Claims
A recent report suggests that human-induced climate change had “little impact” on the 2012 drought in the U.S., but changes in sea level resulting from climate change have increased the probability of a once-in-a-century flood south of Atlantic City, N.J. Bulletin of the American Meteorological Society published this week a special supplement containing 19 analyses […]
By Canadian Underwriter | September 6, 2013
2 min read
Munich Re has announced an agreement to acquire the weather and weather-related energy risk management unit of RenaissanceRe Holdings Bermuda, dubbed RenRe Energy Advisors (REAL). Terms of the deal were not disclosed. REAL’s experts have more than 16 years of experience covering and trading weather risks, according to Munich Re. Its main clientele are energy […]
Billion-dollar flood losses were recorded in China, Russia, the Philippines and Pakistan in August, with last month also marked by the fourth largest fire in California’s history, notes the latest Global Catastrophe Recap report from Impact Forecasting. The initial combined estimate for flood in the four countries is $10 billion, according to the report, put […]
By Canadian Underwriter | September 5, 2013
Coastal flooding, wildfire and drought are all risks of concern due to global warming though the incidence of severe convective storms is not expected to change, a new report from Guy Carpenter & Company LLC suggests. In the report — titled Global Warming: The Evolving Risk Landscape — Guy Carpenter warns the “most significant threat […]
By Canadian Underwriter | September 4, 2013
3 min read
The number of Labour Day long weekend traffic deaths is declining, although the Ontario Provincial Police reported three fatalities and nearly 400 distracted driving charges this past holiday weekend. A 16 year-old male died after being struck by a motor vehicle while he was skateboarding. A 41-year-old woman died in a motor vehicle collision after […]
Impact Forecasting, the catastrophe model development arm of Aon Benfield, has launched a new model for East Africa, which the company says is the first for the region. The catastrophe model quantifies the financial impact of earthquakes in the region, which includes seismically active areas of Kenya, Tanzania and Uganda. The region experienced a 6.8-magnitude […]
By Canadian Underwriter | September 3, 2013
Why would words matter less than expectations? American Home Insurance has been taken to court by private equity firm Onex over a disputed D&O claim. Cases of this nature show that intentions and negotiations should be monitored carefully while any policy or contract is being prepared.
By Timothy J. McGurrin, Partner, Miller Thomson LLP | August 31, 2013
6 min read
Contractors who clean, remediate, repair and renovate properties that have undergone insured losses have little to no say in their top-line revenue. But with hazards such as asbestos, flammable materials, toxic chemicals and damaged but live electrical components, the cost of ensuring the safety of employees and the occupants is significant and this is eroding the margins of restoration contractors.
By Kyle Urech, President, Restoration Contractors Organization of Canada | August 31, 2013
There was an “unprecedented demand” for catastrophe bonds during the 12 months ending June 30, with no loss activity resulting in cat bond payouts for that period, while several new bonds cover Canadian earthquake risk, according to Aon Benfield Securities Inc. Chicago-based Aon Benfield Securities released a 76-page paper that aims to review and analyze […]
By Canadian Underwriter | August 30, 2013
New York State has had more than $8 billion approved in government assistance following last October’s Hurricane Sandy, the Federal Emergency Management Agency has reported. Those state and federal funds have been approved for homeowners, renters, businesses, government agencies and nonprofits affected by the storm. About $3.7 billion of that was made in National Flood […]
1 min read
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