Claims
Aon Benfield Securities, the investment banking division of Aon Benfield, announced Tuesday that it has successfully underwritten and placed a $250 million catastrophe bond protecting against United States and Australia earthquakes, as well as Australia cyclones. The cat bond was issued by VenTerra Re Ltd, a Bermuda-based special purpose insurer, and provides collateralized protection for QBE […]
By Canadian Underwriter | January 8, 2014
1 min read
CALGARY – Police have laid fraud charges against an autobody shop worker. The auto theft unit in Calgary says it received complaints in late 2012 about a worker who offered to ship damaged vehicles to another country. The intent was that owners could report them stolen and claim insurance. Police were able to intercept a […]
By The Canadian Press | January 8, 2014
PLASTER ROCK, N.B. – Officials with CN were planning to do an aerial surveillance of a train carrying propane and crude oil that derailed in northwestern New Brunswick to try to determine the source and extent of an ongoing fire, a spokesman for the company said Wednesday. Jim Feeny said crews will use a helicopter […]
3 min read
The Financial Services Commission of Ontario has issued a request for proposal for arbitration services, after continuing to face a backlog. FSCO had previously entered into an agreement with ADR Chambers to help eliminate its mediation backlog and assist with the growing number of arbitration files. The commission and ADR recently eliminated the backlog of […]
By Canadian Underwriter | January 7, 2014
December windstorms in Europe caused $2.25 billion in economic losses, Impact Forecasting, the catastrophe model development arm of Aon Benfield said Tuesday. In its monthly global catastrophe recap report, Impact Forecasting noted that Windstorm Xaver was among the major storms to hit Europe last month, killing at least 15 people and causing insured losses of […]
2 min read
Economic losses from catastrophes in 2013 were about US$130 billion, or more than three times insured losses, according to an article posted to the Lloyd’s website. “Lloyd’s research showed that some of the countries at greatest risk from natural catastrophes are the least insured against the potential damages resulting from them,” according to the article, […]
Last June’s flooding in southern Alberta was among the events cited in Munich Re’s review of global natural catastrophes during 2013 – a year that saw direct overall losses below average figures for the last decade, but also demonstrated how precautionary measures can benefit and how their absence can lead to higher costs. Unusually heavy […]
4 min read
NEW ORLEANS – A team of plaintiffs’ attorneys has spent roughly $16 million to sue the Army Corps of Engineers over levee breaches that flooded most of New Orleans after Hurricane Katrina. Joseph Bruno, one of those lawyers, estimates that they ultimately will recoup a mere $3.5 million of their investment. There won’t be any […]
By Canadian Underwriter | January 6, 2014
Efforts by Manitoba Public Insurance’s Special Investigation Unit (SIU) resulted in $8 million of fraud savings for rate payers in he province in 2013, according to the organization. The special unit investigates roughly 3,000 claims per year, according to MPI. In late December, it released its annual “top five” list of fraud incidents for the […]
By Canadian Underwriter | January 3, 2014
Global insured catastrophe losses were below average in 2013, the cost of reinsurance is declining and new catastrophe bond issuance totaled $7.4 billion in 2013, according to a new report by Aon Benfield. “New competitive capital flows will continue to benefit reinsurance buyers in the April, June and July renewal seasons,” reinsurance intermediary and capital […]
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