Claims
Cyber-attacks and terrorism are among the main emerging risks currently facing the reinsurance sector, according to a new report from Guy Carpenter & Company. New compensation structures for long-term bodily injuries will also present a risk to the industry, according to Guy Carpenter, a global risk and reinsurance specialist and subsidiary of Marsh & McLennan […]
By Canadian Underwriter | September 17, 2014
2 min read
A risk study released this week by Aon Benfield indicates that relatively light catastrophe losses in 2013 compared with the two previous years helped the property and casualty industry achieve a global underwriting profit last year. Aon Benfield’s 9th edition of the Insurance Risk Study – entitled Growth, profitability, and opportunity – shows that global […]
4 min read
Innovations – including more types of risk directly accessing capital markets in insurance-linked securities (ILS) form – are contributing to reshaping a reinsurance market that saw the entrance of about US$20 billion of new capital over the past 24 months, Guy Carpenter & Company, LLC notes in a new report. About US$20 billion of new […]
By Canadian Underwriter | September 16, 2014
DETROIT – The death toll tied to faulty ignition switches in General Motors small cars has risen to 19, according to a compensation expert hired by the company. The number is likely to go higher. Kenneth Feinberg said Monday that he has determined that 19 wrongful death claims are eligible for payments from GM. General […]
By Canadian Underwriter | September 15, 2014
3 min read
LJUBLJANA, Slovenia – Authorities in Slovenia say two people have died in new floods that hit the Balkans this weekend after heavy rains. Police said Sunday a 30-year-old man and a 17-year-old girl drowned after their van plunged into a flood-swollen stream northeast of the capital, Ljubljana. Authorities say surging waters have flooded hundreds of […]
1 min read
CABO SAN LUCAS, Mexico – Hurricane Odile raked the Baja California Peninsula with strong winds and heavy rains early Monday as locals and tourists in the resort area of Los Cabos began to emerge from shelters and assess the damage. The extent of Odile’s impact was still not clear before daybreak, but the storm severely […]
United States President Barack Obama declared Thursday the Aug. 24 California earthquake — which is estimated to have caused at least $2 billion in economic losses and killed at least one — was a “major disaster,” meaning federal aid is available. Aon plc’s Impact Forecasting unit reported earlier that total economic losses “were expected to […]
By Canadian Underwriter | September 12, 2014
MEXICO CITY – Tropical Storm Odile gradually picked up strength as it drifted erratically off Mexico’s southern Pacific coast Thursday, and forecasters predicted it would turn into a hurricane but also track farther out to sea than expected earlier. The U.S. National Hurricane centre said Odile had maximum sustained winds near 60 mph (95 kph). […]
By Canadian Underwriter | September 11, 2014
ISLAMABAD, Pakistan — Pakistani troops used helicopters and boats to evacuate thousands of marooned people from the country’s plains where raging monsoon floods inundated more villages Thursday, officials said. In neighbouring India, the military dropped food for hundreds of thousands of people marooned in flood-hit areas of Indian-held Kashmir. Pakistani and Indian officials said the […]
VANCOUVER — New earthquake detectors could buy some students in British Columbia precious seconds to get to safety before the ground starts shaking. Program leader Prof. Carlos Ventura of the University of B.C. said as little as five seconds could make a difference, if it allows students a chance to duck under a desk. Ventura, […]
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