Claims
State Farm is reminding consumers to check their homeowners’ policies and understand what’s covered for water damage, after paying out $1.3 billion for water loss claims last year. The insurer paid out that sum for more than 180,000 water loss claims resulting from burst frozen pipes, flooded basements, and broken appliance hoses. That’s an average of […]
By Canadian Underwriter | April 7, 2014
2 min read
Before carriers can roll out telematics-based auto insurance in Alberta, the issue of “informed consent” from consumers will need to be addressed, the province’s Automobile Insurance Rate Board suggested in its recent annual report. “A number of insurers and other stakeholders have approached the Board about introducing their version of (usage-based insurance) to Alberta,” AIRB […]
The value of the average fraudulent household content claim in the last quarter of 2013 stood at $2,255, its highest level since records began in 2004, notes the latest counter fraud index from VFM Services Ltd. The figures suggest people are becoming more sophisticated in their approach to fraudulent claims, VFM Services director Sally Griffiths […]
IQUIQUE, Chile – Chilean officials said Friday that water, fuel, electricity and other essential services are being re-established three days after a powerful magnitude-8.2 earthquake and hundreds of aftershocks that have rattled the country’s far northern regions. But pockets of poor people living in substandard housing were still suffering the brunt of the disaster. The […]
By Canadian Underwriter | April 4, 2014
Ratings firm A.M. Best Company released Friday a special report on global reinsurance, reporting an improvement in loss ratios in both the Lloyd’s and United States and Bermuda markets and “relatively healthy” investment income in the sector. “An A.M. Best analysis of the global reinsurer composite showed strong underwriting profitability in 2013 and improvement in […]
ST. LOUIS – Thunderstorms were crawling across a large swath of the Midwest and South on Thursday, spawning suspected tornadoes in Missouri and Texas, and slamming several states with large hail and heavy rain that prompted a handful of water rescues. Four people were injured in Texas when a suspected tornado destroyed a farmhouse and […]
The Ontario Trial Lawyers’ Association is calling on the Ontario government to repeal an auto insurance regulation that defines “permanent serious impairment of an important physical, mental or psychological function” for the purpose of lawsuits for health care costs resulting from injuries from vehicle operation. “OTLA seeks to have the defining regulation, which offends fundamental […]
By Canadian Underwriter | April 3, 2014
3 min read
The Financial Services Commission of Ontario has released its draft priorities for the year and is accepting feedback from interested stakeholders. The final outline of its priorities is due to the Minister of Finance by June 30 each year. This year’s priorities focus in part of licensing of service providers (such as health rehabilitation clinics), […]
IQUIQUE, Chile – Coastal residents of Chile’s far north spent a second sleepless night outside their homes as major aftershocks continued Thursday following a magnitude-8.2 earthquake that damaged several thousand homes and caused six deaths. No new major damage or casualties were reported, and a heavy police and military presence kept order. The infrastructure in […]
VANCOUVER – Extreme weather events such as the flooding in Calgary and Toronto nearly kept the federal government from meeting its budget targets last year, says an insurance industry official. Barbara Turley-McIntyre of the Co-operators insurance agency told delegates at a forum on livable cities in Vancouver that the Alberta flood alone cost the Canadian […]
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