Claims
The Institute for Catastrophic Loss Reduction will be holding a full-day event in Toronto this September on basement flooding issues. The Sept. 19 Urban/Basement Flooding Symposium comes in the wake of major flooding events in southern Alberta, and Calgary’s central business area in particular, as well as flooding in Greater Toronto Area that shut down […]
By Canadian Underwriter | July 24, 2013
1 min read
Commercial property and casualty pricing in the United States continued to rise in 2013 Q2, although at a slower rate than in the previous quarter, note results from the quarterly Commercial P/C Market Index Survey, released July 23 by the Council of Insurance Agents & Brokers (CIAB). On average, pricing rose at a rate of […]
2 min read
The Travelers Companies, Inc. has reported a net income of $925 million for the second quarter of the year, up from $499 million in the same period last year. The New York-based insurer also reported an operating income of $816 million for the three months ending June 30, up from $495 million in Q2 of […]
Insured losses for the first half of the year reached $20 billion, down from $25 billion in the same period of 2012, Impact Forecasting said Wednesday. That’s also down about 20% from the 10-year average of $25 billion, according to the catastrophe model development arm of Aon Benfield. All figures are in U.S. currency. Total […]
Rating agency A.M. Best has revised the outlook for Lloyd’s from stable to positive, based on the market’s strong operating performance in spite of a high number of natural catastrophes in recent years. Lloyd’s now has a financial strength rating of A (excellent) and an issuer credit rating of “a+” from A.M. Best. The firm […]
By Canadian Underwriter | July 19, 2013
Five American states are now requiring insurers to respond to a climate risk survey, adopted in 2009 by the National Association of Insurance Commissioners. The Connecticut and Minnesota Departments of Insurance have now joined California, New York and Washington in requiring the response. California’s insurance commissioner, Dave Jones, said Wednesday that the state will also […]
By Canadian Underwriter | July 18, 2013
Economical Insurance has committed $150,000 annually over the next three years to the Canadian Red Cross, to provide more emergency preparedness sessions across the country. The new partnership comes in the wake of severe flooding and intense rainstorms in southern Alberta and southern Ontario over the past several weeks. The partnership will provide 175 emergency […]
XL Group’s North America Environmental business has supplemented its professional and pollution insurance protection for contractors and environmental consultants. The new package includes enhancements that offer mediation credits, disaster response coverage, green building restoration costs, as well as legal expenses and litigation and subpoena expense coverage outside the limits of liability, notes a July 17 […]
SCOR Global P&C’s net pre-tax losses after retrocession and reinstatements are projected at 40 million euros in the wake of severe flooding that devastated parts of Alberta, including its most populous city, but a silver lining may be the possibility of enhanced discussions around flood management. “In view of the visible human and economic consequences, […]
3 min read
The number of new securities and business litigation and enforcement actions so far this year put 2013 on track to have the lowest annual total since before the credit crisis, according to a new report from Advisen Insurance Intelligence. The second quarter of this year had a 41% decrease in new lawsuits and enforcements actions […]
By Canadian Underwriter | July 17, 2013
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