Claims
DETROIT – Chrysler is recalling nearly 350,000 older model cars and SUVs in the United States, Canada, Mexico and elsewhere to fix ignition switches that could unexpectedly shut off their engines. The recall covers 2008 Jeep Commander and Grand Cherokee SUVs, Chrysler 300 and Dodge Charger sedans and Dodge Magnum wagons. All were built before […]
By Canadian Underwriter | September 25, 2014
1 min read
ANCHORAGE, Alaska – A powerful earthquake shook up a large swath of Alaska, including the state’s largest city. The Alaska Earthquake Center says the quake had a 6.2 magnitude. The quake occurred at 9:51 a.m. Thursday, 80 miles northwest of Anchorage, where it was strongly felt, and lingered for at least one minute. There are […]
NEW ORLEANS – A federal judge has ruled that BP must stand by the agreement made with the companies it compensated for losses after the 2010 Gulf oil spill despite the oil giant saying some claims were overestimated. BP argued that a flawed funding formula enabled nearly 800 businesses to overestimate their spill-related claims. One construction […]
3 min read
Lloyd’s of London released Thursday the pro forma financial results of the Lloyd’s market for the first six months of 2014, reporting an “unusually high incidence of aviation losses,” a 13% year-over-year drop in gross claims paid and a 1.3-point deterioration in its combined ratio. The Society of Lloyd’s reported earned premiums for the market, […]
2 min read
QUEBEC – Quebec Transport Minister Robert Poeti is considering tougher sanctions against drivers who are caught texting, including hitting them with four demerit points. Currently, Quebec motorists caught texting can lose three points and be fined up to $100. Poeti said Wednesday it is difficult to assess the extent of the problem but added that […]
By The Canadian Press | September 25, 2014
Swiss Re announced earlier this week that is would pledge to offer US$10 billion in insurance capacity and expertise to help nations strengthen climate resilience and achieve stringent climate strategies required by 2020. Swiss Re’s group CEO, Michel Liès, made the announcement while addressing government leaders at the United Nations-led Climate Summit in New York, […]
REGINA – Thousands of Saskatchewan residents are still waiting for payment as disaster assistance claims continue to pour in from this summer’s devastating flooding. The Saskatchewan government says about 10 per cent of the 3,126 claims through the Provincial Disaster Assistance Program this year have been paid out. Ministry of Government Relations spokesman Art Jones […]
Canada’s opposition New Democratic Party will not support Bill C-22, in which the ruling Conservatives propose to increase the absolute liability limits, in the offshore oil and gas sectors, as well as for nuclear sector, to $1 billion. The Energy Safety and Security Act, if passed into law, would make $1 billion the limit of […]
By Canadian Underwriter | September 24, 2014
4 min read
OTTAWA – The operator of Canada’s largest nuclear power plant has looked “very closely” at the March 2011 disaster at the Fukushima Daiichi nuclear power plant in Japan and has simulated the effect of a tornado hitting the facility, a power plant official said Tuesday at the National Insurance Conference of Canada. “One of the […]
OTTAWA — Canadian insurers and agents are encountering “more frequent use” of fines by provincial regulators, the federal regulator will be exploring the risks associated with cloud computing and the recent leak of nude photos of celebrities using Apple Inc.’s Internet services has raised awareness of cyber risk among insurance regulators, speakers suggested recently at […]
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