Claims
The payouts by insurance companies in New Zealand in the wake of the 2011 Canterbury earthquake crossed the $11 billion mark as of the end of February. Insurance companies have paid out $11.103 billion in commercial and residential Canterbury earthquake settlements, the Insurance Council of New Zealand (ICNZ) noted in a statement Tuesday. That amount […]
By Canadian Underwriter | April 2, 2014
1 min read
The Institute for Catastrophic Loss Reduction will be holding a workshop focused on forest fires from a risk management perspective. The April 11 event, part of ICLR’s ongoing Friday Forum series, will host David Martell a professor in the Faculty of Forestry at the University of Toronto. “Fire is a natural forest ecosystem process but […]
2 min read
Despite floods dominating natural catastrophe losses in 2013, a new publication released Tuesday by Munich Re shows that protective measures can drastically reduce losses. In 2013, 37% of overall losses worldwide from natural catastrophes were flood-related, substantially higher than the 22% average for the period since 1980, note figures in Munich Re’s new publication, Topics […]
3 min read
SANTIAGO, Chile – Authorities lifted tsunami warnings for Chile’s long coastline early Wednesday after a magnitude-8.2 earthquake struck the South American nation’s northern coast. Six people were crushed to death or suffered fatal heart attacks, a remarkably low toll for such a powerful shift in the Earth’s crust. President Michelle Bachelet flew to the region […]
4 min read
Global reinsurers will likely be reporting “solid underwriting profitability” for the first three months of the year, as catastrophe losses were low, Fitch Ratings said Tuesday. The agency said that reinsurers’ results will be in line with 2013, since the industry hasn’t seen a significant loss since Hurricane Sandy in late 2012. While flooding and […]
By Canadian Underwriter | April 1, 2014
Canadian property & casualty insurance carriers need to work with government in order to determine how areas at risk of flooding can be insured, and they also need to “draw policyholders’ attention to exclusions,” suggests a new report from Ernst & Young LLP. EY released its 2014 Canadian property & casualty insurance outlook Tuesday. “Flood […]
Canada's Anti-Spam Legislation (CASL) will take effect at the beginning of July. What do organizations need to know about which electronic messages are affected, when consent will be required and what processes must be in place to ensure compliance.
March 31, 2014
7 min read
Disturbing business practices by some automobile dealers in Quebec have pitted insurance brokers against dealers. The battle is being waged over what the Quebec brokers association regards as a clear violation of provincial law related to dealers offering replacement cost endorsements on replacement insurance.
5 min read
Insurers have certainly noticed the high toll that increasingly severe and frequent bad weather is having - and policyholders are likely to soon follow. The circumstances make it clear that insurers, brokers, customers, lawmakers and other groups all must work together to mitigate (or prevent) damaging effects.
By Donna Ince, Senior Vice President, Personal and Commercial Insurance, RSA Insurance | March 31, 2014
6 min read
The rapid growth of the solar energy market has created some cloudy issues for insurance coverage and claims. Is the property and casualty insurance industry taking into account all of the risk factors associated with the proliferation of solar panels?
By Craig Harris | March 31, 2014
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