Claims
Fitch Ratings has issued a stable rating outlook for the commercial and personal lines sectors of the property and casualty insurance industry in the United States for 2014. The sector outlook is also stable, based on “expectations for a second consecutive year of underwriting profits in 2014, with a modest reduction in projected underwriting performance […]
By Canadian Underwriter | December 11, 2013
2 min read
Flood defenses in the United Kingdom, Germany and the Netherlands helped limit damage from the extratropical cyclone that hit northern Europe last week, according to AIR Worldwide. The storm, known mainly as Xaver but also as Sven in Sweden, Bodil in Denmark and Ksawery in Poland, brought hurricane-force winds to much of northern Europe, causing […]
HIGH RIVER, Alta. – Homeowners in two southern Alberta neighbourhoods that were under water for almost a month have won a small victory in their fight with the Alberta government for compensation. A judge has awarded 18 families who own homes in the Hamptons and Sunrise neighbourhoods in High River the right to take their […]
By The Canadian Press | December 11, 2013
Property damage from sinkholes will be “a substantial risk” in the United States, while total flood losses in the U.S. are forecast at about US$2 billion for 2013, according to a report from CoreLogic Inc. CoreLogic released its annual Natural Hazard Risk Summary and Analysis on Wednesday, which “summarizes the property and structure, geographic and […]
A Toronto-area member of parliament presented Monday a petition in Ottawa asking the federal government for more funding for sewer systems. “Residents in my community of York South-Weston who endured terrible flooding last July 8, in part caused by inadequate and antiquated sewers, have signed a petition calling on the Government of Canada to immediately […]
By Canadian Underwriter | December 10, 2013
Federal politicians debated last week a privacy breach notification bill, with the former president of an insurance brokerage warning that Bill C-475, if passed into law, could result in “notification fatigue” among consumers. “The bill would require organizations to report to the Privacy Commissioner every data breach posing a possible risk of harm,” Conservative Member […]
By Canadian Underwriter | December 9, 2013
4 min read
Catastrophe insurance data firm PERILS has estimated that the property market loss from October’s Windstorm Christian in Western and Northern Europe will be 994 million euros. On Dec. 6, 1 euro was equal to $1.45. The Zurich-based firm said Friday that the majority of the losses occurred in Denmark, Germany and the Netherlands, where gust […]
By Canadian Underwriter | December 6, 2013
1 min read
A British Columbia recently ruled this week in favour of St. Paul Fire and Marine Insurance Company over a dispute on the scope of coverage of an “interruption by civil authority” clause in a commercial policy. On July 18, 2009, an evacuation order was issued to residents near Kelowna due to forest fires. One affected […]
3 min read
The Ontario government “needs to reassess its approach” to auto insurance because the mandated 15% reduction in premiums “will award the biggest cost savings to bad drivers, including impaired drivers,” according to MADD Canada. Last August, the Ontario Ministry of Finance announced it is giving the Superintendent of Financial Services the authority to require insurers […]
Winter Storm Xaver hit north of Scotland earlier this week, bringing strong wind gusts to parts of northern United Kingdom, and threatening to increase the risk of coastal flooding in the U.K., the Netherlands, northern Germany and Denmark, AIR Worldwide reports. Xaver follows Winter Storm Christian, which hit southern Britain in late October, pummelling parts […]
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