Claims
Last year had a five-year low for insured losses from natural catastrophes, although the number of events was on par with the decade average, Impact Forecasting reported Tuesday. In 2014, there were 258 separate global natural disasters, just below the 10-year average of 260 events, according to the firm, which is an arm of Aon […]
By Canadian Underwriter | January 13, 2015
2 min read
Current conditions in the global reinsurance sector, which remains overcapitalized, demand that disciplined underwriting be the focus of reinsurers, including those that are reducing their books of business to address those challenging conditions, suggests a new report issued Monday by A.M. Best. Despite the reinsurance market’s ability to prove resilient, “as most companies continue to […]
3 min read
MONTREAL – The funds earmarked for those affected by the Lac-Megantic train disaster represent just a fraction of what’s needed, a town official says. A US$200-million settlement was announced last week, with more than one-half of the money going to various levels of government. As it stands, about $50 million is destined for relatives of […]
By Canadian Underwriter | January 12, 2015
WASHINGTON – Gen. Martin Dempsey says the hacking of Sony Pictures Entertainment demonstrates the military superiority enjoyed by the United States doesn’t necessarily carry over to the cyberworld. As chairman of the Joint Chiefs of Staff, Dempsey serves as President Barack Obama’s chief military adviser. Read more: Sony hack adds to pressure on companies to […]
1 min read
NEW ORLEANS – A federal appeals court has refused to reconsider its 2014 ruling that BP cannot avoid federal penalties for the 2010 Gulf of Mexico oil spill by blaming another company’s failed equipment. The 5th U.S. Circuit Court of Appeals voted 7-6 against a rehearing. The court released its ruling Friday. BP was majority […]
DANVERS, Mass. – To see the future of drones, head up the hill at the intersection of Industrial Drive and Electronics Avenue. Inside a bland brick office building, the team at CyPhy is working on tethered machines that can fly nonstop for days and pocket-sized drones for search-and-rescue missions. It’s not a fancy building. There’s […]
4 min read
A.M. Best will continue to conduct stress tests on insurers to evaluate the effect terrorism exposures will have on balance sheets, the rating agency reiterated following last week’s Congressional action to reauthorize the Terrorism Risk Insurance Act. The Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) was introduced in the House Jan. 6 – […]
PORT-AU-PRINCE, Haiti – Somber Haitians gathered early Monday to remember the devastating January 2010 earthquake that left much of the capital and surrounding area in ruins in one of the worst natural disasters of modern times. Hundreds of people, most of the men in dark suits and the women in white dresses, attended a Catholic […]
MONTREAL – Victims of the 2013 rail disaster in Lac-Megantic, Que., have reached a major financial settlement with the railway that was at the heart of the deadly tragedy. A U.S. lawyer who worked on the wrongful-death lawsuits said Friday that $200 million will be distributed in settlement funds to families of those who died […]
By Canadian Underwriter | January 9, 2015
Windstorm Elon brought heavy wind and rain to parts of the United Kingdom late Thursday night, catastrophe model firm RMS reported Friday. Strong wind gusts were reported in Northern Ireland and Scotland, reaching 160 km per hour in the Scottish Highlands. The storm also brought rainfall of up to four inches (101mm) in some areas […]
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