Claims
WASHINGTON – The U.S. government was not responsible for sustained electronic attacks that crippled North Korea’s Internet infrastructure last month, just after President Barack Obama promised that his administration would respond to the hacker break-in at Sony Pictures Entertainment Inc., two senior U.S. officials told The Associated Press. The Obama administration has been deliberately coy […]
By Canadian Underwriter | January 9, 2015
4 min read
WASHINGTON – The Obama administration said Thursday it is fining Honda $70 million – the largest civil penalty levied against an automaker – for not reporting to regulators some 1,729 complaints that its vehicles caused deaths and injuries, and for not reporting warranty claims. The Japanese automaker acknowledged in November that it failed to report […]
3 min read
Last year was a year of “firsts” for the catastrophe bond market, with a record-setting $7.8 billion in issuance, Property Claim Services reported Wednesday. That amount was up 8% last year over 2013, according to the firm’s annual cat bond report. In the last quarter alone, sponsors raised more than $2 billion, up from $1.8 […]
By Canadian Underwriter | January 8, 2015
2 min read
WASHINGTON – The Senate Thursday approved legislation to renew a federal program that is credited with reviving the market for insurance against terrorist attacks after its collapse in the aftermath of the 9-11 attacks. The sweeping 93-4 vote sends the measure to President Barack Obama, who is expected to sign it into law despite reservations […]
Canada Revenue Agency announced Wednesday that effective Jan. 1, certain companies and associations are now required to report electronic funds transfers of $10,000 or more. Essentially, companies that have already been submitting reports to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will now be simultaneously sending the same information to CRA. The […]
A total of 350 claims had been lodged with Australian insurers as of Wednesday morning, with insured losses of more than AUD$13 million, in the wake of bushfires in South Australia. Rob Whelan, CEO of the Insurance Council of Australia (ICA), reported that the bushfire situation in the area remained uncertain, with emergency services preparing […]
TOFINO, B.C. – Houses shook, dishes broke and some residents of Tofino, B.C., thought an explosion or car accident occurred, but there was no tsunami or major damage reported by a 4.6 magnitude earthquake. Earthquakes Canada, the federal agency that monitors the natural phenomenon across the country, said the quake hit just after 6 p.m. […]
By The Canadian Press | January 8, 2015
WASHINGTON – The House has passed long-sought legislation to renew the federal program that props up the private market for insurance against terrorist attacks. The 416-6 vote revives the government’s terrorism risk insurance program. The program provides a backstop in which the government steps in to cover the bulk of losses in the event of […]
By Canadian Underwriter | January 7, 2015
1 min read
The property and casualty insurance industry was hit with below-average catastrophe losses in 2014, and while some parts of the world are seeing in increase in thunderstorm events, a Munich Reinsurance Company expert suggested Wednesday that no single weather event can necessarily be attributed to human-induced climate change. “2014 was a year that was characterized […]
6 min read
The Canadian Independent Adjusters’ Association and Property Claim Services (PCS), part of Verisk Analytics, have partnered to allow CIAA members access to catastrophe loss information. All CIAA members will have access to PCS Canada’s cat loss information, which is says “will help independent adjusting firms plan for catastrophe events, allocate resources more effectively, and reduce […]
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