Claims
ATHENS – An earthquake has rattled southern Greece and was widely felt in the capital, Athens. There were no immediate reports of damage or injury and no tsunami warnings. The U.S. Geological Survey gave a preliminary magnitude of 5.6, while the European Mediterranean Seismological Center gave it as 5.8. It is common for different seismology […]
By Canadian Underwriter | August 29, 2014
1 min read
MONTREAL – Criminal charges against two men accused in the Lac-Megantic tragedy should be dropped, their union and lawyers argued Thursday. Train engineer Tom Harding, railway traffic controller Richard Labrie and Jean Demaitre, the manager of train operations, are each charged with 47 counts of criminal negligence causing death – one for each victim of […]
By The Canadian Press | August 28, 2014
3 min read
HALIFAX – Hurricane Cristobal has the North Atlantic in its sights. The Canadian Hurricane Centre in Halifax says the storm is racing northeastward toward the Grand Banks off Newfoundland. It’s packing maximum sustained winds of 120 kilometres per hour. Cristobal is expected to stay out at sea, but the centre says it will merge with […]
The recent severe hailstorm that hit Airdrie, Alberta accounts for the majority of Intact Financial Corporation’s preliminary estimate of $100 million to $120 million in pre-tax financial impact of catastrophe events in July and so far in August. The Airdrie storm on August 7 was the most significant event to date this summer, accounting for […]
By Canadian Underwriter | August 28, 2014
2 min read
A motion Tuesday from Toronto City Council, asking the Ontario government to consider regulating property insurance premiums, shows “a lack of understanding” of insurance as a “risk transfer mechanism,” an official with the Insurance Bureau of Canada (IBC) says, while the provincial brokers’ association is concerned such a measure could affect the availability of home […]
By Canadian Underwriter | August 27, 2014
5 min read
SAN JUAN, Puerto Rico – Hurricane Cristobal moved slowly toward Bermuda after drenching Atlantic and Caribbean islands with heavy rains, causing flooding that officials blamed for at least five deaths. The U.S. National Hurricane Center in Miami said the hurricane would likely avoid a collision with the U.S. Eastern Seaboard, but it was generating life-threatening […]
WASHINGTON – Global warming is here, human-caused and probably already dangerous – and it’s increasingly likely that the heating trend could be irreversible, a draft of a new international science report says. The United Nations’ Intergovernmental Panel on Climate Change on Monday sent governments a final draft of its synthesis report, which combines three earlier, […]
Insurance carriers covered $21 billion in natural catastrophes and man-made disasters during the first half of 2014, Swiss Re Ltd. reported Wednesday. “According to preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters reached ($44 billion) in the first half of 2014,” Swiss Re said in a release, adding that the “global […]
Global reinsurers underwriting results were profitable for the first half of 2014 despite deterioration as a result of increased non-cat property losses and a higher underlying run-rate loss ratio, notes a new report issued Tuesday by Fitch Ratings. The group of reinsurers that Fitch tracks generated a calendar-year reinsurance combined ratio of 87.4% in first […]
HIGH RIVER, Alta. – The town of High River in southern Alberta is extending tax relief to people who were still displaced from their homes or businesses this year as a result of 2013’s devastating flood. The relief was first offered in January to those whose properties were severely damaged and couldn’t be occupied for […]
By The Canadian Press | August 26, 2014
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