Claims
MONTREAL – The U.S. bankruptcy trustee overseeing the insolvent railway involved in July’s deadly explosion in Lac-Megantic, Que., says he hopes to begin distributing “meaningful” compensation to victims in mid-2014. Robert Keach said he hopes to allocate the $25 million derailment policy, allotted for victims, next year. Additional funds could come from a second policy […]
By The Canadian Press | October 22, 2013
2 min read
Insurance losses for 855 claims filed as of noon on Monday related to bushfires blazing in Australia are pegged at more than $93 million, the Insurance Council of Australia (ICA) has noted in a statement. Western Australia is facing a high bushfire risk, with many regions experiencing severe conditions, council CEO Rob Whelan says. “Bushfires […]
By Canadian Underwriter | October 22, 2013
STONY PLAIN, Alta. – A spokesman for CN said Monday it was too early for residents of an Alberta community to be allowed to return to their homes near the site of a derailment. “We had hoped that that could take place this morning earlier than had been predicted,” Warren Chandler said. “That’s not going […]
By Canadian Underwriter | October 21, 2013
3 min read
Increased capacity, competition and changing market dynamics have created a buyer’s market for European cedants, notes Willis Re, which expects that loss free rates will likely be down 5% to 10% at January 2014 renewals. A combination of market conditions and changing reinsurance-buying patterns are driving reinsurers to offer more flexibility and tailored solutions to European […]
VANCOUVER – The province of British Columbia has unveiled some major changes in an updated version of the province’s century-old water rules. The new Water Sustainability Act would make B.C. the last province in Canada to start regulating groundwater. That means large-scale users, such as the Nestle water bottling plant in Hope, B.C., will now […]
By The Canadian Press | October 18, 2013
1 min read
Hannover Re said this week it expects a net loss of around 64 million euros from July’s hailstorm Andreas. The market loss from the series of severe hailstorms that hit Germany in July is estimated at about 2.5 billion euros, although “relative to its market share, the impact on the company was therefore disproportionately slight,” […]
By Canadian Underwriter | October 18, 2013
Swiss Re Capital markets has arranged the issuance of 350 million euros of insurance-linked securities for AXA Global P&C covering windstorm losses in Europe. The transaction includes two classes of principal at-risk variable notes issued by Calypso Capital II Limited, an Irish private company incorporated with limited liability. The 185 million euro Class A notes […]
The Supreme Court of Canada ruled Thursday in favour of The Co-operators General Insurance Company when it denied an application, from a commercial property policyholder operating a women’s fashion boutique, for leave to appeal an earlier ruling from the Court of Appeal for Ontario. In February 2012, Thomas and Marilyn Boyce filed a statement of […]
Impact Forecasting, the catastrophe model development arm of Aon Benfield, has developed a new scenario model to quantify losses from flooding in Colorado, after that state saw record rainfall last month. Heavy rainfall led to major flash flooding across the northeastern part of the state, causing nine deaths and damaging or destroying at least 17,983 […]
By Canadian Underwriter | October 17, 2013
This year’s Great BC ShakeOut earthquake preparation drill had more than 690,000 participants, setting a new record and beating out last year by about 100,000. The annual drill took place Thursday morning at various locations across B.C., with participants including the province’s attorney general and minister of justice, Suzanne Anton, representatives from the B.C. Earthquake […]
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