Claims
The National Oceanic and Atmospheric Administration in the United States has signed a long-term agreement with a European meteorological organization to continue space-based weather, water and climate monitoring. The NOAA and the European Organisation for the Exploitation of Meteorological Satellites have an established 30-year relationship. “The partnership between EUMETSAT and NOAA has continuously developed over […]
By Canadian Underwriter | August 30, 2013
2 min read
Alberta’s finance minister has echoed an earlier estimate from the province’s premier that the costs associated with severe flooding in June are around $5 billion. The government has so far allocated $704 million to Alberta residents, small business owners and communities for flood recovery. “Right now, our best estimates show the June flooding disaster to […]
1 min read
Fitch Ratings issued a stable outlook for global reinsurance ratings on Thursday, saying it expects to affirm most of its current ratings in 2014. Capital strength and continued profitability have allowed for the outlook, the firm said. Apart from a major natural catastrophe, the key factors that could affect the sector include the persistent low-yielding […]
By Canadian Underwriter | August 29, 2013
Temperatures in Alberta are expected to increase by at least 2°C over the next hundred years, and while precipitation will likely increase, the province will overall become substantially drier, according to a new study. Warmer temperatures will mean an increase in the “rate of evapotranspiration from soils and vegetation,” notes the report released this week […]
By Canadian Underwriter | August 28, 2013
The Financial Services Commission of Ontario (FSCO) has eliminated its mediation backlog for disputes related to auto insurance claims, although that does mean that arbitration applications are increasing. As of Aug. 19, the regulator had eliminated the “unprecedented” backlog of applications for mediation, which began around 2008. New applications for mediation are assigned to FSCO […]
A lack of necessary data is one of the major impediments to agricultural insurers looking to grow in markets such as China, India and Brazil, notes a new article from Lloyd’s of London. Crop insurance is forecasted to be a significant need in those growing countries, Lloyd’s says. North America is the largest buyer of […]
Consumers worldwide are aware of future risks they may face, but still want their political leaders to do more to take on natural disasters and promote energy efficiency, according to a new survey from Swiss Re. According to the poll, commissioned by Swiss Re for its 150th anniversary and conducted by Gallup, 84% of consumers […]
The National Association of Insurance Commissioners (NAIC) in the United States has passed a resolution supporting the reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire in December 2014. “We strongly urge members of Congress to reauthorize this critical piece of legislation,” said NAIC president-elect and North Dakota Insurance Commissioner Adam […]
By Canadian Underwriter | August 27, 2013
The Federal Emergency Management Agency (FEMA) in the United States has authorized the use of federal funds to fight the Rim Fire currently burning in Tuolumne County in California. On Friday, the State of California submitted a request for a fire management assistance declaration for the fire, which began Aug. 17 and has burned more […]
By Canadian Underwriter | August 26, 2013
Desjardins General Insurance Group has reported a net income of $42.5 million for the second quarter of the year, up 13.3% from the same period in 2012, although it’s performance for the first half of the year didn’t quite measure up to last year. For the three months ending June 30, the company reported direct […]
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