Claims
The third named storm of the Atlantic hurricane season has formed, prompting tropical storm warnings for several areas in the Caribbean. On Monday afternoon, Tropical Storm Chantal has reached maximum sustained winds of 75 km per hour with higher gusts, the National Hurricane Center in the United States reported. A tropical storm warning (conditions expected […]
By Canadian Underwriter | July 8, 2013
1 min read
The Financial Services Commission of Ontario has launched a tip line for consumers to report suspected fraud related to auto insurance in the province. Consumers can call 1-855-5TIP-NOW or report through a website, www.fsco.gov.on.ca/TIPNOW. In both cases, they have the option to leave contact information with their tip or report anonymously. The hotline is […]
RSA Canada has said it expects to gross claims from the recent flooding in southern Alberta to be above reinsurance retentions of $75 million. That means its net claims will be a maximum of $75 million, based on the severity of the event, although a complete assessment won’t be available for “some time,” the company […]
Business interruption claims will a major driver of insured losses following the recent severe flooding in Alberta, according to one A.M. Best analyst. For optional flood coverage in commercial lines, the rating agency believes there is about a 75% take-up rate, senior financial analyst Jacqalene Lentz said in a video from the company. Lentz recently […]
New Zealand’s Earthquake Commission has secured full placement of its $3.25 billion (C$2.6 billion) reinsurance cover, at a cost it says is similar to last year. “The placement, which compares with $2.5 billion in the previous program, was 10% oversubscribed, and has a provision for one reinstatement after an event,” the commission said in a statement. […]
By Canadian Underwriter | July 5, 2013
2 min read
New research of tree rings suggests that the El Nino Southern Oscillation weather pattern affecting the Pacific Ocean has been “unusually active” in the late 20th century and a meteorology expert suggests this could increase the frequency of floods and droughts. Scientists at the Honolulu, Hawaii-based International Pacific Research Center (IPRC) have compiled 2,222 tree-ring […]
3 min read
Impact Forecasting, the catastrophe model development arm of Aon Benfield, has launched a new scenario model for the recent flooding in Alberta. The model uses event footprints that outline the extent of the flood, allowing insurers to obtain a more realistic estimate of their specific exposure, Impact noted in a statement. The footprint of the […]
An American P&C insurers’ organization recently suggested vehicle thefts last year may be 1.3% higher per capita than in 2011, ending an eight-year downward trend. The National Insurance Crime Bureau released its Hot Spots vehicle theft report last week, which examines vehicle theft data from the National Crime Information Centre for each metropolitan statistical area […]
By Canadian Underwriter | July 4, 2013
This year could be a “turning point” for how governments worldwide view the threat of floods, the head of the United Nations office for the International Strategy for Disaster Reduction (UNISDR) says. “India, Nepal, Canada and many countries in Europe have experienced huge losses over the last two months due to intense precipitation events which […]
2010 was the warmest year on record for Canada in 65 years and the wettest year on record worldwide, according to a report released this week by the World Meteorological Organization. Quoting Munich Re, WMO stated that winter storms in Canada and the U.S. in 2007 and 2008 “rank among the 10 costliest storms since […]
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