Claims
SCOR Global P&C has issued a preliminary cost estimate of approximately 50 million euros for the series of hailstorms in Germany this past July, just a month after the country was hammered by severe flooding. The estimate is after retrocession and reinstatements and before tax, notes a press release issued Monday by the global reinsurer. […]
By Canadian Underwriter | September 18, 2013
1 min read
Swiss Re released Wednesday a report suggesting floods endanger more urban dwellers than any other natural peril, while San Francisco and Los Angeles are among the North American cities with the most people who could be affected by a single natural peril. The report — titled Mind the Risk: A global ranking of cities under […]
3 min read
CAA Insurance is launching a new legal coverage product, underwritten by DAS Canada. The product, launching this fall, offers Basic Legal Expense Insurance, and will be included at no extra charge to CAA’s property insurance policyholders with a multi-line auto policy. According to CAA, the basic Legal Expense Insurance coverage will include unlimited access to […]
The likely impact of a storm comparable to the Great New England Hurricane of 1938 coming ashore today would exceed $35 billion in insured losses, notes a new report from Karen Clark & Company (KCC) marking the hurricane’s 75th anniversary. If the storm made landfall today and took a more western track, it would result […]
By Canadian Underwriter | September 17, 2013
The U.S. National Weather Service warned Monday there is “still some potential” for flash flooding in some areas of Colorado, while President Barack Obama has issued a major disaster declaration for Boulder County and several National Guardsmen who were sent in to rescue civilians north of Boulder have themselves become stranded. “The President’s declaration makes […]
By Canadian Underwriter | September 16, 2013
The combined ratio for property and casualty insurers in Canada could climb to about 100.0% by the end of the year, depending on catastrophe activity in the fourth quarter, according to ratings firm A.M. Best. At the company’s Insurance Market Briefing for Canada in Toronto last week, A.M. Best analysts noted that the industry is […]
2 min read
Tropical Storm Ingrid made landfall on the eastern coast of Mexico Monday morning, though its intensity had decreased from its Category 1 hurricane status. “Tropical Storm Ingrid became the second Atlantic hurricane of the 2013 season with winds of 75 mph on September 14—more than two weeks (18 days) later than the usual appearance of […]
Just two weeks into Australia’s spring, bushfires have prompted a caution from the Insurance Council of Australia (ICA) for homeowners to help stem related losses later by preparing now for a spring and summer of high fire risk. Firefighters across New South Wales (NSW) and Queensland continued to battle dozens of bushfires sparked by hot […]
Sault Ste. Marie saw more than 86mm of rain over just four hours starting late on Sept. 9, but the city suggests the resulting damage was mitigated by changes made to municipal storm and channel diversion programs in recent years. Overall on Sept. 9 and 10, the Sault Ste. Marie Region Conservation Authority (SSMRCA) reported […]
Several areas of Colorado are experiencing widespread flooding, landslides and mudslides, leaving at least three people dead and causing extensive property and infrastructure damage. “Among the hardest-hit areas came in the greater Boulder region, where the city registered its wettest 24-hour stretch in its history,” reported Aon Benfield, the reinsurance intermediary unit of London-based Aon […]
By Canadian Underwriter | September 13, 2013
4 min read
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