Claims
Global insured losses from natural catastrophes and man-made disasters last year were $45 billion, with flooding and hail events contributing in large part, according to the latest sigma study from Swiss Re. That’s still down $81 billion over 2012, partially because of the quieter hurricane season, Swiss Re said Wednesday. Of the insured losses, $37 […]
By Canadian Underwriter | March 26, 2014
2 min read
After a severe earthquake, it could take months for civil engineers to complete their work for insurance carriers, and some claims professionals will rely on aerial photography due to restrictions on entering disaster areas, according to speakers at a recent event. After a catastrophe such as an earthquake, policyholders will need engineering design work in […]
By Canadian Underwriter | March 25, 2014
5 min read
CALGARY – A long and snowy winter doesn’t necessarily mean flooding on the same level as what occurred in southern Alberta in 2013. Alberta Environment says a measurement on March 1 showed the snowpack was only slightly above normal compared with last year. Department spokeswoman Carrie Sancartier says four areas have received a record amount […]
By The Canadian Press | March 25, 2014
1 min read
Karen Clark & Company (KCC) has announced its open platform for catastrophe risk management is now a fully probabilistic loss estimation tool capable of generating exceedence probability (EP) curves, probable maximum losses (PMLs) and average annual losses. An open platform offers components that “are fully transparent and customizable by the user,” Karen Clark, CEO of […]
More than half of all home insurance claims last year involved water damage, an water damage claims payouts rose 69% over 2012, Aviva Canada said Tuesday. “With last year’s storms, water damage reached an all time high making up 51% of all Aviva Canada property claims,” Wayne Ross, vice president of property claims for Aviva Canada said in […]
HALIFAX – Atlantic Canada is bracing for a spring storm that could bring wind gusts of over 100 kilometres per hour and storm surges that could damage docks and coastal properties. Environment Canada forecaster Tracey Talbot says the storm will begin very early Wednesday morning in southern Nova Scotia and will track across the region […]
NEW YORK – There’s no easy fix for the National Flood Insurance Program, now drowning in a $24 billion sea of red ink. But experts and advocates say Congress does have some options that could make the troubled program financially stable, more affordable and more effective at motivating change in communities built too close to […]
4 min read
Earthquakes are different in some respects from weather catastrophes, and speakers at a panel Monday had several pieces of advice for insurance carriers who need to prepare for a major quake to affect Canada. “The majority of adjusters, when an earthquake hits — it will be the first time they ever handled an earthquake claim,” […]
By Canadian Underwriter | March 24, 2014
Despite high loss estimates from the most recent severe flooding in the United Kingdom, insurers there are likely to withstand the impact, rating agency A.M. Best said in a briefing released Monday. Insured losses from flooding in the last quarter of 2013 are currently estimated at between £750 million and £1.2 billion, according to the […]
GENEVA – Much of the extreme weather that wreaked havoc in Asia, Europe and the Pacific region last year can be blamed on human-induced climate change, the U.N. weather agency says. The World Meteorological Organization’s annual assessment Monday said 2013 was the sixth-warmest year on record. Thirteen of the 14 warmest years have occurred in […]
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