Claims
Insured losses from windstorm Christian, which wreaked havoc on parts of the United Kingdom and Europe in late October, are expected to be in the range of €800 million to €1.3 billion, Willis Re announced Monday. Christian is not the largest windstorms to have ever affected Europe, but it is the biggest since windstorm Xynthia […]
By Canadian Underwriter | November 4, 2013
2 min read
Non-life insurers in the United Kingdom and Western Europe are well-positioned to take on losses from last week’s major windstorm, rating agency A.M. Best said in a briefing released Monday. The exception will likely be regional German companies, as that country had been hit hard prior to the Oct. 28 storm, mainly from hailstorms and […]
WASHINGTON – Many of the ills of the modern world – starvation, poverty, flooding, heat waves, droughts, war and disease – are likely to worsen as the world warms from man-made climate change, a leaked draft of an international scientific report forecasts. The report uses the word “exacerbate” repeatedly to describe warming’s effect on poverty, […]
4 min read
The Institute for Catastrophic Loss Reduction (ICLR) will be holding a discussion on floodplain management this month as part of its ongoing Friday Forum series. In southern Ontario, conservation authorities manage floodplains using provincial policies and technical practices that were established decades ago, according to ICLR. Dramatic changes to surface hydrology because of urban development […]
By Canadian Underwriter | November 1, 2013
1 min read
American International Group Inc. released Thursday its financial results for the three months ending Sept. 30, recording a 1% year-to-year drop in Q3 property and casualty net premiums written, from $8.712 billion in 2012 to $8.66 billion this year. In the most recent quarter, the combined ratio for New York City-based AIG was 101.6%, down […]
The events of 2013 have demonstrated the insurance industry in Canada is facing a significant tide of risks, including regulatory risks, Don Forgeron, president and CEO of the Insurance Bureau of Canada, noted at IBC’s 2013 Regulatory Affairs Symposium in downtown Toronto Thursday. “Clearly, we are at a historic moment in the tone and scope […]
3 min read
Fundamentally, water damage is not a peril ideally suited to be insured. That said, with the cost of water damage high and rising, the creation of a sustainable insurance coverage model requires the co-operation of insurers, personal property owners, reinsurers, regulators and governments.
By Mary Kelly, Anne Kleffner and Norma Nielson | October 31, 2013
6 min read
It has been a year since Sandy – an angry lady that slowed a bustling powerhouse of a region to a crawl before inspiring some quick rethinking about how best to prepare for hurricanes and the damaging water they inevitably bring.”Sandy’s vast size, in combination with its slow offshore movement, low pressure and its timing […]
By Angela Stelmakowich, Editor | October 31, 2013
There may be no way to predict when and where a major earthquake will hit in Canada - although British Columbia and the Ottawa to Quebec City corridor are as likely targets as any. But as it stands, the insurance industry (and maybe the country) is ill-prepared for such an event.
5 min read
Efforts to combat underwriting fraud continue to lag measures focused on other types of fraud. But as perpetrators become more sophisticated, it is increasingly critical to identify fraud before a policy is issued as part of the underwriting process.
By Wes Gill, Executive Lead, Enterprise Risk Manager, SAS Canada | October 31, 2013
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