Claims
PARIS – A French court has sentenced a former mayor and his deputy to prison for ignoring flood risks and encouraging development in their Atlantic Coast town before aging sea walls collapsed in a 2010 storm that killed dozens. The storm, called Xynthia, smashed through thousands of homes, destroyed oyster farms, flooded ports and unleashed […]
By Canadian Underwriter | December 12, 2014
1 min read
The 86,800 claims lodged to date by property and motor vehicle owners in the wake of the hailstorm that hit Australia’s Brisbane area has produced estimated insurance losses of AU$804 million, the Insurance Council of Australia (ICA) reported Thursday. The claims total consists of 22,000 claims for house and contents policies, 4,000 for commercial property […]
BUFFALO, N.Y. – New York Gov. Andrew Cuomo says the blockbuster storm that smacked Buffalo last month cost more than $46 million, surpassing the threshold for federal emergency aid. State and local government officials had worried the storm that dumped more than 7 feet of snow in some areas wouldn’t meet the $27.3 million Federal […]
By Canadian Underwriter | December 11, 2014
Ontario’s Auditor General is suggesting that the Financial Services Commission of Ontario (FSCO) should establish formal agreements with errors and omissions (E&O) insurers to verify that life insurance agents are covered, among other recommendations made in her annual report. It also recommends the province “establish arrangements” with the federal Office of the Superintendent of Financial […]
5 min read
WASHINGTON – The House Wednesday passed a long-sought legislation to renew a government program that’s credited with reviving the market for insurance against terrorist attacks after the Sept. 11 attacks. But the measure, despite passing by a 417-7 vote, has run into trouble in the Senate because of opposition to an unrelated item involving a […]
3 min read
What else happens with Ontario auto insurance in the wake of recently passed reforms meant to combat fraud and protect consumers could influence the Canadian property and casualty market as a whole, as well as have very different effects on smaller and larger companies, notes a new A.M. Best briefing. “Given the size of the […]
4 min read
A private passenger vehicle in the United States is ‘statistically’ less likely to be stolen today than in 1960, but thieves are using new methods to steal vehicles and resell them, the National Insurance Crime Bureau says. Des Plaines, Ill.-based NICB released Monday theft statistics from the United States from 1960 to today. In 1960, […]
2 min read
TORONTO – It’s a slippery and sloppy rush hour across much of southern Ontario due to a steady snowfall rolling westward across the province. A system that stormed across eastern Ontario last night is now dumping snow across central Ontario and the Golden Horseshoe. Environment Canada has issued a snowfall warning for areas surrounding Toronto […]
By The Canadian Press | December 11, 2014
Despite strong performance this year, insurers operating in the United States are facing an uncertain environment going into 2015 and will need to be proactive when facing regulatory and capital management challenges, according to a new outlook report from Ernst & Young. While combined ratios and return on equity have improved to “levels not seen […]
By Canadian Underwriter | December 10, 2014
FREDERICTON – A storm that brought a mix of heavy rain, snow and wind gusts to the Maritimes on Wednesday resulted in power outages and made for treacherous road conditions that police say are to blame for a crash in New Brunswick that killed three people. The RCMP say they believe the poor weather contributed […]
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