Claims
TORONTO – Toronto’s city council has voted in favour of asking the federal and provincial governments for money to help cover the cost of the pre-Christmas ice storm. During the second day of their special meeting today, council voted unanimously to ask both Ottawa and Queen’s Park to each pony up one-third of the cost […]
By The Canadian Press | January 13, 2014
1 min read
PLASTER ROCK, N.B. – The first freight train returned to service Saturday on a rail line that was the scene of a fiery derailment in New Brunswick as all but one couple in an evacuation zone were allowed to return to their homes. CN spokesman Jim Feeny said the couple’s house is within 100 metres […]
By Canadian Underwriter | January 13, 2014
3 min read
There was “strong investor demand” in catastrophe bonds in the fourth quarter of 2013, with a total of US$7.5 billion in new cat bonds issued during the calendar year, according to a recent report from Aon Benfield Securities. As of Dec. 31, the total limit of cat bonds outstanding was US$20.3 billion, according to Aon […]
Insured losses from natural disaster events last year totalled $45 billion, the lowest since 2009, Impact Forecasting reports in its global catastrophe recap for 2013. Economic losses from 296 events reached $192 billion, according to the firm, which is the catastrophe model development arm of Aon Benfield. That’s 4% lower than the 10-year average of […]
The Supreme Court of Canada ruled this week partly in favour of The Dominion of Canada General Insurance Company over a dispute as to whether a homeowner’s policy requires The Dominion to defend a couple and their son, who are being sued over an accident involving an all-terrain vehicle resulting in traumatic brain injury. The […]
By Canadian Underwriter | January 10, 2014
WAPSKE, N.B. – Three days after they were evacuated from their houses, residents of a small community in northwestern New Brunswick still don’t know when they’ll be able to go home. About 150 people were told to leave Wapske on Tuesday after a CN freight train derailed and several cars carrying liquid petroleum gas and […]
By The Canadian Press | January 10, 2014
MINNEAPOLIS – Hunkering down at home rather than going to work, cancelling thousands of flights and repairing burst pipes from the Midwest to the Southeast has its price. By one estimate, about $5 billion. The country may be warming up from the polar vortex, but the bone-chilling cold, snow and ice that gripped much of […]
By Canadian Underwriter | January 9, 2014
PLASTER ROCK, N.B. – The federal Transportation Safety Board says their preliminary investigation into the train derailment in northwestern New Brunswick has found a cracked wheel and a broken rail but it’s too early to say what caused the train to leave the tracks. Guy Laporte, a senior investigator with the agency, says he has […]
By The Canadian Press | January 9, 2014
TORONTO – Toronto’s city manager is recommending that city council ask the provincial and federal governments for financial assistance to help pay for damage caused by two storms in 2013. A report to Toronto council on Wednesday says last month’s ice storm and flooding in July 2013 will cost the city in excess of $171 […]
TORONTO – Home owners should prepare to pay more for property insurance as the severe weather trend that has battered the country during the past year is expected to continue. ”There are more and more storms happening, and we’re seeing extreme weather events that happened once every 40 years… that can now be expected to […]
By Canadian Underwriter | January 8, 2014
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