Claims
Insurance claims from the major tornado events in late May in Oklahoma have passed 75,000, with insurance payments reaching nearly $688 million. As of June 26, the number of claims filed reached 75,758, with insurance payments reaching $687,945,276, according to the state’s Insurance Department. “The victims of these devastating tornadoes will be dealing with the […]
By Canadian Underwriter | July 4, 2013
1 min read
Munich Re has formed a new $75 million catastrophe bond for protection against named storms in the United States and cyclones affecting Australia. GC Securities placed the Principal At-risk Notes through the newly-formed cat bond Queen Street Re VIII Limited, providing for 2.5 years of per occurrence protection for named storms affecting the U.S. and […]
By Canadian Underwriter | July 3, 2013
AIR Worldwide has updated its earthquake model for Japan to include information gained after the March, 2011 earthquake and tsunami, which killed more than 16,000 and caused about US$217 billion in economic losses and US$36 billion in insured losses. Boston-based AIR Worldwide stated Monday in a press release that its updated Earthquake Model for Japan […]
2 min read
The Financial Services Commission of Ontario has released its Statement of Priorities for 2013, outlining its intention to clear the dispute resolution backlog around auto insurance in the province and implement a new Minor Injury Guideline. In early April, FSCO released a draft of its statement, requesting feedback from stakeholders. Under Ontario legislation, FSCO must […]
The Association of Bermuda Insurers and Reinsurers (ABIR) has commended the U.S. government and president Barack Obama on the release of a Climate Action Plan that highlights hazard mitigation. In an open letter to the president, Bradley Kading, ABIR’s president and executive director, also offered the continued cooperation of the organization with climate change mitigation-related […]
Restoration costs for the city of Calgary following June’s severe flooding could be more than $256 million according to one report, while total economic damage from the events across Alberta could be as much as $5 billion. The Calgary Herald reported Wednesday that costs for the city are estimated at $256.6 million, as the flooding […]
Consumers looking to buy a used automobile are advised to be aware that vehicles deemed a total loss from the flooding in Alberta will find their way to market for unsuspecting buyers elsewhere, Economical Insurance reports. “History has shown that unscrupulous people buy flood-damaged cars, clean them up and sell them at attractive, below-market prices,” […]
By Canadian Underwriter | July 2, 2013
The relative scarcity of property coverage for flooding in Canada is likely to keep claims in the range of $1 billion to $3.75 billion, well below early estimates of total economic loss of as much as $5 billion, A.M. Best reports. “A.M. Best believes that the industry currently is well-positioned from a risk-adjusted capital perspective […]
4 min read
When it comes to HST and related party reinsurance, it may seem like chasing a moving target. But the target is substantial, with the tax exposure of Canadian insurers for HST/GST retroactive to 2005 estimated as being as high as $800 million.
By J. Brian Reeve | June 30, 2013
7 min read
The Court of Appeal for Ontario finds that where the policy is for a "business," a clear one-year limitation period may be included in a multi-peril policy. However, it appears that for homeowner policies, the longer two-year limit period will apply.
By Michael S. Teitelbaum and Alexander B. Wilkinson | June 30, 2013
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