Claims
SLINGER, Wis. – A Canadian National Railway Co. train struck another freight train as it rolled through a small village in southeastern Wisconsin, causing cars to derail, injuring two people and spilling thousands of gallons of diesel oil that prompted the evacuation of dozens of homes. The southbound Canadian National train struck several Wisconsin & […]
By Canadian Underwriter | July 21, 2014
1 min read
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 […]
3 min read
The United States Senate voted Thursday in favour of a bill that, if passed into law un-amended, would extend the Terrorism Insurance Program from the end of this year until the end of 2021 and would increase the insurance marketplace aggregate retention amount, by US$10 billion, to US$37.5 billion. Risk and Insurance Management Society (RIMS) […]
By Canadian Underwriter | July 18, 2014
WEST KELOWNA, B.C. – Flames from a fast-moving wildfire have forced the evacuation of more then 2,500 residents from several neighbourhoods in British Columbia’s Okanagan region. The wildfire, which is one of about 140 burning in the province, broke out in West Kelowna early Thursday afternoon, but by late evening Central Okanagan Emergency Operations was […]
By The Canadian Press | July 18, 2014
5 min read
The Edmonton Police Service (EPS) announced Thursday it has recovered more than $863,000 worth of travel trailers and other allegedly stolen property after an investigation into false vehicle identification numbers, in which the Insurance Bureau of Canada provided help. “Police were able to identify the original owners and return the property to them, however many […]
2 min read
WASHINGTON – A new federal earthquake map dials up the shaking hazard just a bit for about one-third of the United States and lowers it for one-tenth. The U.S. Geological Survey on Thursday updated its national seismic hazard maps for the first time since 2008, taking into account research from the devastating 2011 earthquake and […]
Insured losses from Hurricane Arthur, which struck the United States and Canada earlier this month, are not expected to be above $250 million from wind and coastal flooding, catastrophe modeling firm RMS reported Friday. Arthur made landfall July 3 along Shackleford Banks, between Cape Lookout and Beaufort at the southern end of North Carolina’s Outer […]
Allstate Corp. said Thursday it estimates its catastrophe losses from June to be $216 million, pre-tax ($140 million after-tax). Catastrophe losses occurring in June included twelve events at an estimated cost of $214 million, pre-tax, plus increased reserve reestimates of prior reported catastrophe losses, Allstate said. It did not report specifically which catastrophe events contributed to that […]
By Canadian Underwriter | July 17, 2014
FREDERICTON – For five days, Colin Sifton was literally powerless as he watched residents of his town of Hampton, N.B., pack the Tim Hortons next door to his empty restaurant. Holly’s Restaurant and Catering lost electricity on July 5 when post-tropical storm Arthur lashed the province, causing flooding, toppling trees and leaving more than 140,000 […]
Despite the hit from recent severe weather, a return to normal levels of bodily injury claims contributed to Manitoba Public Insurance (MPI) posting net income of $14.2 million for the three months ended May 31, 2014. The corporation faced significant increased frequency and severity this past winter that continued into March and April, resulting in […]
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