Claims
Product Recall Insurance
By Insurance Institute of Canada | July 31, 2014
4 min read
The recent and ongoing story of recalls by General Motors provides an example of the impact that recall events can have on a company. According to figures posted on the company’s website, GM issued 60 North American recall notices in the first seven months of 2014, covering more than 28 million vehicles. Recall-related costs were […]
1 min read
Global natural catastrophes for the first half of the year accounted for US$22 billion in insured losses, with more than half occurring in the United States, Impact Forecasting said in a report released July 23. Roughly 55% of the insured losses came from the U.S., with 23% in Europe, and 19% in Asia, according to […]
July 31, 2014
2 min read
The average “total cost of risk” for companies trended higher for the third consecutive year in 2013, according to the newly-released RIMS Benchmark Survey. The TCOR increased 2% from $10.70 per $1,000 of revenue in 2012 to $10.90 per $1,000 of revenue in 2013, according to RIMS. The total cost of risk also increased 5% […]
AIR Worldwide’s Earthquake Model for Canada – which the risk modelling firm calls a significant tool for compliance with Guideline B-9 – has been updated to provide insurers and other industry stakeholders with an enhanced means of assessing potential losses from ground shaking, fire following earthquake, tsunami, liquefaction and landslide. “The model reflects an up-to-date […]
Insured damage from the tornado that hit Angus, Ont. in late June is at least $30 million, according to the Insurance Bureau of Canada based on preliminary figures from Property Claim Services (PCS). More than 100 homes were damaged from the storm, IBC noted. Immediately after the tornado hit, IBC deployed its Community Assistance Mobile […]
Insured losses from Hurricane Arthur, which struck the United States and Canada in July, are not expected to be above $250 million from wind and coastal flooding, catastrophe modeling firm RMS reported in mid-July. Arthur made landfall July 3 along Shackleford Banks, between Cape Lookout and Beaufort at the southern end of North Carolina’s Outer […]
A recent police raid helped identify roughly $1.4 million in stolen property from 15 separate cargo load thefts over the past several months, the Insurance Bureau of Canada said July 15. “Multiple search warrants were executed on warehouses in the City of Vaughan and the City of Toronto,” York Regional Police reported in late June […]
The provisional cost of insured damage from the June 9-11 storm in New Zealand is NZ$30 million, pushing the tally of insured damage from severe weather events so far in 2014 to NZ$107 million, the Insurance Council of New Zealand (ICNZ) reports. The June storm – which hit much of the Auckland region, East Coast […]
By Canadian Underwriter | July 30, 2014
Intact Financial Corp. released Wednesday its financial results for the three months ending June 30, reporting a three-point improvement in its combined ratio in personal lines and 109% improvement in net income, while its commercial property and casualty business had a combined ratio of 100.5%, “warranting corrective actions.” Toronto-based Intact said its net income attributable […]
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