Claims
The State of New York has extended the deadline for residents in 13 disaster-declared counties affected by Hurricane Sandy to register for federal assistance by about two weeks. The previous deadline to register with the Federal Emergency Management Agency (FEMA) was Friday, but has been extended to April 13. The federal disaster assistance money can […]
By Canadian Underwriter | March 28, 2013
1 min read
Insured losses from natural catastrophes and man-made disasters last year total $77 billion, making 2012 the third costliest year on record, says Swiss Re’s latest sigma report, released Wednesday. Economic losses from such catastrophes reached $186 billion last year, Swiss Re says. Still, those figures are significantly less that the insured losses of over $126 […]
By Canadian Underwriter | March 27, 2013
3 min read
The Manitoba government announced Tuesday the possibility of major flooding on several rivers including the Assiniboine, which runs through Brandon. “An unfavourable weather scenario would result in major flooding of the Assiniboine Valley from Shellmouth to Brandon similar to those levels of 1974 but lower than those of major floods in 2011, 1995 and 1976,” […]
By Canadian Underwriter | March 26, 2013
2 min read
New research out of California that offers comprehensive documentation of the populations and businesses in the state’s maximum tsunami-inundation zone, information that may be of use in supporting tsunami preparedness and risk-reduction planning. “To reduce potential impacts of future tsunamis, officials need to understand how communities are vulnerable to tsunamis and where targeted outreach, preparedness […]
Bad weather, particularly in winter, is the leading cause of disruption to businesses in the United Kingdom, notes a new report from the Chartered Management Institute there. Over the last 12 months, 77% of the organizations included in a survey said they were affected by winter snow, suggests the report, titled “Weathering the Storm,” produced […]
By Canadian Underwriter | March 25, 2013
Superstorm Sandy’s hit to the global marine market effectively wiped out 2012 marine premiums for the United States, note figures released this week by the International Union of Marine Insurance (IUMI). “The cost of Superstorm Sandy to the global marine market has been put at $2.5 billion to $3 billion, effectively wiping out the entire […]
By Canadian Underwriter | March 22, 2013
An Ontario court has ruled against a major construction firm and three co-defendants who attempted to use a subrogation bar defence in a lawsuit filed by the Bank of Nova Scotia over damage resulting from a leak during a construction project at the bank’s Toronto office tower. Last week, Mr. Justice Ed Morgan of the […]
By Canadian Underwriter | March 21, 2013
The Saskatchewan government has set out $198.3 million for crop insurance in its 2013-14 budget, which it says is the largest amount set aside in the program’s history. Coverage levels under the new budget will be $194 per acre on average, the government said in a release, noting the figure is double the average in […]
The Asia-Pacific region will be the major driver of growth for the world’s insurance sector by the year 2020, but the catastrophe-vulnerable area will remain underinsured, Munich Re said Wednesday. Premium income for the industry in that region will double by 2020, according to a study from Munich Re’s Economic Research Department. Almost half of […]
By Canadian Underwriter | March 20, 2013
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