Claims
Willis Capital Markets & Advisory (WCMA) has announced the launch of Resilience Re, which will serve as a platform to simplify client access to catastrophe bond capacity. Resilience Re will offer clients low-cost access to reinsurance capacity sourced from the capital markets, thereby benefiting from cost efficiencies and expedited timelines to secure capacity, notes a […]
By Canadian Underwriter | October 28, 2014
1 min read
XL Group has reported an operating net income of $187.1 million for the third quarter of the year, up from $154.6 million in the same period of 2013, “primarily due to higher underwriting profit in the current quarter.” Underwriting profit for P&C operations in the third quarter was $144.4 million, up from $76.9 million in […]
2 min read
ANKARA, Turkey – Turkey’s state-run television says a coal mine in southern Turkey has collapsed, trapping 23 workers inside. TRT television says the tragedy occurred Tuesday in the town of Ermenek, in Karaman province, and that eight other miners were quickly rescued. Private Dogan news agency said rescue teams were trying to pull out the […]
Two years after Hurricane Sandy hit the United States, $6.67 billion in federal assistance has been provided to New Jersey alone, the Federal Emergency Management Agency has reported. The storm made landfall Oct. 29, 2012, and New Jersey in particular was devastated by harsh rain and wind. Within the billions provided, $3.5 billion has been paid to […]
By Canadian Underwriter | October 27, 2014
New research suggests that there are distractions to driving other than cellphone use and there needs to be a “broader strategy” to deal with distracted driving, the Insurance Institute for Highway Safety (IIHS) said in a recent article. “Even though studies show that phone use by drivers has declined in states with bans, crashes reported […]
3 min read
Willis Group Holdings plc predicts commercial property insurance rates will fall in 2015, there will be “modest increases” in aviation rates while terrorism rates will decline or remain flat if the United States government passes a law extending the Terrorism Risk and Insurance Act (TRIA) past the end of this year. “The stand-alone Terrorism insurance […]
By Canadian Underwriter | October 23, 2014
Insured losses in Bermuda from Hurricane Gonzalo will range between $200 million and $400 million, catastrophe modeling firm AIR Worldwide reported Wednesday. All figures are in U.S. dollars. To produce its loss estimates for Hurricane Gonzalo using the AIR Tropical Cyclone Model for the Caribbean, AIR used track and intensity information from NHC advisories, vortex […]
By Canadian Underwriter | October 22, 2014
The number of teen fatalities in auto collisions involving drug use rose significantly between 2000 and 2010, to a point that is as serious as drinking and driving, according to a new review from State Farm. Based on secondary research from the Traffic Injury Research Foundation (TIRF), in 2000, a greater percentage of fatally injured […]
VANCOUVER – A wind warning has ended for parts of B.C.’s south coast as severe weather overnight left more than 55,000 BC Hydro customers without electricity. Environment Canada says a rainfall warning remains in effect in Metro Vancouver, Howe Sound and Whistler. It warns a Pacific frontal system could dump up to 60 millimetres of […]
By The Canadian Press | October 22, 2014
More than two-thirds of property and casualty insurance chief financial officers surveyed said that if the United States Terrorism Risk and Insurance Act (TRIA) expires Dec. 31, it will have a “minor or no impact” on their organizations, Towers Watson reported recently. In the same survey, about six in seven respondents said preparing for their […]
By Canadian Underwriter | October 21, 2014
4 min read
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