Claims
The Alberta government has approved $1 billion in emergency recovery and reconstruction funding for communities in the southern part of the province hit hard by flooding over the past week. The government said Monday it will be providing pre-loaded debit cards to help families with immediate housing needs and day-to-day purchases. Under eligibility criteria and […]
By Canadian Underwriter | June 24, 2013
1 min read
Towers Watson Capital Markets announced Monday it has recently arranged a private placement catastrophe bond, which closed at $30.49 million. The Oak Leaf Re 2013-1 series of bonds has a one-year expected maturity and will provide indemnity-based, collateralized catastrophe reinsurance coverage for a Florida homeowners specialty insurance company, a brokerage client of Towers Watson, which […]
Manitoba Public Insurance has announced that drivers caught using handheld electronic devices will receive two demerits, in addition to the current $200 fine. The demerits, used by several other Canadian jurisdictions, will have an mpact on an individual’s driver safety rating, MPI pointed out. “Demerits will trigger downward movement on the DSR scale and affect […]
Ocean warming and climate change can threaten the insurability of catastrophe risk in some areas and illustrates a need to shift from historic to predictive risk assessment methods, suggests a report released Monday by the international insurance think tank, The Geneva Association. “In some high-risk areas, ocean warming and climate change threaten the insurability of […]
4 min read
Several major claims adjusting firms are prepared to respond to the severe flooding situation in southern Alberta, which has forced thousands of residents to evacuate their homes. As of Friday afternoon, more than 75,000 residents had had evacuation orders and states of emergency had been declared for several municipalities. Independent adjusting firm ClaimsPro said Friday […]
By Canadian Underwriter | June 21, 2013
3 min read
After several years of development, a Canadian company is launching a product that uses a consumer’s DNA to mark valuable assets, a tool it says insurers can use to track items after loss or theft. Alastair Russell, now CEO of Identa-DNA Corp. began developing the product after several years of selling products from SmartWater, a […]
With the cost of natural disasters in Australia projected to almost quadruple by 2050, member organizations of a business roundtable are coming together to build more resilient and safer communities meant to help prevent these costs. “Each organization plays a crucial role in either community planning or disaster recovery, and believes there is an opportunity […]
AIR Worldwide is estimating that insured losses from flooding in Germany, which the catastrophe modelling firm calls historic, will range from 4 billion to 5.8 billion euros. Despite the worst damage having already occurred, AIR Worldwide cautioned in a statement Wednesday that the flood event is ongoing. The overall economic impact is expected to be […]
By Canadian Underwriter | June 20, 2013
2 min read
The number of insurance industry participants that have embraced the Principles for Sustainable Insurance developed by a United Nations agency and industry partners has doubled since the framework was launched last year. The four Principles for Sustainable Insurance (PSI) act as a guideline for how the insurance industry can operate in a forward-looking and responsible […]
By Canadian Underwriter | June 19, 2013
A storm that hit New Zealand in late April has caused more than $36 million in insured damage, the Insurance Council of New Zealand reported Tuesday. “This was one of the most damaging storm events in the past five years with the brunt of the damage borne by the Nelson and Bay of Plenty regions,” […]
By Canadian Underwriter | June 18, 2013
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