Claims
Atmospheric and Environmental Research, a Verisk Analytics company specializing in climate and weather-related risks, has begun a new project to quantify shifts in hazard patterns related to severe thunderstorms in Canada and the United States. The initiative, entitled “Climate Change: Tornado and Hail,” is co-sponsored by a group of insurance industry and financial sector companies. […]
By Canadian Underwriter | August 15, 2013
2 min read
More than half of condominium owners are unaware of or unclear on the insurance needed to protect themselves when water or fire originating in their unit damages another, according to recent survey findings. Based on a survey of 518 condo owners and buyers, conducted in May, Allstate Canada and Abacus Data suggest that 61% of […]
Pricing for environmental insurance in the United States remained generally firm during the first half of 2013, although some markets continued to firm, Marsh reports in a briefing released Wednesday. Although there were rate increases, these were not seen across the entire market, notes Benchmarking Trends: U.S. Environmental Insurance Rates Remain. The report was prepared […]
The severe thunderstorm that caused intense rainfall and flash flooding in the Greater Toronto Area July 8 caused more than $850 million in insured property damage, setting a new record in Ontario history. “While these preliminary estimates are staggering, we do expect them to go even higher,” said Ralph Palumbo, vice president for Ontario at […]
By Canadian Underwriter | August 14, 2013
More than $1.8 million has been obligated to communities in Oklahoma to date, the Federal Emergency Management Agency (FEMA) reported Monday. Oklahoma is already receiving expedited funds to pay for approved mitigation projects, the statement notes, adding that the $1.8 million includes a $1 million grant for Oklahoma City homeowners who were chosen by a […]
By Canadian Underwriter | August 13, 2013
1 min read
A small minority of business surveyed by the Wellington Employers’ Chamber of Commerce (WECC) in New Zealand expected to make an insurance claim as a result of a 6.5-magnitude earthquake that hit off the coast in July. Businesses in the region appear to have mostly come off lightly from the July 21 quake, notes an […]
3 min read
U.S. federal disaster assistance to residents of Illinois who experienced severe storms and flooding in April has passed $151 million, according to the Federal Emergency Management Agency. That amount was distributed to about 61,000 individuals and households, FEMA said. Registration for disaster assistance for the 35 counties affected by the storms and flooding, which occurred […]
By Canadian Underwriter | August 12, 2013
Specialty property and casualty insurer and reinsurer Catlin Group has reported a before-tax net income of $145 million for the first half of the year, down from $231 million in the first six months of 2012. The Bermuda-based company also reported net catastrophe losses of $99 million in the first six months ending June 30. […]
By Canadian Underwriter | August 9, 2013
The head of Oklahoma’s insurance department is urging residents to look into the state’s program for “hard to insure” homes, in the wake of more than $1 billion of claims paid out from severe tornado damage in May. Insurance Commissioner John Doak issued a statement Thursday reminding residents about the Oklahoma Market Assistance Program, designed […]
Allianz Capital Partners has acquired three wind parks in Europe on behalf of Allianz in France and Italy, the company announced this week. In the Pas-de-Calais administrative region in northern France, ACP bought the 8-megawatt “Frévent” project and the 12-megawatt “Ivergny” project. Both of those projects are currently under construction with expected completion dates during […]
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