Claims
Catastrophe modeling firm RMS is warning that hail is causing considerable losses in the United States and Canada and that insurers should be considering reinsurance for such storm events. This year’s severe storm season has been relatively quiet so far, RMS said. Only one event so far has produced insured losses of more than $1 […]
By Canadian Underwriter | June 6, 2014
2 min read
Year over year, the number of weather-related insurance claims in Canada has increased by 32%, notes the latest edition of the annual J.D. Power 2014 Canadian Home Insurance Study. Released Thursday, the annual study examines customer satisfaction with their homeowners insurer by examining five factors: interaction; price; policy offerings; billing and payment; and claims, notes […]
3 min read
The Financial Services Commission of Ontario (FSCO) has issued two separate warnings related to unlicensed insurance activity in the province. The regulator first warned that an individual going by Frank Domalewski is not licensed to do insurance business in Ontario. “This individual appears to have signed a fraudulent insurance policy for pieces of salon equipment. The individual also provided […]
1 min read
BILLINGS, Mon. – U.S. railroads forced to turn over details of their volatile crude oil shipments are asking states to sign agreements not to disclose the information. But some states are refusing, saying Thursday that the information shouldn’t be kept from the public. Federal officials last month ordered railroads to make the disclosures after a […]
WARREN, Mich. – General Motors says a pattern of incompetence and neglect, not a larger conspiracy or coverup, is to blame for a long-delayed recall of defective ignition switches. GM CEO Mary Barra, who released the results of an internal investigation into the company’s missteps on Thursday, said 15 employees – many of them senior […]
By Canadian Underwriter | June 5, 2014
5 min read
The Senate Banking Committee in the United States unanimously voted this week to approve the Terrorism Risk Insurance Program Reauthorization Act of 2014. The 22-0 bipartisan vote was on a bill that would see the existing TRIA program extended for seven years. The existing program, which became law in 2002, expires Dec. 31. Insurance associations […]
Four periods of severe weather in the United States last month caused insured losses of more than $1 billion, with economic losses likely to be several billion dollars, Impact Forecasting says in its global catastrophe recap for May 2014. However, despite the losses, by the end of May, U.S. tornado activity for the year remained […]
PERILS AG issued its third loss estimate for Windstorm Xaver – which hit parts of Western and Northern Europe in early December 2013 – increasing the estimate to 759 million euros. The revised estimate of the property insurance market loss compares to the PERILS’s second loss estimate of 727 million euros in early March, and […]
A state-of-the-art climate model used in recent research led by the Met Office in the United Kingdom in collaboration with Newcastle University provides the first evidence that hourly summer rainfall rates could increase and extreme summer rainfall may become more frequent in the U.K. as a result of climate change. While summers are expected to […]
MANILA, Philippines – The average annual cost of natural disasters has quadrupled over the last three decades and it makes economic sense to boost spending on preparedness to ensure a stable future, a senior European official said Thursday. Kristalina Georgieva, European Commissioner for humanitarian aid and crisis response, told a conference on disaster risk reduction […]
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