Claims
The Institute for Catastrophic Loss Reduction will be holding a workshop featuring a professional storm-chaser later this month, focusing on the benefits of being on the ground during the tornado storm warning process. The Jan. 19 presentation will feature Greg Johnson, one of North America’s top professional storm-chasers and severe weather experts. Johnson will focus on […]
By Canadian Underwriter | January 6, 2015
2 min read
MONTREAL – Volatility in energy prices is expected to be a “wild card” for Canadian railways in the long term, but crude-by-rail volumes should continue to grow, albeit more slowly, in 2015, an industry analyst said Tuesday. Walter Spracklin of RBC Capital Markets said in the short-term he believes shipments of oil by rail are […]
Significant ongoing market challenges that will hinder the potential for positive rating actions over time, and may translate into negative rating pressures, have contributed to A.M. Best maintaining its negative outlook for the global reinsurance sector. Having revised its rating outlook for the reinsurance industry from stable to negative last August, A.M. Best explains in […]
3 min read
CHRISTCHURCH, New Zealand – A powerful magnitude-5.6 earthquake Tuesday jolted awake many residents in the New Zealand city of Christchurch, but there were no immediate reports of serious damage or injuries. The quake struck at 6:48 a.m. local time, according to the United States Geological Survey. The epicenter was 101 kilometres (63 miles) northwest of […]
1 min read
Severe thunderstorm was the costliest peril in 2014 for the global insurance industry, global reinsurer capital reached US$575 billion during the third quarter and non-traditional capacity is now nearly US$62 billion, Aon Benfield stated in its Reinsurance Market Outlook for January. In the third quarter of last year, global reinsurer capital was up $5 billion, […]
By Canadian Underwriter | January 5, 2015
A preliminary estimate from Property Claim Services indicates the late-November storm that brought with it heavy rains and winds across Ontario and Quebec caused more than $90 million in insured damage, reports the Insurance Bureau of Canada (IBC). The storm Nov. 24-25 featured wind gusting as strong as 100 km/h, resulting in widespread damage when […]
Canada's insurance industry is making strides in the fight against fraud, but more needs to be done with regard to detection, prevention and deterrence. A strong strategy of deterrence, coupled with a clear and defined anti-fraud philosophy, must become more prevalent.
By Gordon Rasbach, Vice President, Anti-Fraud Management, Aviva Canada|Gordon Rasbach, Vice President, Anti-Fraud Management, Aviva Canada | December 31, 2014
6 min read
The risk to insurers posed by severe thunderstorms in Canada is largely the result of an accumulation of losses from multiple events. Historical data on thunderstorm risk is available, but gaining a clear picture of the peril can be advanced through the use of reanalysis data.
By Scott Stransky, Manager and Principal Scientist, AIR Worldwide|Scott Stransky, Manager and Principal Scientist, AIR Worldwide | December 31, 2014
5 min read
Insurers in Alberta and British Columbia are obligated to provide notice of limitation periods to claimants. But a recent ruling out of Alberta makes reasonably clear that insurers in the province are not under an obligation to provide notice of limitation periods for claims with which they became aware prior to July 2012.
By David Tupper, Partner; and Keith Marlowe, Litigation Associate, Blake, Cassels & Graydon LLP|David Tupper, Partner; and Keith Marlowe, Litigation Associate, Blake, Cassels & Graydon LLP | December 31, 2014
Property damage claims are on the rise in Atlantic Canada. Depending on the specific province, habitational property claims have doubled to quadrupled over the last two decades.
By Amanda Dean, Vice President, Atlantic, Insurance Bureau of Canada|Amanda Dean, Vice President, Atlantic, Insurance Bureau of Canada | December 31, 2014
4 min read
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