Claims
HAMILTON, Bermuda – People on the tiny British territory of Bermuda rushed Thursday to batten down for Hurricane Gonzalo, which was roaring toward them as a powerful Category 4 storm just days after a tropical storm damaged homes and knocked down trees and power lines. Gonzalo had top sustained winds of 145 mph (230 […]
By Canadian Underwriter | October 16, 2014
3 min read
Earthquake preparedness demands taking steps now to build resilient communities that can better withstand and recover from the impacts of natural disasters and other emergencies, Steven Blaney, Canada’s minister of public safety and emergency preparedness, emphasized during a speech in Vancouver yesterday. Speaking at an earthquake symposium hosted by the Insurance Bureau of Canada (IBC), […]
2 min read
North American catastrophe activity caused just more than $14 billion in insured losses in the first nine months of the year, Property Claims Services reported Wednesday. PCS has designated 26 catastrophe events for the first nine months in the United States, on par with last year, though insured losses did rise 13% year-over-year, to $13.6 […]
By Canadian Underwriter | October 15, 2014
1 min read
ELLIOT LAKE, Ont. – Decades of incompetence, neglect, greed and dishonesty by a succession of owners, engineers and municipal officials led to the deadly cave-in of a northern Ontario mall two years ago, a judicial inquiry reported Wednesday. In a scathing indictment of those who allowed the Algo Centre Mall to rust to the […]
4 min read
WINNIPEG – It’s been three months since Manitoba called in the military to fight floodwater coming from the west but the province still doesn’t know how much that flood cost. Agriculture Minister Ron Kostyshyn says they are still assessing the damage caused to Manitoba farmers who bore the brunt of the flood. Some have estimated […]
By The Canadian Press | October 14, 2014
Risk Management Solutions Inc. warned Monday that the “most likely location” of the next big earthquake to affect the San Francisco Bay area is on a fault running east of the bay, which could cause $25 billion in insured losses if there is a tremor the size of one that hit the area 146 years […]
By Canadian Underwriter | October 14, 2014
SAN SALVADOR, El Salvador – A magnitude 7.4 underwater earthquake off the Pacific coast of El Salvador shook several Central American countries late Monday. There were no immediate reports of damage or injuries and no tsunami warnings. But power outages were reported in El Salvador, and Nicaragua put out an internal alert, announcing that schools […]
Willis clients and associates will have access to developments related to the Ebola virus through the company’s newly launched Disease Response Center microsite. The one-stop portal on Willis.com – which will be updated as information develops – offers a comprehensive set of resources to help firms prepare their workplaces for the Ebola threat, notes a […]
By Canadian Underwriter | October 10, 2014
Canadian insurers need to “start thinking” about the risk of property losses from wildfires in Canada and should consider lobbying regulators to require hurricane straps on new homes in order to reduce wind loss, speakers suggested Wednesday at the Annual Engineering Insurance Conference. Before May 2011, the Institute for Catastrophic Loss Reduction (ICLR) was warning […]
By Canadian Underwriter | October 9, 2014
American International Group, Inc. (AIG) announced Thursday that it has expanded excess casualty liability limits for Class 1 railroads in the United States and Canada to $1 billion per occurrence. The coverage for catastrophe losses would be in excess of $1.5 billion in underlying limits, and AIG says that it is one of the largest capacities offered to the rail industry by […]
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