Claims
Insurers and capital markets need to harness big data to close the disaster gap – the difference between insured and economic costs of natural catastrophes – suggests a new report from BNY Mellon that indicates the cat bond market could balloon to US$50 billion by 2018. The number of cat bonds outstanding could more than […]
By Canadian Underwriter | November 15, 2013
3 min read
Several companies and individuals involved in medical assessments and treatment of people injured in auto accidents were recently denied leave to appeal an earlier court ruling, which had denied their motion to strike out three Ontario auto insurance carriers’ claims against them. Pacific Assessment Centre Inc., Fairview Assessment Centre Inc. and M.D. Consult Inc. (which […]
By Canadian Underwriter | November 14, 2013
4 min read
Zurich Insurance Group has reported a business operating profit of $3.57 billion, with net income attributable to shareholders of just under $3 billion for the first nine months of the year, but said it will not achieve its three-year target for its general insurance business. For the third quarter (ended Sept. 30), the insurer reported […]
2 min read
The Ontario Ministry of Finance is seeking written submissions of feedback to an interim report on the auto insurance dispute resolution system delivered last Friday. J. Douglas Cunningham, former associate chief justice of the Ontario Superior Court of Justice, was tasking in August to conduct a review of the DRS, delivering an interim report in […]
By Canadian Underwriter | November 13, 2013
Insured losses from super typhoon Haiyan are expected to be minimal because of low non-life insurance penetration, “significantly less than 1% of gross domestic product,” according to a new briefing from rating agency A.M. Best. The firm notes one preliminary estimate that has placed total economic losses at $14 billion and insured losses at $2 […]
1 min read
STOCKHOLM, Sweden – Apart from Typhoon Haiyan, which has devastated the Philippines, it’s been an average year for tropical cyclones, the U.N. weather agency said Wednesday in its annual climate report. The World Meteorological Organization counted 86 tropical storms so far this year, just three short of the annual average since 1981. They were unevenly […]
CALGARY – Ottawa has earmarked $2.8 billion to pay for Alberta’s flood recovery costs. Federal Employment Minister Jason Kenney told reporters Tuesday the amount is 90 per cent of the $3.1 billion in claims that Alberta submitted following devastating floods that hit southern Alberta in June. The federal government reimburses provinces for up to 90 […]
An increasing number of drivers are admitting to engaging in distracted driving behaviour, and many are behind laws prohibiting texting while behind the wheel, according to a new survey from insurer State Farm. The percentage of drivers using their smartphones to access the internet while driving has gone from 13% in 2009 to 24% in […]
By Canadian Underwriter | November 12, 2013
Swiss Re has reported a group net income of $1.1 billion for the third quarter of the year, and a return on equity of 14.3% for the period. That’s down from $2.2 billion for the comparable quarter in 2012, when the company reported a one-off gain from the sale of its U.S. business Admin Re. […]
RSA Insurance Group has hired on PwC to conduct an independent review of issues in the company’s Irish claims and finance functions. Last Friday, the company announced it had suspended RSA Insurance Ireland CEO Philip Smith, CFO Rory O’Connor and claims director Peter Burke, pending the outcome of an investigation, after “issues” were found during […]
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