Claims
The first half of 2014 saw approximately 490 loss-relevant natural catastrophes, with overall economic losses of US$42 billion and insured losses of US$17 billion to the end of June, Munich Re reports. The overall economic losses and insured losses for the first half of the year were considerably below the average for the past 10 […]
By Canadian Underwriter | July 10, 2014
3 min read
HALIFAX – Thousands of households and businesses remained without power Wednesday in areas of the Maritimes, four days after they were ravaged by the force of post-tropical storm Arthur. In New Brunswick, which sustained the greatest damage in Saturday’s storm, utility crews continued work in the hardest hit areas in and around Fredericton and the […]
By The Canadian Press | July 9, 2014
1 min read
Insured losses from natural disasters during the first six months of 2014 were below average at US$18 billion, while reinsurance capital grew to US$555 billion by the end of the first quarter, Aon Benfield said in a recent report. “Despite a number of newsworthy events during the first six months of the year, overall first-half […]
By Canadian Underwriter | July 9, 2014
Insured damage from the tornado that hit Angus, Ont. in late June is at least $30 million, the Insurance Bureau of Canada said Wednesday, 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 Pavilion (CAMP) to […]
TORONTO – An alarming proportion of Ontario teens report that they have texted while behind the wheel of a vehicle, says a survey of Grade 7 to 12 students in the province conducted for the Centre for Addiction and Mental Health. The 2013 Ontario Student Drug Use and Health Survey found that more than one-third […]
5 min read
Market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double-digit range, resulting in reinsurers adding to surplus capacity, reports a mid-year analysis issued Tuesday by Guy Carpenter & Company, LLC. As loss activity remained minimal, reinsurers added to surplus capacity and additional […]
By Canadian Underwriter | July 8, 2014
Twelve catastrophe bonds totaling US$4.5 billion were issued in the second quarter of this year, the most of any quarter in the history of the insurance-linked securities market, Aon Benfield Securities reported Tuesday. For the first half of the year, the ILS market saw issuance of US$5.9 billion, surpassing the first half of 2013, which […]
HALIFAX – It was another day in the dark Tuesday for tens of thousands of Maritimers as power companies insisted they were doing everything possible to restore electricity three days after post-tropical storm Arthur tore through the region. Most of the trouble was in New Brunswick, where more than 63,000 customers were still without power […]
By The Canadian Press | July 8, 2014
2 min read
TOKYO – A powerful typhoon pummeled the southern Japanese islands of Okinawa on Tuesday, paralyzing transport and prompting U.S. forces based there to cancel all outdoor activity. The Okinawan government said 10 people were injured, one seriously. Separately, a man was reported missing from a fishing boat in rough seas off Kyushu island, to the […]
WINNIPEG – Flood fears eased in Manitoba’s second-largest city Monday as emergency officials turned their attention to smaller rural communities downstream. The swollen Assiniboine River was dropping from its crest in Brandon as dikes and other protection measures held back the water. The high water was headed east to areas around Portage la Prairie, where […]
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