Claims
HALIFAX – The Nova Scotia Utility and Review Board has told Nova Scotia Power to provide a report next month outlining its state of preparedness and its response to post-tropical storm Arthur. The board is conducting a review of how the power company responded to the storm, which at its peak knocked out power for […]
By The Canadian Press | July 16, 2014
1 min read
Catastrophe risk modeler AIR Worldwide has announced an updated Severe Thunderstorm Model for the United States that includes enhancements to all model components – hazard, engineering and financial – meant to help companies better assess storm impact on their portfolios. The peer-reviewed model has been developed to “provide companies with the high-resolution, detailed view of […]
By Canadian Underwriter | July 16, 2014
2 min read
Benign loss activity and softening conditions in the global reinsurance market are contributing to overcapacity in the international construction, property and casualty markets during the first half of 2014 that has resulted in rate reductions of as much as 30% for commercial insurance buyers, finds a new report issued Wednesday by Willis Group Holdings. The […]
NEW WESTMINSTER, B.C. – In the spring of 2007, British Columbia’s Liberal cabinet was briefed on a potentially disastrous scenario: if temperatures climbed above 26 degrees over any two-day period before the end of June, the province would be struck with the most destructive flood since 1898. “Those of us that were privy to that […]
3 min read
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 Tuesday. “Multiple search warrants were executed on warehouses in the City of Vaughan and the City of Toronto,” York Regional Police reported in late June following […]
By Canadian Underwriter | July 15, 2014
TORONTO – Ontario’s governing Liberals are reviving legislation aimed at reducing auto insurance rates and inflated towing costs. The Liberals introduced two bills in the spring to help reduce auto insurance premiums by an average of 15 per cent across the province, but they were scrapped when the election was called. The government had touted […]
By The Canadian Press | July 15, 2014
MANILA, Philippines – A typhoon slammed into the northeastern Philippines late Tuesday night, flooding low-lying villages, ripping off roofs and knocking down trees and electric posts in a disaster-prone region where tens of thousands of people fled to safety ahead of the deluge. Damage from Typhoon Rammasun could not be assessed until daybreak, especially in […]
The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that Hendrickson TD Insurance and an individual known as Mr. Yeme are not licensed to do insurance business inthe province. “This individual appears to be selling false auto insurance under the company Hendrickson TD Insurance,” FSCO said. “The individual also provided a […]
By Canadian Underwriter | July 14, 2014
TWIN LAKES BEACH, Man. – Manitoba is moving ahead with the construction of a second outlet on Lake Manitoba that will ease flooding in the region. Emergency Measures Minister Steve Ashton says the construction of a new outlet will cost at least $300 million. He says the province is hoping Ottawa will pick up at […]
By The Canadian Press | July 14, 2014
The Insurance Council of Texas (ICT) predicts that the June 12 hail storm that hit Abilene will produce US$400 million in insured losses to vehicles, homes and commercial property. “This is the worst storm damage I’ve seen in my 41 years in the insurance business,” Leroy Perkins of the Perkins Insurance Agency in Abilene, notes […]
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