Claims
NEWTON, Mass. — The hardy side of Boston might not extend to its aging public transit system. On Tuesday, the head of the Massachusetts Bay Transportation Authority staunchly defended her decision to suspend rail service for more than 24 hours as crews struggled to clear tracks of snow and ice and hundreds of thousands of […]
By Canadian Underwriter | February 10, 2015
4 min read
GUATEMALA CITY – The Fire Volcano in southern Guatemala exploded incandescent rock and ash over surrounding towns Saturday. David de Leon, spokesman for the national disaster preparedness office, said authorities had put area on alert, but no evacuations had been made so far. Karina Lopez, a resident of nearby Antigua (pictured), said ash mixed with […]
By Canadian Underwriter | February 9, 2015
1 min read
BOSTON – The third major winter storm in less than two weeks inflicted fresh snow – and misery – across in parts of the northeastern U.S. on Monday. Some areas of Massachusetts had about a foot (30 centimetres) of snow before dawn Monday and the storm was expected to last all day Monday. The Boston […]
2 min read
The managing director of the Institute for Catastrophic Loss Reduction (ICLR) is scheduled to speak March 11 on a webinar on how location information can help reduce insurers’ exposure to losses. Canadian Underwriter magazine and DMTI Spatial Inc. will produce the webinar, titled The growing importance of location for real-time risk management of natural catastrophic events. There […]
By Canadian Underwriter | February 6, 2015
SCOR has successfully sponsored a new catastrophe bond – the risk period for which runs from Feb. 11, 2015 to Dec. 31, 2018 – that will provide the group with multi-year risk transfer capacity of US$150 million for named storms in the United States, as well as U.S. and Canada earthquake events. Atlas IX Series […]
Record snowfall last week resulted in at least $500 million in economic losses on the east coast of the United States, while earlier last month, Australians reported more than $30 million in losses resulting from wildfire, Aon plc’s Impact Forecasting unit reported Thursday. All figures are in U.S. currency. Aon Benfield, the reinsurance intermediary and […]
By Canadian Underwriter | February 5, 2015
Canada’s Senate is considering a bill that, if passed into law, would require the federal government to repeal or change a regulation whenever a new regulation “that imposes a new administrative burden on a business” is made. Treasury Board President Tony Clement suggests that Bill C-21, the Red Tape Reduction Act, is designed reduce the […]
Three years after the Court of Appeal for Ontario ruled that individuals and organizations can be sued in the province for “intrusion upon seclusion,” a lawyer suggested to claims adjusters yesterday that awards in excess of $10 million are being sought in some class action lawsuits arising from alleged privacy breaches. “Right now, most of […]
3 min read
United States President Barack Obama is proposing an 85% increase in funding for flood risk mapping for America’s overland flood insurance program, plus a seven-fold increase in a grant program intended to support flood risk reduction measures. President Obama’s budget request to Congress for the 2016 fiscal year, released Monday, includes US$400 million for National […]
By Canadian Underwriter | February 4, 2015
SAINT JOHN, N.B. A state of emergency was declared Tuesday in Saint John, N.B., after the third storm in less than a week pummelled the port city overnight and left its streets choked with snow. Mayor Mel Norton said the state of emergency, which allows the city to ban on-street parking, will be in effect for […]
By Canadian Underwriter | February 3, 2015
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