Claims
Federal disaster assistance from the United States goverment has exceeded $2.4 million for those affected by the Aug. 24 South Napa earthquake, just one week after they became eligible to apply, the Federal Emergency Management Agency reported Thursday. In early September, Risk Management Solutions Inc. estimated that insured losses from the earthquake “will not exceed” US$250 million. At the […]
By Canadian Underwriter | November 7, 2014
1 min read
Zurich Insurance Group has reported a business operating profit of $3.8 billion, for the nine months ended Sept. 30, up 7% over the same period last year. Net income attributable to shareholders also rose 3% to $3 billion for the first nine months. All figures are in U.S. dollars. For the third quarter of the […]
By Canadian Underwriter | November 6, 2014
2 min read
Munich Re has posted a consolidated profit of 2.4 billion euros for the first nine months of the year, up from 2.1 billion euros in the same period of 2013, leading the reinsurance giant to possibly exceed its profit guidance of 3 billion euros for 2014. For the third quarter of the year (ended Sept. […]
RSA Insurance Group plc released Thursday its interim management statement for the nine months ending Sept. 30, reporting a 2% drop in net written premiums in Canada, a 7% increase in household premiums and a 9% drop in commercial liability premiums in Canada, when currency fluctuations are taken into account. For the first nine months […]
3 min read
Despite improving the cost effectiveness and prioritization of its flood risk spending, current spending by England’s Environment Agency and the Department for Environment, Food & Rural Affairs (DEFRA) is insufficient to meet maintenance needs in the wake of increasing flood risk. Despite the efficiencies, DEFRA and the Environment Agency “have limited resources and current spending […]
VANCOUVER – Another rainfall warning has been issued for Metro Vancouver, just two days after torrential rains caused flooding and evacuations in the District of North Vancouver. The expected rainfall isn’t nearly as much as what came down earlier in the week, but Environment Canada says up to 40 millimetres are expected on Thursday as […]
By The Canadian Press | November 6, 2014
Economical Insurance has reported a significant drop in its net income for the third quarter of the year, after incurring weather-related catastrophe losses of $25.7 million net of reinsurance. Net income fell from $13.8 million in Q3 in 2013 to $0.9 million for the three months ended Sept. 30 this year. The Waterloo, Ont.-based insurer […]
By Canadian Underwriter | November 5, 2014
Cyclone Hudhud, which struck India and killed 68 people across four states, was among the worst natural catastrophes globally in October, Aon Benfield’s Impact Forecasting arm reported Wednesday. The storm caused an estimated $11 billion of economic damage, while insured losses are expected to reach $650 million, the firm reported in its global catastrophe recap […]
Intact Financial Corp. released Wednesday its financial results for the three months ending Sept. 30, reporting a 9.6-point improvement in its combined ratio and a 53.7% drop in Q3 catastrophe losses, while net income improved 330%. Toronto-based Intact also said Wednesday that company officials are “encouraged” by an Ontario government omnibus bill currently before legislative […]
5 min read
DETROIT – Federal regulators are investigating whether Honda Motor Co. failed to report deaths and injuries that occurred in its vehicles. Federal law requires automakers to report any claims they receive alleging that defective vehicles or parts caused a death or injury. They are required to submit those claims on a quarterly basis, along with […]
By Canadian Underwriter | November 4, 2014
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