Claims
Profitability in the U.S. property and casualty industry were up in the first half of 2013, according to an analysis of the latest figures released by the Property Casualty Insurers Association of America and ISO, part of Verisk Analytics. The rebound was driven by growth in premiums, lower catastrophe losses and a “favorable prior year […]
By Canadian Underwriter | October 3, 2013
2 min read
NEW ORLEANS – Preparations began Thursday along the central Gulf Coast as newly formed Tropical Storm Karen threatened to become the first named tropical system to menace the United States this year. Hurricane and tropical storm watches were posted from southeast Louisiana to Florida and some oil and gas platforms in the storm’s projected path […]
3 min read
The Supreme Court of Canada announced Thursday it has denied an application by Onex Corp. of Toronto for leave to appeal an Ontario Court of Appeal decision on a disputed directors’ and officers’ liability claim with American Home Assurance Company. Court records indicate the ongoing dispute will now be dealt with by the Ontario Superior […]
6 min read
TOKYO – Another day, another radioactive-water spill. The operator of the meltdown-plagued Fukushima Dai-ichi nuclear plant says at least 430 litres (110 gallons) spilled when workers overfilled a storage tank without a gauge that could have warned them of the danger. The amount is tiny compared to the untold thousands of tons of radioactive water […]
4 min read
Opta Information Intelligence has launched a new peril-based scoring tool, aimed at determining the relative likelihood and severity of claims at a property location. Peril Score makes its predictions for specific perils and translates that into a combined total loss-cost estimate and normalized score. The tool uses Opta’s location-specific data assets and uses what the […]
By Canadian Underwriter | October 2, 2013
1 min read
An Ontario court has ruled that the “equitable doctrine of laches,” which applies in some cases to delays in claims, did not apply when Intact Insurance Company of Canada requested indemnification from Lombard General Insurance Company of Canada more than four years after a motor vehicle accident. In a ruling released Monday, Madam Justice Victoria […]
EDMONTON – Alberta has hired two engineering companies to help it find ways to protect people from future devastating floods. The firms AMEC and AECOM were chosen following a request for proposals by the government. Details of the contracts, including the cost and when the companies will make their reports, were not released. Alberta officials […]
By The Canadian Press | October 1, 2013
Willis Group has launched a scientific program in Antarctica, beginning this fall, with the goal of reaching a better understanding of climate change and to build resilience to weather-related risk. Beginning in November and running to January 2014, the Willis Resilience Expedition will include three research projects focused on how the climate is changing in […]
By Canadian Underwriter | October 1, 2013
OTTAWA – The latest international report on climate change confirms that global warming is amplified in Canada and the trend is going to continue, the David Suzuki Foundation said Monday. The report from the Intergovernmental Panel on Climate Change, which was partially released Friday before being unveiled Monday in its entirety, confirms the planet is […]
The staggering insurance losses following Hurricane Andrew not only served as a wake-up call for the industry, but the resulting scarcity of traditional coverage prompted the market to innovate and seek alternative sources of capacity. The response included insurance-linked securities, a market that has matured and witnessed significant growth in recent years.
By Sharon Ludlow, President and CEO, Swiss Re Canada | September 30, 2013
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