Claims
Structural damage to buildings from earthquakes can have a negative impact on fire safety performance, suggest the results from a study in the United States. Researchers in the Department of Fire Protection Engineering at Worcester Polytechnic Institute (WPI) and the University of California, San Diego (UCSC) conducted the study last year, sponsored by the National […]
By Canadian Underwriter | March 19, 2013
3 min read
The British Columbia Court of Appeal last week dismissed an appeal from a man who was hurt in several motorcycle accidents and awarded damages for pain and suffering and special damages, but was not awarded any money for loss of earnings or for future care. In August 2011, a jury in B.C. Superior Court awarded […]
By Canadian Underwriter | March 18, 2013
6 min read
Ninety percent of Canadians say they believe an extreme weather-related disaster is possible in their community, but few are prepared for the consequences that excess water from such events can have on their homes, notes a new report from Royal Bank of Canada. Paved surfaces, overloaded infrastructure and severe weather conditions all create challenges for […]
The federal and Manitoba governments have lent their support to the recently created Guy Carpenter Professorship in Agriculture Risk Management and Insurance, citing the importance of advancing risk management in agriculture, which serves as economic driver in the province and across the country. “We are proud of this endeavour that has governments and industry groups, […]
2 min read
New Jersey Congressman Albio Sires has reintroduced legislation to support the creation of a national catastrophe fund, a move that was quickly and strenuously criticized by SmarterSafer.org, a coalition of insurers and environmental groups. The Homeowners and Taxpayers Protection Act of 2013 “changes how we pay for natural catastrophes from an after-the-fact emergency appropriation system […]
Creating a dedicated infrastructure bank to help coordinate infrastructure development and investment is among the initiatives outlined in New York State’s proposal for housing and business recovery programs to help residents devastated by Superstorm Sandy, Hurricane Irene and Tropical Storm Lee. New York State submitted its proposed action plan this week. “This plan was put […]
By Canadian Underwriter | March 14, 2013
The Financial Services Commission of Ontario is reaching the midway point of a six-month pilot aimed at streamlining part of its mediation process and saving mediators’ time. Effective Jan. 2, the pilot program allows the parties involved in mediation who have already been assigned mediation dates, or who have files more than 50 days old, […]
By Canadian Underwriter | March 12, 2013
Zurich Insurance Group has announced a five-year partnership with the International Federation of Red Cross and Red Crescent Societies (IFRC), with the company putting 21 million Swiss francs (roughly $22.7 million) into the alliance. The partnership is part of Zurich’s global flood resilience program, aimed at finding new ways to increase the impact of disaster […]
By Canadian Underwriter | March 11, 2013
Bermuda insurers will cover more than $2.5 billion of claims resulting from last fall’s Hurricane Sandym the Association of Bermuda Insurers and Reinsurers (ABIR) said late last week. Loss estimates from the storm are around $18 billion, with about half of the claims being covered by international insurers, the group noted. “Hurricane Sandy reaffirms why […]
1 min read
Almost half of the United States insurers taking part in a Ceres survey say the effect of current extreme weather events on operations, revenue and profitability is a motivator of action on climate change. “The exposure of the company’s operations, revenue and profitability, is a motivator for 110 out of 184 companies, although this is […]
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