Claims
Super Typhoon Haiyan was unsurprisingly the most significant severe weather event to hit during November, although the month was also marked by other storms in Asia and a rare weather outbreak in the United States, according to the latest catastrophe recap report from Impact Forecasting. When Haiyan made landfall in the central Philippines, the storm […]
By Canadian Underwriter | December 5, 2013
2 min read
The lack of a major U.S. Atlantic hurricane as of Nov. 30 will lead to a “low double-digit price drop” of related reinsurance in the January renewal, while pricing in some reinsurance lines covering Canadian catastrophes will likely rise, predicts New York City-based Fitch Ratings Inc. “The Atlantic hurricane season ended on 30th November without […]
1 min read
LONDON – Hurricane-force gusts hit Scotland on Thursday, causing a fatal truck accident, halting all trains and leaving tens of thousands of homes without electricity. Much of northwestern Europe braced for a storm that was expected to bring flooding to coastal areas. Winds of to 142 miles (229 kilometres) per hour were measured overnight in […]
3 min read
Willis Group Holdings has designed and placed a new derivative-based risk transfer solution protecting a global mining venture against cyclone and heavy rainfall risk in Australia. Under the transaction, which has a total limit of AU$56 million, Roy Hill Holdings will have protection against the financial impact of cyclones and heavy rainfall that could delay […]
By Canadian Underwriter | December 4, 2013
The city of Vancouver now has an updated earthquake preparedness plan, which uses lessons learned from major overseas disasters. City Council received a staff report Tuesday outlining 56 actions to improve Vancouver’s preparedness for a major earthquake event. Read more: Canada not prepared for a major earthquake,insured costs would be significant The report was a […]
Ensuring Canadian taxpayers do not bear any liability for tanker oil spills in Canadian waters – adhering to the polluter pays principle – are among the key assumptions underpinning recommendations for improving the country’s preparedness and response to ship-source oil spills, notes a report released late Tuesday afternoon. “The foundational principles of the Regime, such […]
5 min read
The Automobile Club of Southern California has announced what it says is the first-ever homeowners insurance discount for policyholders who obtain earthquake coverage through the California Earthquake Authority. Beginning Jan. 1, the Auto Club is offering a discount of up to 7% on homeowners insurance policies to members who insure their single-family homes through the […]
By Canadian Underwriter | December 3, 2013
The Provincial Auto Theft Network (PATNET) program, which works to fight auto theft in New Brunswick and Nova Scotia, has expanded to Prince Edward Island, the Insurance Bureau of Canada announced Tuesday. The program’s launch in Summerside, PEI will include a training session for law enforcement focusing on vehicle identification and investigation. “We are delighted […]
Homeowners insurance is frequently unprofitable for United States carriers and but those who use tools such as exposure mapping software and “more rigorous property inspections” can manage their risk exposures better, suggests a new report from credit rating provider A.M. Best Company. Oldwick, N.J. A.M. Best announced Monday a special report, titled “Homeowners Profitability Is […]
A global pandemic, a large-scale natural catastrophe and a food/water/energy crisis are the top three “extreme risks” over the long-term, according to a survey of global insurance industry executives conducted by Towers Watson. Cyber-warfare, an economic depression, a banking crisis and a default by a major sovereign borrower also made the top 10 extreme risks […]
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