Claims
New York and New Jersey, two of the U.S. states majorly affected by last fall’s Superstorm Sandy, have each launched new efforts to speed up claims dispute settlement. In New York, a new regulation reduces the amount of time an insurer can delay its decision on a claim, and requires insurers to report to the […]
By Canadian Underwriter | February 26, 2013
3 min read
Regardless of the causes of climate change, extreme weather is becoming more common and the insurance industry needs to step up to minimize the impact, notes a new paper from General Re chairman and CEO Tad Montross. “My own view is that we should be deeply concerned about CO2 and the buildup of greenhouse gases […]
By Canadian Underwriter | February 22, 2013
1 min read
The storm that unloaded more than a foot of snow on parts of Kansas and Nebraska this week may contribute to easing, but not eliminating, drought conditions for the stricken area. Rain and snow from the storm “will put a noticeable dent in the Great Drought of 2012-2013 over the Midwest,” Jeff Masters, director of […]
State Farm Mutual Automobile Insurance Company is suing a Toronto-based assessment centre and four individuals for more than $11 million, alleging that false and fraudulent documentation was submitted in the name of Assessment Direct Inc. In a statement of claim filed Feb. 12 in the Ontario Superior Court of Justice, State Farm alleged treatment plans […]
By Canadian Underwriter | February 19, 2013
2 min read
Distracted driving was at least partially behind 30% of motor vehicle related fatalities in British Columbia last year, the RCMP in the province has reported. Preliminary statistics for 2012 also suggest that 37% of all motor vehicle related injuries involved distracted driving, the B.C. RCMP Traffic Services reported. “In the month of February police across […]
By Canadian Underwriter | February 14, 2013
Australian general insurers have already received more than 65,000 claims, with insurance losses conservatively estimated at $674 million, from four catastrophes declared by the Insurance Council of Australia (ICA) in three states over the past few months. The majority of those claims have come from the state of Queensland, which has been affected by severe flooding […]
By Canadian Underwriter | February 11, 2013
Seven counties in Mississippi have reported damage after severe storms and at least one tornado moved through the state on Sunday evening, but a flash flood warnings issued has since been lifted. Storm spotters confirmed at least one tornado, which moved through Lamar and Forrest Counties in Mississippi on the evening of Feb. 10, notes […]
Chubb Group of Insurance Companies has released a new loss prevention guide meant to help directors and officers prepare for litigation if their firm engages in a merger or acquisition (M&A). “Merger and acquisition activity is up, and many companies and their directors and officers are being sued as a result of these transactions,” Evan […]
Canada has been much less affected by major catastrophes than other regions worldwide over the past 25 years, but risks here shouldn’t be underestimated, notes one industry expert. While Canada is exposed to a wide range of catastrophes, including earthquakes, flood, hurricane and wildfires, the insurance industry here has had relatively few major losses since […]
By Canadian Underwriter | February 8, 2013
Flooding in Australia and Indonesia causing losses of $6 billion was among the major catastrophes in the first month of the year, notes Aon Benfield’s latest recap report. Heavy rain causing major flooding throughout Indonesia killed at least 41 people, notes the company’s January 2013 Global Catastrophe Recap report, compiled by its catastrophe modelling arm […]
By Canadian Underwriter | February 7, 2013
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