Claims
Travelers Insurance is urging individuals and business owners to prepare for the upcoming summer storm season, citing a recent risk indices shows that many in the United States are not prepared for severe weather of any type. “Planning for summer storms should go far beyond coastal areas, as weather-related events occurring during the summer months […]
By Canadian Underwriter | June 4, 2014
2 min read
MEXICO CITY – Tropical Storm Boris weakened back into a tropical depression, but continued to drench southern Mexico on Wednesday. The U.S. National Hurricane Center said the storm was likely to leave rainfall totals as high as 20 inches (500 millimeters) during its passage across Oaxaca and Chiapas states. Almost 8.5 inches (213 millimeters) had […]
1 min read
OTTAWA – They paved paradise, and put up a flood zone. Five cities across Canada will see some of their asphalt torn up and replaced with porous brick and gravel this summer to help mitigate the flash flooding that frequently follows extreme rainfall. Modern cities are ever more sheathed in concrete and pavement, sealing off […]
3 min read
GALVESTON, Texas – The captain of a tugboat whose barges collided with a cargo freighter in the Houston Ship Channel said Tuesday the larger vessel increased its speed in foggy conditions and she couldn’t manoeuvr quickly to avoid the crash. No one was hurt in the March 22 accident being examined by federal officials at […]
By Canadian Underwriter | June 3, 2014
Insurance carriers could develop a “false sense of security” if they rely on the probable maximum loss (PML) risk metric to predict hurricane losses in the southern United States, Karen Clark & Company suggested in a recent white paper. “While the PML is a useful and important risk metric, it can give a false sense […]
Continued competitive pressure from alternative markets, strong reinsurer balance sheets and low loss experiences have combined to increase downward pressure on reinsurance pricing since the June 1, 2013 renewal, reports Guy Carpenter & Company, LLC. In its June 2014 renewal briefing, Guy Carpenter notes that competition increased as markets offered abundant capacity at reduced pricing. […]
WASHINGTON – People are slightly less likely to flee an oncoming storm with a feminine name than a masculine one, a new study finds. But hurricanes with feminine names turn out to be deadlier in the United States than their more macho-sounding counterparts, probably because their monikers make people underestimate their danger, the researchers conclude. […]
The Insurance Bureau of Canada is sending out reminders and tips for preventing property damage as hail season and the Atlantic hurricane season begin this week. Hail season begins now and generally runs until September in the Prairie provinces, IBC notes. Alberta is hit particularly hard by storms, the organization says. In 2012, severe storms […]
By Canadian Underwriter | June 2, 2014
DETROIT – U.S. safety regulators are investigating whether a recall to fix air bags on nearly 745,000 Chrysler SUVs is working properly. The company recalled older-model Jeep Grand Cherokees and Libertys in 2012 because the air bags could inflate without a crash, causing injuries. Chrysler installed an electrical filter to eliminate electrical spikes on air […]
Fitch Ratings’ latest hurricane outlook notes early forecasts for the 2014 hurricane season suggest conditions that could decrease the probability of a major loss-inducing storm impacting the insurance industry. The forecasts indicate that moderate El Nino conditions are likely to persist throughout the year, meaning “this could inhibit tropical storm formation in the North Atlantic […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
