Claims
New floodplain maps, weather-hardened infrastructure and homeowner engagement are needed to lower the risk to conventional flood insurance coverage. But the base of stakeholders involved also needs to be broadened to include all three levels of government, banks, builders, industry associations and homeowners.
By Jason Thistlethwaite and Blair Feltmate, Climate Change Adaptation Project (Canada) | October 31, 2013
5 min read
A recent Ontario ruling indicates a claimant who is denied a catastrophic impairment designation can dispute that finding more than two years following the determination, meaning insurers who deny related applications will not benefit from the "finality" that limitation periods afford to defendants/respondents.
By Daniel Strigberger, Partner, Kitchener-Waterloo, Miller Thomson | October 31, 2013
6 min read
Impact Forecasting, the catastrophe model development arm of Aon Benfield, has launched a new tool for determining the potential financial impact of riots, based on an analysis of such a threat in Indonesia. The company says that understanding political dynamics and risk in Indonesia, the fourth largest population in the world, is increasingly important as […]
By Canadian Underwriter | October 31, 2013
2 min read
A new study from Munich Re suggests that insurance has a particularly positive effect for emerging countries hit hard by natural catastrophes. A previous survey conducted by the company’s economic research department suggested that in emerging countries, direct losses from natural catastrophes are on average about 2.9% of gross domestic product each year. That compares […]
WASHINGTON – A bipartisan group of lawmakers Tuesday unveiled legislation that would delay for about four years several changes to the federal government’s flood insurance program that are threatening to sock thousands of people with unaffordable premium hikes. The move comes as the government is beginning to implement a significant overhaul of the much-criticized program. […]
By Canadian Underwriter | October 30, 2013
4 min read
Illegal business practices – including those involving automobile dealerships that disparage products offered by brokers and sell replace insurance – are among the challenges the insurance brokerage profession in Quebec must address. Challenges related to consumer protection, changes in consumer behaviour and illegal business practices were among the main issues up for discussion at the […]
Twenty major businesses in the United States – all of which rely on the stability of global supply chains for growth and profitability – took the one-year anniversary of Superstorm Sandy as an opportunity to remind President Barack Obama and the White House of the urgent need to follow through on preparedness efforts. Starbucks, Unilever […]
3 min read
There would be significant losses if modelled scenarios involving a 9.0-magnitude earthquake off the west coast of Vancouver Island and a 7.1-magnitude quake about 100 km northeast of Quebec City came to be, demonstrating the need for a national strategy on earthquake response, suggests a new report by AIR Worldwide. The catastrophe modelling firm was […]
By Canadian Underwriter | October 29, 2013
ACE Bermuda, the Bermuda-based subsidiary of ACE Limited, has announced the launch of an enhanced CODA Premier Directors and Officers Liability Policy that is available through the insurer’s commercial property and casualty insurance businesses in North America. Among the policy’s new features are two free reinstatements of the limits; additional free six-year insolvency reporting period; […]
1 min read
EDMONTON – Premier Alison Redford’s government opened the fall sitting of the Alberta legislature Monday by introducing a bill to mitigate damage from floods like the one that ravaged parts of southern Alberta this summer. ”We know that we will get flooded again,” Municipal Affairs Minister Doug Griffiths told reporters after introducing the bill in […]
By Canadian Underwriter | October 28, 2013
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