Claims
Insurance Europe, a federation representing insurance and reinsurance associations throughout the European Union, has released a position paper stressing the importance of access to risk data and pointing out potential pitfalls of compulsory disaster insurance. The position paper comes in response to an April report from the European Commission on insurance of natural and man-made […]
By Canadian Underwriter | July 17, 2013
3 min read
A ruling released Tuesday by the Ontario Court of Appeal against Gore Mutual Insurance Company is significant because it does not define “economic loss” in the province’s auto insurance regulations governing attendant care benefits, when the person caring for the vehicle accident victim is a family member and not a professional, according to insurance lawyers. […]
5 min read
Preliminary insured damage from the most destructive wildfire in Colorado’s history is at $292.8 million, the Rocky Mountain Insurance Information Association said this week. Approximately 3,630 homeowner and auto insurance claims have been filed so far in June’s Black Forest Fire, the association said. The estimate makes the fire the second most expensive in the […]
By Canadian Underwriter | July 16, 2013
1 min read
New regulations introduced at the international and local levels are seen as the greatest risk to the insurance sector, according to a new report from PricewaterhouseCoopers and the Centre for the Study of Financial Innovation. New rules around solvency and market conduct could “swamp the industry with costs and compliance problems,” according to the 2013 […]
PartnerRe Ltd. has released estimates and preliminary estimates for the costs of the June floods in Europe and Alberta, respectively, which combined, amount to $95 million to $120 million. PartnerRe estimates the cost of the European floods in June will be between $50 million and $60 million pre-tax and net of retrocession and reinstatement premiums, […]
Agricultural losses from Typhoon Soulik in Taiwan reached about $32.66 million by Monday afternoon, the Focus Taiwan News Channel reported. Most of that was in agricultural produce losses, the new outlet reported, citing the Council of Agriculture. According to catastrophe modeling firm AIR Worldwide, the majority of low- to mid-rise residential buildings in Taiwan are […]
By Canadian Underwriter | July 15, 2013
Home, auto and business insurers in the United States are well prepared for this year’s hurricane season, which is predicted to be an active one, the Insurance Information Institute said Monday. “The insurance industry is, and will remain, extremely well capitalized and financially prepared to pay the claims that may arise out of significant natural […]
2 min read
The Alberta government announced Sunday new policies intended to help residents pay for improvements to protect their homes against future flooding and to relocate to places outside flood fringe zones, as well as stopping future development approvals on floodways and annotating property titles to ensure prospective buyers know that properties got flood relief in the […]
Federal assistance to the state of Illinois, which experienced severe rainstorms and flooding this spring, has reached more than $134.1 million, the U.S. Federal Emergency Management Agency (FEMA) has reported. That amount was distributed to more than 54,540 individuals and households following the major disaster declaration for the storms and flooding that occurred April 1 […]
The ACE Group has increased its critical catastrophe limits across its North American retail and wholesale broker-distributed commercial property lines of business to $30 million. The new capacity will be offered through the company’s network of property businesses, which includes customized fronting and captive solutions, its Specialty Catastrophe Unit, a range of wholesale products and […]
By Canadian Underwriter | July 12, 2013
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