Claims
While standing alone can be a point of pride, is Canada out of step with what most other G8 nations are doing when it comes to overland flooding? This flooding does occur and, no doubt, will continue to occur in light of severe weather events that seem to now be part of the norm. Is there a need for related insurance? Or should insurance be part of a fuller risk management partnership that involves participation, input and cost-sharing from all to keep losses down and uninsurable properties to a minimum?
By Angela Stelmakowich, Editor | July 31, 2013
13 min read
Telematics, well-suited to documenting vehicle usage, offers promise as a means of monitoring and underwriting risk. But telematics will only fulfill its loss reduction potential if consumers looking to govern and manage their own risk have a clear understanding of defining criteria, how rates can be affected and what their choices are.
By Brenda Rose, Vice President/Partner, FCA Insurance Brokers and Technology Champion, Insurance Broker | July 31, 2013
6 min read
Geomagnetic storms have the potential to create long-term, widespread power outages and could devastate the North American power grid. Faced with an aging electric infrastructure and growing dependence on electricity, insurers would be well-advised to prepare for catastrophic events.
By Neil Smith, Emerging Risks & Research Manager, Exposure Management Team, Lloyd's of London | July 31, 2013
CANADIAN MARKET Greater Toronto Area Sees Record Rainfall The Greater Toronto Area (GTA) experienced rainfall on July 8, eclipsing Hurricane Hazel almost six decades earlier, that resulted in flooding and power outages. Pearson International Airport is reported to have recorded 126 millimetres of rainfall, slightly more than the 121 mm during Hurricane Hazel in 1954. […]
July 31, 2013
The Catlin Seaview Survey is beginning a new campaign in the Caribbean and Bermuda, in an effort to understand environmental stresses among coral reefs and vulnerability to climate change in the area. The expedition, sponsored by insurer and reinsurer Catlin Group, began with studying the area around Australia’s Great Barrier Reef last year, where it […]
By Canadian Underwriter | July 31, 2013
3 min read
State and federal disaster assistance for Oklahoma reached $50 million this week as recovery continues following the devastating May severe storms, tornadoes, straight-line winds and flooding, the Federal Emergency Management Agency has reported. That figure includes funding from Individual Assistance, Public Assistance, and the U.S. Small Business Administration (SBA). More than $13.3 million in disaster […]
2 min read
Thirteen catastrophe bonds closed during the second quarter of this year, Aon Benfield Securities reported Wednesday in its latest quarterly report. With a total value of $3.3 billion, the first half of this year has reached a total issuance of nearly $4 billion, the highest level since 2007, according to the investment banking division of […]
TD Bank Group said Tuesday it expects a third quarter net loss for its insurance business of between $240 million and $290 million after tax, based on losses from severe weather events, especially in Alberta. The company is expecting a loss of about $418 million after tax ($565 million before tax) from severe weather-related losses […]
Independent adjusters experienced a surge of claims from record flooding in Southern Alberta and the Greater Toronto Area in late June and early July. The losses from epic flood-related damage to personal and commercial property will represent the costliest natural disaster in Canada.
By Craig Harris | July 31, 2013
Many adjusters think they know the Lloyd's of London insurance market - but how deep does their knowledge run? How much do they need to understand to participate in this dynamic insurance entity?
By Fred Plant | July 31, 2013
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