Claims
The $3.2 billion in insured losses from severe weather represents the highest ever in Canadian history, the Insurance Bureau of Canada (IBC) reports. The late-year ice storm – which wreaked havoc on parts of southern Ontario and eastern Canada – generated an estimated $200 million in insured losses and was enough to push the annual […]
By Canadian Underwriter | January 20, 2014
2 min read
The move by the federal and Western Australia (WA) governments to make more funds available for cleaning up properties destroyed or damaged in the Parkerville bushfire will help to protect property owner entitlements, suggests the Insurance Council of Australia (ICA). The funding assistance will alleviate a significant amount of stress for those affected by the […]
Property insurers should consider offering “catastrophic” coverage for policyholders to address the lack of overland flood coverage in Canada, while an aging population is going to affect property and casualty insurers as governments try to download health costs to carriers covering accident benefits, an insurance executive suggested this week. “I personally think that it’s time […]
By Canadian Underwriter | January 17, 2014
3 min read
WASHINGTON – House Speaker John Boehner said Thursday that the GOP-controlled House won’t take up legislation aimed at neutering a 2012 overhaul of the federal flood insurance program that is hitting homeowners with big premium hikes. Owners of vacation homes, frequently flooded properties and businesses are losing their subsidized insurance rates over time under the […]
Delaying action on global warming will only increase the costs and reduce the options for dealing with the worst effects of climate change, according to a draft report by U.N. experts. The final draft of the report by the Intergovernmental Panel on Climate Change, obtained Thursday by The Associated Press, says that global warming will […]
MISSISSAUGA, Ont. – Officials from municipalities affected by last month’s devastating ice storm are to meet in Mississauga, Ont., today to discuss funding the cleanup. Councils in many municipalities – including Toronto, Mississauga, Brampton, and Caledon – have voted to ask the province that they be declared disaster areas. The storm impacted dozens of communities […]
By The Canadian Press | January 17, 2014
1 min read
Zurich-based PERILS has put its initial estimate of insured property loss from Windstorm Xaver – which hit northern United Kingdom before moving on to parts of western and northern Europe in early December – at 680 million euros. The market loss estimate is based on ultimate gross loss data as reported by primary insurance companies […]
Canadian insurance carriers will have a combined ratio exceeding 100 in 2013 and the industry will see “a lot more” disasters arising from transportation of hazardous materials, while money is flowing into the industry, indirectly, in the form of catastrophe bonds, an insurance company executive suggested Thursday. “The hottest area of new investment into the […]
By Canadian Underwriter | January 16, 2014
Income disparity is the risk seen as most likely to have an impact on the world going into 2014, while extreme weather events were also a top concern, according to a new report from the World Economic Forum. The report assesses 31 global risks with a 10-year outlook, in five categories including economic, environmental, political, […]
The Groupement des assureurs automobiles (GAA), an industry group in Quebec, has announced a new plain language auto insurance policy to take effect March 1. In 2010, GAA and Autorité des marchés financiers (AMF), the provincial regulator, began reviewing policies Q.E.F. No. 1 and 5, and their endorsements, so that consumers would find them easier […]
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