Claims
While it’s still too early to have a precise estimate of insured losses from flooding in central Europe, Hannover Re said it estimates its net loss could exceed 100 million euros. However, its losses should remain “significantly below” 200 million euros, the company said in a statement Monday. “In view of the rather minimal incidence […]
By Canadian Underwriter | June 17, 2013
1 min read
The Ontario Court of Appeal last week ruled in favour of seven insurance carriers who had written liability policies between 1969 and 1980 for Goodyear Canada Inc., whose U.S. parent is facing asbestos-related lawsuits. Goodyear Canada wants those carriers to defend and indemnify the firm against claims made after 1985, when Goodyear says liability insurance […]
4 min read
While the total impact of major flooding in central Europe is unclear as the situation develops, ratings firm A.M. Best says it expects economic losses to “far exceed” insured losses. In its early analysis of the floods, the firm said that losses will likely “remain largely” with primary insurers, while German and Austrian companies operating […]
2 min read
Wildfires fed by unseasonably warm temperatures, windy conditions and powerful winds that pushed one blaze toward densely populated subdivisions of Colorado Springs on June 13 prompted the evacuation of thousands of people in the state, catastrophe modelling firm AIR Worldwide reported last week. Wildfires broke out in the forested terrain of southern Colorado and it […]
3 min read
A Nova Scotia Court has ruled that a brokerage that was sued by a home policyholder with an unsuccessful fire claim was negligent and breached the standard of care required in the insurance industry. Paul Keizer’s garage near Wolfville, N.S. was damaged in a fire nearly four years ago. He sued both his broker, Founders […]
By Canadian Underwriter | June 14, 2013
The Supreme Court of Canada Thursday stopped a Canadian tissue paper maker from pursuing a subrogated claim against the manager of a Vancouver-area warehouse that was destroyed by fire, along with more than $16 million of the manufacturer’s inventory, in 2001. Kruger Products LP, formerly known as Scott Paper, was required by a warehouse management […]
Allianz Group has released a preliminary estimate of the impact that severe flooding in central Europe will have on the company, while one analyst firm expects reinsurers to take a bigger share of losses from the events. Allianz has said its loss will likely be above 0.5 billion euros. “The size of this natural catastrophe […]
Impact Forecasting, the catastrophe model development centre arm of Aon Benfield, has launched a scenario model of the recent severe floods in Germany. The model uses event footprints that show the extent of the flood, to allow insurers to gain a “more realistic” estimate of their exposure, according to Impact. The flood footprint is based […]
By Canadian Underwriter | June 13, 2013
The Financial Services Commission of Ontario (FSCO) is warning consumers that CC&B Group Inc. and Serafattin Solak are not licensed to do insurance business in the province and are connected to a fake auto insurance scam. Solak (also goes by the name “George”) is “soliciting insurance business through ads on Craigslist and is misrepresenting himself as an insurance […]
By Canadian Underwriter | June 12, 2013
British Columbia is currently in the risk zone for a large or megathrust earthquake, based on a recurrence interval of such events identified in a new study. The study, published in the Canadian Journal of Earth Sciences, dated the disturbances in sedimentary layers off the B.C. southern coast over the last 11,000 years, identifying 22 […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
