Claims
Economical Insurance expects its loss from June’s flooding in southern Alberta to be $30 million, after taking into account expected reinsurance recoveries, the company said Tuesday. The Waterloo, Ont.-based insurer also estimates a loss of $30 million net of reinsurance from the early July flooding in the Greater Toronto Area. In terms of total insured […]
By Canadian Underwriter | July 30, 2013
1 min read
Canada’s premiers are calling on the federal government to create a “distinct Canada-wide disaster mitigation infrastructure initiative,” as well as ensuring liability insurance requirements for railroads are sufficient. The cost for a new mitigation program would be split evening between the provincial/territorial governments and the federal government, the Council of the Federation said in a […]
By Canadian Underwriter | July 29, 2013
2 min read
The Financial Services Commission of Ontario (FSCO) is warning consumers that Sentel Insurance is not licensed to do insurance business in the province. FSCO said Monday it had been informed that a company or individual identifying themselves as “Sentel Insurance” has been placing phone calls to Royal Bank of Canada (RBC) clients. The calls come […]
The Ontario government is putting $47 million toward improving three forest fire response centres in the province. The upgrades, part of a one-time investment, will include: Construction at all three locations is expected to begin later this year and the projects will each follow Leadership in Energy and Environmental Design (LEED) principles. The projects are […]
The Alberta government has released more details on flood assistance and mitigation measures for the province, following severe flooding in late June. “No eligible homeowner with flood damage will go without financial support,” according to a statement released Sunday by the government. “If the cost of repairs is greater than the cost of rebuilding the […]
3 min read
Small business in the United States are particularly at risk from climate change and extreme weather, argues a new report from two industry groups. “Because small businesses are distinctly critical to the U.S. economy, and at the same time uniquely vulnerable to damage from extreme weather events, collective actions by the small business community could […]
By Canadian Underwriter | July 26, 2013
Federal assistance to New Jersey following Superstorm Sandy reached $5.3 billion as of July 22, the Federal Emergency Management Agency has reported, while this week, disaster declarations have been made following storms and flooding in two states. Payments made as part of the National Flood Insurance Program have reached $3.5 billion, while $408.1 million in […]
The Chubb Corp. reported Thursday a net income for $579 million for the second quarter of the year, up from $404 million in the same quarter of 2012. Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $463 million in the second quarter of 2013, compared to […]
The Co-operators General Insurance Company has reported a consolidated net loss of $5.9 million for the second quarter of the year (ending June 30) compared with a net income of $64.4 million for the same quarter of 2012. For the first half of the year, however, the Guelph, Ont.-based company reported a net income of […]
By Canadian Underwriter | July 25, 2013
Towers Watson Capital Markets said Thursday it recently arranged a private placement catastrophe bond for the New Jersey Manufacturers Insurance Group (NJM), that company’s first insurance-linked securities transaction. The bond, Sullivan Re 2013-1, closed at $60 million and has a three-year maturity, providing per-occurrence indemnity-based, collateralized catastrophe reinsurance coverage for NJM’s New Jersey and Pennsylvania […]
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