Claims
MANILA, Philippines – Thousands of people evacuated villages in the central Philippines on Thursday before one of the year’s strongest typhoons strikes the region, including a province devastated by an earthquake last month. Typhoon Haiyan intensified and accelerated as it moved closer to the country with sustained winds of 225 kilometres (140 miles) per hour […]
By Canadian Underwriter | November 7, 2013
3 min read
EDMONTON – The Alberta government has brought forward a law that proposes further regulation to how car insurance rates are set. Under the Enhancing Consumer Protection in Auto Insurance Act, both mandatory liability and optional collision rate hikes would be subject to review by the Automobile Insurance Rate Board. Currently, only the mandatory rate hikes […]
By The Canadian Press | November 7, 2013
1 min read
Economical Insurance reported a net income of $13.8 million for the third quarter of the year on Wednesday, down $14.7 million from the prior year quarter. The Waterloo, Ont.-based insurer recorded $40.6 million of weather-related catastrophe losses (net of tax and reinsurance) for the quarter, mainly in Ontario and the Greater Toronto Area in particular. […]
By Canadian Underwriter | November 6, 2013
2 min read
GENEVA – World carbon dioxide pollution levels in the atmosphere are accelerating and reached a record high in 2012, the U.N. weather agency said Wednesday. The heat-trapping gas, pumped into the air by cars and smokestacks, was measured at 393.1 parts per million last year, up 2.2 ppm from the previous year, said the Geneva-based […]
The third quarter of the year had the highest issuance of catastrophe bonds in 15 years, Willis Capital Markets & Advisory says in a recent report. The quarter saw $1.4 billion of non-life catastrophe bond capacity issued through seven bonds, compared with $0.5 billion issued through three bonds in the third quarter of 2012, the […]
TORONTO – Calls are growing louder for stiffer penalties in Ontario for motorists caught driving while using their cellphones. The insurance industry says such distracted driving has overtaken drunk driving as the most serious danger on the roads. The Insurance Bureau of Canada says it has seen four times as many motorists charged with distracted […]
By The Canadian Press | November 5, 2013
Willis Capital Markets & Advisory has structured and placed a $300 million catastrophe bond transaction for Catlin Insurance Company and subsidiaries, providing protection against earthquakes in Canada, among other risks. The transaction closed Oct. 30, according to WCMA, the capital markets and advisory business of Willis Group Holdings. The transaction provides Catlin, a global reinsurer, […]
By Canadian Underwriter | November 5, 2013
Severe weather in Canada and Europe means RSA Group is now expecting its return on equity for the year to be below 10%, the company said Tuesday. However, the company has seen year to date growth in net written premiums of 7% to £6.7 billion. On Tuesday, £1 was equal to $1.68. In Canada, net […]
Hannover Ruck SE released Tuesday its financial results for the first nine months of 2013, reporting group net income of €613 million on gross written premiums of €10.5 billion. As of Monday, a euro was worth $1.41. The largest single loss event for Hannover Re was hailstorm “Andreas” in Germany, which resulted in a net […]
EDMONTON – The fourth train derailment in Alberta in two months has led the province’s transportation minister to launch an investigation into whether rail companies are meeting their safety obligations. Minister responsible Ric McIver says while rail probes fall under federal jurisdiction, his department has serious concerns about the number and frequency of accidents. McIver […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
