Underwriter | February 25, 2015
The amount of snowfall in the New England region this year will test insurers’ claims handling capabilities and processes as they scramble to adjust and monitor the status of all of the claims, said a Feb. 24 briefing report from A.M. Best Company. Carriers writing business in the New England region, which consists of the […]
HALIFAX – School cancellations and travel delays were reported across a wide swath of the Maritimes on Wednesday as another winter storm descended on the region. Environment Canada issued snow and winter storm warnings for parts of Nova Scotia and New Brunswick, where notices of school closures piled up as the storm moved in. All […]
By The Canadian Press | February 25, 2015
1 min read
The threat of invasive species, volatile agricultural commodity markets and an increasing frequency of extreme weather events are among the reasons to expand the list of agricultural products eligible for crop insurance under Ontario’s Agricorp, provincial politicians said Tuesday in Toronto. “I believe that Ontario must work with agri-food producers to better manage risk through […]
The Insurance Bureau of Canada (IBC) and The Insurance Institute of Canada are running a seminar series in five Canadian cities on fraud this March. One scheduled speaker is Kathy Metzger, investigator with IBC’s Ontario injury rings unit. “Her investigations have included false employment, staged collisions and identity theft of health practitioners,” IBC stated in […]
By Canadian Underwriter | February 24, 2015
The Transportation Safety Board of Canada (TSB) has conducted a preliminary damage assessment of the derailed tank cars in a Feb. 14 accident involving a Canadian National Railway train which resulted in the spill of an estimated million litres of petroleum product in northern Ontario. That day, the CN train carrying crude oil was heading […]
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