Claims
Zurich Insurance Group estimates its losses from flooding in central and eastern Europe to be about $140 million, while losses from severe tornadoes in the United States could be nearly as much. For Zurich North America and Farmers Re together, losses from the tornadoes that devastated the Oklahoma City metropolitan area in May could reach […]
By Canadian Underwriter | July 11, 2013
1 min read
Arch Insurance Group Inc. of New York City announced Tuesday it is offering claims-made liability coverage for bloggers. “BloggerShield provides affordable, customized claims-made coverage for libel, slander, defamation, copyright infringement and privacy violation in the course of the insured’s blogging activities,” the firm stated in a press release. The coverage is “not yet available in […]
4 min read
Both Chubb Corp. and XL Group are estimating losses from natural catastrophes during the second quarter of the year to be above $100 million. Chubb, based in New Jersey, expects a pre-tax loss of $240 million, or $156 million after tax. About $175 million of the pre-tax loss is attributable to losses from catastrophes in […]
The political risk insurance arm of the World Bank Group issued $2.8 billion in new investment guarantees for its fiscal year, providing coverage for projects that support economic growth and poverty reduction. More than half of new business, or $1.5 billion, that the Multilateral Investment Guarantee Agency (MIGA) conducted in the year ending June 30 […]
By Canadian Underwriter | July 10, 2013
2 min read
Insured losses from the major flooding in central Europe could be about US$5.3 billion, according to the latest monthly global catastrophe recap report from Impact Forecasting. Economic losses from those events are estimated at US$22 billion, according to the report from June 2013, produced by the catastrophe model development centre of Aon Benfield. Most of […]
Cyber risk is a much greater concern this year than in 2011 for corporate leaders surveyed, though many organizations remain complacent about the threat of malicious computer software and Internet-based attacks, suggests a report from Lloyd’s of London. On Wedensday, the group released its 2013 Lloyd’s Risk Index, a report first published in 2009. This year’s […]
Several independent claims adjusting firms are at the ready following the major rainfall and flooding that hit the Greater Toronto Area and other parts of southern Ontario on Monday. Granite Claims Solutions’ four offices in the GTA (in South Mississauga, North Mississauga, Markham, and downtown Toronto) are fully-staffed with adjusters prepared to handle water damage […]
By Canadian Underwriter | July 9, 2013
3 min read
Natural catastrophe statistics for the first half of this year have been dominated by severe flooding events, although the overall losses were below the average for the last decade, according to Munich Re. Overall, the first half of the year had 460 loss-relevant natural hazard events, slightly above the 10 year average of 390, the […]
A rise in sea levels and greater frequency of heavy rain will have an impact on property and infrastructure in Australia and around the world, according to a recent report from the country’s Climate Commission Secretariat. “Climate change is likely to affect much of Australia’s infrastructure, including commercial and residential buildings, utilities (such as energy […]
The Toronto area is recovering after experiencing its rainiest day on record Monday, which caused flooding and power outages throughout the city and in other parts of the region. Pearson International Airport reportedly recorded 126 mm of rainfall, beating out the previous record of just over 121 mm recorded during Hurricane Hazel in October 1954. […]
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