Claims
TORONTO – A 73-year-old Toronto man is facing multiple charges after police say fake auto insurance cards were sold, resulting in insurance claim payouts worth more than $1 million. It is alleged that the suspect was selling counterfeit insurance cards known as “pink slips.” Police say they believe there are a number of victims who […]
By The Canadian Press | November 4, 2014
1 min read
WASHINGTON – Secretary of State John Kerry said Tuesday the U.S. and China must work together to stave off a global catastrophe from climate change, as he appealed for greater co-operation between the two world powers despite strains between them over cyber theft and maritime security. Kerry heads to Beijing this week, to set the […]
By Canadian Underwriter | November 4, 2014
3 min read
Private insurance claims stemming from the 2010 Canterbury earthquake in New Zealand have hit the NZ$13 billion mark, notes a statement from the Insurance Council of New Zealand (ICNZ). As of the end of September, insurance companies had settled $8 billion in commercial claims and $5 billion in residential Canterbury earthquake claims, notes a statement […]
4 min read
NORTH VANCOUVER, B.C. – Homeowners in Vancouver’s North Shore are assessing the damage after creeks overflowed and flooded streets and houses overnight. District of North Vancouver Asst. Fire Chief Michael Cairns says heavy rainfall caused culverts in roughly five different areas across the North Shore to overflow. All available fire trucks from the District, as […]
2 min read
American International Group reported Monday a net income of $2.19 billion for the third quarter of the year, ended Sept. 30, a slight increase from the same period of 2013, when it reported a profit of $2.17 billion. After-tax operating income was $1.7 billion for the third quarter of 2014, up from $1.4 billion in […]
By Canadian Underwriter | November 3, 2014
FREDERICTON – An early blast of winter has left thousands of New Brunswickers without power and students with their first snow day of the school year. NB Power reported more than 12,000 homes and businesses were in the dark at one point today, with the majority of outages in the Woodstock area. The Crown-owned utility […]
By The Canadian Press | November 3, 2014
A.M. Best is not expecting any rating changes for Bermuda’s domestic insurers as a result of Hurricane Gonzalo, which made landfall on the island as a Category 2 storm on Oct. 17. AIR Worldwide has placed loss estimates for the storm at between $200 million and $400 million, while domestic insurers are estimating that combined insurable […]
The catastrophe splash of 2013 has given way to a decidedly more muted experience in 2014. For the reinsurance market, what are the remnants of change? Can the existing pieces be patched together to construct even greater strength or do emerging pressures threaten to produce threadbare cover?
October 31, 2014
18 min read
A broker is left feeling uneasy after a visit from an elderly client and the client's daughter. Relying heavily on the daughter, who appears to be annoyed, the client comes across as confused and seems to be acquiescing to the daughter's advice about changes to her homeowner's policy, although there is no power of attorney. What should the broker do to ensure the client understands the changes and is protected?
By The CIP Society and the Insurance Institute of Canada | October 31, 2014
7 min read
A recent ruling by the Court of Appeal for Ontario includes some interesting observations with regard to how to address what constitutes a multi-causal loss and how the pollution exclusion in a property policy should be interpreted.
By Michael Teitelbaum, Partner, Hughes Amys LLP | October 31, 2014
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