Claims
The Financial Services Commission of Ontario (FSCO) has issued a public alert warning consumers that an organization known as Strategy Insurance Limited is not licensed to do insurance business in the province. Emphasizing the need to exercise caution if contacted, FSCO reports the entity appears to have issued a fraudulent insurance policy to an individual […]
By Canadian Underwriter | September 9, 2014
1 min read
NEW DELHI — Rescue workers in boats and helicopters worked to save thousands of people trapped in homes and on rooftops Monday after floods and landslides killed more than 320 people in the Himalayan region of Kashmir and eastern Pakistan. Six days of torrential rains have soaked both sides of the divided territory of Kashmir, […]
By Canadian Underwriter | September 8, 2014
3 min read
Impact Forecasting’s Global Catastrophe Recap report for August 2014 indicates that just one in 20 people living in Napa County – the site of the strongest earthquake to strike the San Francisco Bay Area in 25 years – have quake insurance. Napa County has a residential earthquake insurance penetration rate of 5.3% compared to an […]
4 min read
A scenario from Standard & Poor’s Ratings Services that seeks to test the potential impact of climate change suggests that reinsurers might be underestimating their exposure to catastrophe losses by an average of 50%. The finding is outlined in the article, Climate Change Could Sting Reinsurers That Underestimate Its Impact, published Wednesday by Standard & […]
By Canadian Underwriter | September 5, 2014
2 min read
LAS VEGAS – Hillary Rodham Clinton, former United States Secretary of State, warned Thursday of the threat of climate change and contended that the U.S. should become what she called the world’s 21st-century clean energy superpower, during the National Clean Energy Summit in Las Vegas. Clinton cast the threat of global climate change as real […]
The Insurance Bureau of Canada (IBC), citing figures from Property Claim Services (PCS), announced Wednesday that a major storm that hit southern Alberta Aug. 7-8 caused an estimated $450 million in insured damage. IBC reports that the estimated damage from the storm ratchets up the tally of Alberta’s insurance payments from natural catastrophes to $4 […]
By Canadian Underwriter | September 4, 2014
Risk Management Solutions Inc. announced this week it estimates insured losses from the recent earthquake in California “will not exceed” US$250 million. On Aug. 24, the South Napa Earthquake, measuring 6 on the Richter scale, struck about 50 kilometres north of San Francisco. It was the “largest” earthquake affecting the San Francisco Bay in 25 […]
NEW ORLEANS — A United States court ruling Thursday, that BP PLC bears most of the responsibility for the 2010 Macondo offshore oil well spill, exposes the energy giant to roughly $18 billion in civil fines. All figures are in United States dollars. BP has vowed to appeal the ruling, by U.S. District Court Judge Carl […]
2013 and 2014 reflect stories in severity versus frequency for the property and casualty industry in Canada, Joel Silverthorn, a senior financial analyst for A.M. Best Company Inc., said during the company’s 2014 Insurance Market Briefing – Canada. With events such as ice damming, frequent storms and continued water events, this frequency “crept in below […]
5 min read
MEXICO CITY – Tropical Storm Dolly drenched Mexico’s Gulf coast before moving inland over mountains and weakening to tropical depression on Wednesday. The U.S. Hurricane Center said Dolly was centred about 65 miles (110 kilometres) west-southwest of Tampico, with sustained winds of 35 mph (55 kph). It and it was moving to the west at […]
By Canadian Underwriter | September 3, 2014
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