Claims
Reinsurance firms need to get into lines of business other than the property catastrophe business, as competition from third-party capital sources such as cat bonds and sidecars continue, suggests a new report from A.M. Best Company Inc. “Despite the less than robust market opportunities, capital from third-party investors such as hedge funds and pension funds […]
By Canadian Underwriter | November 26, 2013
2 min read
TANAUAN, Philippines – As Typhoon Haiyan tore across the eastern Philippines, coconut plantations older than the fathers of the men who tend them were smashed like matchsticks and call centres that field customer service gripes from around the world fell silent. The storm that killed thousands also wrecked livelihoods in the worst hit region, a […]
4 min read
Overall insurance rates fell during the third quarter of 2013, though rates in Canada increased for catastrophe-exposed property risks and for directors and officers liability, suggests a new report from brokerage and risk management firm Marsh Ltd. New York City-based Marsh’s British subsidiary released its Global Insurance Market Quarterly Briefing, which included rate trends during […]
By Canadian Underwriter | November 25, 2013
3 min read
MOUNT PLEASANT, N.Y. – Even for a state trooper, it’s not easy to spot drivers who are texting. Their smartphones are down on their laps, not at their ears. And they’re probably not moving their lips. That’s why New York has given state police 32 tall, unmarked SUVs to better peer down at drivers’ hands, […]
Desjardins General Insurance Group (DGIG) announced Monday its financial results for the quarter ending Sept. 30, reporting a combined ratio of 95.1%, down from 101.1% in the third quarter of 2012. Net income for Q3 2013 was $45.4 million on direct written premiums of $550.1 million, up from net income of $22.8 million on direct […]
The Government of Prince Edward Island is proposing that the cap on court awards for pain and suffering from minor personal injuries following vehicle accidents increase from $2,500 to $7,500, aligning the province with limits elsewhere in the region. In line with increasing the minor injury cap (indexed annually by CPI), the definition of minor […]
Insured losses from severe storms in the Midwest region of the United States will “easily reach well into the hundreds of millions” of dollars, based on the number of claims being filed, Aon Benfield said in its weekly catastrophe recap report issued Friday. The storms began around Nov. 17 and into Nov. 18. “According to […]
By Canadian Underwriter | November 22, 2013
1 min read
Severe weather in Newfoundland has caused some power outages, while the forecast calls for more high winds and waves off the coast. Published reports indicate a state of emergency was declared in the Town of Badger, about 120 km west of Gander. The St. John’s Telegram quoted Badger Mayor Mike Patey as saying the town […]
Lloyd’s has testified to the United States government that the reauthorization of the Terrorism Risk Insurance Act (TRIA) is essential for the private market offering terrorism insurance coverage there, joining other industry players who are also in favour of renewal. Sean McGovern, Lloyd’s director of risk management and general counsel, testified Nov. 13 in front […]
WARSAW, Poland – U.N. climate talks are likely to run overtime with more than 190 countries arguing over the building blocks for a new pact to slow global warming. A draft text presented Friday, the last scheduled day of the two-week conference in Warsaw, gave only vague direction on when countries should present their targets […]
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