Claims
Increased competition and third-party capital, along with declining premiums, is putting pressure on global insurer’s and could affect their ratings, but many companies are working to mitigate those effects on their business, Standard & Poors says. Competition in the sector likely to reduce earnings this year and next, putting capital strength at risk, the rating […]
By Canadian Underwriter | August 15, 2014
2 min read
Humans are playing a larger and larger role in the increasingly rapid disappearance of glaciers around the world and nowhere is the evidence clearer than in Western Canada, says newly published research. “It’s another nail in the coffin of the idea that we’re not blame,” said Graham Cogley, a Trent University geographer, who has co-authored […]
3 min read
BURLINGTON, Ont. – A city west of Toronto has formally launched a campaign for provincial flood relief. City council in Burlington has voted unanimously to seek assistance through the Ontario Disaster Relief Assistance Program. Mayor Rick Goldring says Red Cross volunteers have started going door-to-door in affected neighbourhoods, as they try to attach a dollar […]
By The Canadian Press | August 15, 2014
1 min read
Canadians should be aware of an emerging nuclear insurance landscape that is putting upward pressure on capacity for the country’s nuclear operators, the Nuclear Insurance Association of Canada (NIAC) suggests. The landscape is changing in light of recent catastrophic events – including Fukushima and Lac Mégantic – and anticipated changes to federal legislation that propose […]
NORTH BABYLON, N.Y. – Communities across the U.S. are drying out after unusually heavy rains swamped highways, flooded basements and were blamed for at least four deaths. Long Island residents were urged to remain off the road Wednesday as a round-the-clock recovery continued after a record 13.26 inches of rain fell between midnight and 9:30 […]
By Canadian Underwriter | August 14, 2014
HONOLULU – U.S. Geographical Service outposts in other states are helping monitor Hawaii’s volcanoes and earthquakes while work is done to repair Tropical Storm Iselle’s damage to the Hawaiian Volcano Observatory. Violent winds slammed the observatory early Friday, causing power problems and other damage to the computer system. The problems have caused disruptions to eruption […]
By Canadian Underwriter | August 13, 2014
Crawford & Company Canada has joined Catastrophe Indices and Quantification Inc. (CatIQ) as a partner, to provide CatIQ users with real-time information from catastrophe zones across the country. Subscribers can gain information such as photos, videos and text based reporting from catastrophe zones through CatIQ’s proprietary CatHUB interface online. CatIQ’s online subscription-based application provides comprehensive […]
Reinsurance company SCOR SE recently released its financial results for the six months ending June 30, reporting a 50% drop in catastrophe losses and a 3.4-point improvement in its property and casualty combined ratio. In its global P&C operations, Paris-based SCOR reported gross written premiums of 2.4 billion euros for the first half of 2014, […]
VANCOUVER – Wildfire smoke blowing in from outside Metro Vancouver has prompted an air quality advisory for the region and Fraser Valley area. Metro Vancouver officials are urging anyone with a chronic medical condition to avoid strenuous exercise because of high concentrations of fine particles hanging in the atmosphere. Authorities are encouraging people to stay […]
By The Canadian Press | August 13, 2014
CALGARY – Two hailstorms that hit north of Calgary have been classified as a catastrophe by the Insurance Bureau of Canada and damage is pegged at more than $25 million. Last Thursday, the city of Airdrie, was hit with a thunderstorm that produced hail stones as large as golf balls in some areas. The hail […]
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