Claims
The Chubb Corporation’s financial results for the first quarter of the year were adversely affected by catastrophe losses, related mostly to severe winter weather in the United States, contributing to a decrease in net income compared to the same period last year. Overall, net income for the first quarter of 2014 fell to US$449 million […]
By Canadian Underwriter | April 25, 2014
3 min read
WINNIPEG – The member of Parliament for Selkirk-Interlake says 49 condemned homes on a Manitoba First Nation hit by flooding in 2011 may have been sold off and moved. James Bezan says the allegations are serious and an investigation has been launched. Lake St. Martin Chief Adrian Sinclair insists he hasn’t done anything wrong and […]
By The Canadian Press | April 25, 2014
2 min read
WASHINGTON – A new study is asserting a link between climate change and both the intensifying California drought and the polar vortex blamed for the recent harsh winter. Usually, researchers make those links years later, but this study does it in real time. Utah State University scientist Simon Wang who wrote the study say he […]
By Canadian Underwriter | April 24, 2014
1 min read
Investors continued to pounce on cat bonds during the first three months of 2014, with Aon Benfield Securities Inc. reporting seven transactions totalling US$1.41 billion during Q1. In its Insurance-Linked Securities First Quarter 2014 Update, Chicago-based Aon Benfield Securities reported Thursday that the largest deal of the quarter, worth $300 million, essentially covers State Farm […]
PORT HARDY, B.C.- Glass rattled, buildings swayed, but no damage was reported after a magnitude 6.7 earthquake hit off the northern coast of Vancouver Island on Wednesday night. The U.S. Geological Survey reported that the epicentre was about 94 kilometres south of Port Hardy and struck at a depth of 11 kilometres. The agency also […]
By The Canadian Press | April 24, 2014
FREDERICTON – Spring flooding has already caused millions of dollars in damage to New Brunswick’s roads and bridges, the province’s transportation minister said Wednesday. Claude Williams said crews are making repairs as quickly as possible, but it may take weeks to reopen some routes. ”Crews all over the province are doing some assessment and evaluations […]
By The Canadian Press | April 23, 2014
OTTAWA – The federal government is pulling 5,000 older tank cars off the rails immediately as it adopts the major rail safety recommendations of the Transportation Safety Board. Transport Minister Lisa Raitt says the least crash-resistant of the older tank cars must be removed from the rails immediately. She says older tank cars carrying crude […]
Funding for disaster mitigation in the federal government’s Economic Action Plan 2014, announced earlier this year, is an acknowledgement of Ottawa’s role in helping to address the impact of severe weather, Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), suggested during an IBC symposium in downtown Toronto Tuesday. The Economic Action […]
By Canadian Underwriter | April 23, 2014
BELLEVILLE, Ont. – Ontario Premier Kathleen Wynne toured the flood-hit areas of Belleville on Tuesday. Wynne stopped short of providing direct funding to the city, at least for now. She says individuals and municipalities affected by the flood can apply through the Ontario Disaster Relief Assistance Program. Belleville Mayor Neil Ellis and Fire Chief Mark […]
Global reinsurers reported solid underwriting gains last year, as “catastrophe-related losses were manageable and loss reserve development remained favourable,” Fitch Ratings said Tuesday. Among the global reinsurers that the firm tracks, the underwriting combined ratio improved to 85.5% in 2013, from 89.3% in 2012, Fitch said in a report released Tuesday. The improvement is due […]
By Canadian Underwriter | April 22, 2014
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