Claims
Munich Re has used the capital markets to acquire coverage for hurricane risks in the United States and Australian cyclone risks, with a total volume of US$100 million. The catastrophe bond, which matures in June 2017, is through Queen Street IX Re Limited, a special purpose reinsurer registered in Ireland. The risk modelling was developed […]
By Canadian Underwriter | March 7, 2014
1 min read
The Insurance Bureau of Canada said Friday it supports the Alberta government’s budget’s move to earmark $1.5 billion for flood mitigation and recovert programs in the province over the next three years. The budget calls for $700 million for future flood mitigation projects including grants for erosion control, flood hazard mapping, mitigation related to water and […]
A Toronto clinic has been ordered to pay $75,000 in fines this week, after its principals pleaded guilty to engaging in unfair or deceptive acts or practices in the business of insurance related to auto insurance fraud, the Insurance Bureau of Canada reported Thursday. North York Health and Rehabilitation Centre (located 1280 Finch Avenue West, Suite […]
By Canadian Underwriter | March 6, 2014
2 min read
Catastrophes worldwide caused roughly $1 billion in insured losses in February, according to the latest recap report from Impact Forecasting, the catastrophe model development arm of Aon Benfield. Record snowfall in Japan resulted in total claims payouts of about $585 million, while economic losses were around $1.2 billion, according to the report. A winter storm […]
French reinsurer SCOR SE released Wednesday its financial results for the 2013 calendar year, recording a 4.3% year-over-year increase in property and casualty gross written premiums, a 1.2-point year-over-year drop in its natural catastrophe ratio and a 6% premium increase, on January 2014 treaty renewals, of marine and energy and United States catastrophe reinsurance. Paris-based […]
By Canadian Underwriter | March 5, 2014
3 min read
DETROIT – The new CEO of General Motors is reassuring employees after an embarrassing recall of 1.6 million small cars, telling them that an internal review will bring improvements and prevent similar problems from occurring in the future. A letter from CEO Mary Barra to employees explaining GM’s handling of the recall was first posted […]
WASHINGTON – Lawmakers are poised to undo many of the changes in a bill to overhaul the federal flood insurance program after homeowners in flood-prone areas complained about sharp increases in their premiums. The House voted overwhelmingly Tuesday night to allow sellers to confer their subsidized, below-market insurance rates to new homebuyers and lower the […]
Fitch Ratings reports that no rating impact is expected as a result, but large losses early in 2014 related to severe winter weather in the United States is damaging the results of property and casualty insurance companies. Citing estimates from the Insurance Information Institute, Fitch noted in a statement Monday that severe winter weather from […]
By Canadian Underwriter | March 4, 2014
The Ontario government is introducing legislation that would move administration of the current dispute resolution system for auto insurance claims from the Financial Services Commission of Ontario to the Ministry of the Attorney General’s Licence Appeal Tribunal. In an announcement Tuesday, the Liberal government said the proposed move “would help cut down on consumer frustration […]
Distracted driving fatalities in Ontario surpassed both impaired driving-related and speed-related fatalities last year, the Ontario Provincial Police said Monday. A total of 78 people died in distracted driving-related collisions last year, above the 57 impaired driving deaths and 44 speed-related deaths, the OPP said. “When you consider the overall impact of these 78 fatalities […]
By Canadian Underwriter | March 3, 2014
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