Claims
TORONTO – A Canadian law suit against General Motors is being pursued by the parents of an Ontario man who died in a 2012 head-on collision while driving a 2006 Saturn Ion. The suit is being brought against GM Canada and others as a national class action related to recent worldwide recalls by the automaker, […]
By The Canadian Press | April 10, 2014
2 min read
A new independent catastrophic loss index provider has launched in Canada, aiming to provide detailed analytical and meteorological information on Canadian natural and man-made catastrophes to the insurance and reinsurance industries. Catastrophe Indices and Quantification Inc. (CatIQ) has an online subscription-based application that provides comprehensive insured loss indices, granular industry-wide loss estimates, Geographic Information System […]
By Canadian Underwriter | April 9, 2014
3 min read
Natural catastrophes globally caused roughly $7 billion in insured losses during the first quarter of the year, and $20 billion in economic losses, according to the latest recap report from Aon Benfield’s catastrophe model development arm Impact Forecasting. Severe winter weather caused damage across the United States last month, including one storm in the Carolinas […]
TOKYO – Toyota Motor Corp. is recalling 6.39 million vehicles globally, including more than half a million in Canada, for a variety of problems spanning nearly 30 models in Japan, North America, Europe and other places. Some vehicles were recalled for more than one problem. The recall cases total 6.76 million vehicles for 27 Toyota […]
The Surety Association of Canada, whose members include 17 primary insurers offering surety bonds in Canada, is expressing some reservations about a proposal before the Ontario legislature to give contractors on construction sites the ability to terminate contracts when they do not receive progress payments on time. “The Surety Association of Canada is very supportive […]
By Canadian Underwriter | April 8, 2014
4 min read
EDMONTON – Alberta’s river forecasters say they’re better prepared than last year for flooding. An alarm system now monitors about 40 rain gauges in flood-prone areas across the province. River flow forecaster Colleen Walford says if there is intense rain, the alarm will give earlier warning to environment staff and municipalities. She says improved communication […]
By The Canadian Press | April 8, 2014
1 min read
The first quarter of 2014 saw increasing participation from money managers and mutual funds investing directly in insurance-linked securities (ILS) and the second quarter looks to be on course for strong levels of issuance, notes Willis Capital Markets & Advisory (WCMA), part of Willis Group Holdings plc, which was issued Tuesday. In 2014 Q1, there […]
The property and casualty insurance arm of La Capitale Financial Group Inc. saw business growth of 7.4% despite several extreme weather events in 2013 that produced a record number of claims for insurers in Canada. “We made progress in all our business lines and significantly consolidated our market share, particularly in the Greater Montreal region,” […]
FREDERICTON – New Brunswickers are under a flood watch advisory as a storm threatens to dump up to 45 millimetres of rain. River Watch says water levels in rivers, streams and tributaries are expected to rise in the coming days as a result of heavy rain and warm, ice-melting temperatures. Water levels are expected to […]
CALGARY – An emergency advisory has been expanded, as concern over spring runoff grows to include more Alberta communities. On Friday, the province warned that rising temperatures are causing rapid snowmelt, which could lead to overland flooding as water makes its way into streams. The affected areas are mostly in central and southern Alberta, including […]
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