Claims
The United States government has designated nearly 600 counties across 14 states as primary disaster areas due to severe drought and heat, in the first disaster designations of the new year. The U.S. Department of Agriculture said Wednesday that farm operators across 597 counties now qualify for low-interest emergency loans. “As drought persists, USDA will […]
By Canadian Underwriter | January 10, 2013
1 min read
The Insurance Council of Australia has updated its preliminary data on claims resulting from bushfires, estimating losses in Tasmania alone at about 49 million Australian dollars. As of Thursday, an Australian dollar was worth $1.04. “At present we believe more than 100 properties in Tasmania have been destroyed,” ICA CEO Rob Whelan stated in a […]
2 min read
Over the next five years, the global temperature increase will not be as great as Britain’s national weather service predicted a year ago, but Met Office forecasts global warming will continue, while a Canadian climate expert suggests extreme weather events will still become more common. “The latest decadal prediction suggests that global temperatures over the […]
By Canadian Underwriter | January 9, 2013
3 min read
The Institute for Catastrophic Loss Reduction (ICLR) will host a workshop on Jan. 18 on “superstorm” Sandy, providing a perspective from an Environment Canada meteorologist. Geoff Coulson, a Warning Preparedness Meteorologist with Environment Canada in Toronto, will present at the workshop, which will look at the agency’s forecasting of Sandy and its response to the storm. […]
An Ontario court recently ruled that an auto policy holder who was injured after tripping over a curb after he parked his car at home is not entitled to benefits under the province’s Statutory Accident Benefits Schedule. Last Friday, Judge James McNamara of the Ontario Superior Court issued an order in a case in which […]
By Canadian Underwriter | January 8, 2013
The Ontario Court of Appeal recently ruled that a landlord can proceed with a lawsuit against a tenant relating to damages arising from the escape of oil from an above ground storage tank, on the grounds that there was no clear indication of an agreement on the part of the property owner to insure against […]
5 min read
More than 410 claims have been received from policyholders affected by the southern Tasmanian bushfires in Australia, with losses estimated at nearly $44 million as of Tuesday, according to the Insurance Council of Australia’s preliminary data. In an Insurance Council of Australia statement, CEO Rob Whelan said he expected insurers would receive more claims from […]
Typhoon Bopha in the Philippines was among the major catastrophes that marked December 2012, causing $802 million in economic losses to agriculture, infrastructure and private property, Aon Benfield notes in its latest report. An additional $122 million of losses is allocated to the rehabilitation of farms and in Palau, Bopha caused $20 million in damage, […]
By Canadian Underwriter | January 7, 2013
A 7.5 magnitude earthquake off the west coast of southeastern Alaska on Jan. 5 triggered a tsunami warning in British Columbia that was later rescinded. Although the West Coast Alaska Tsunami Warning Center issued advisory and warning notices for coastal B.C., these have been were cancelled, notes a Jan. 5 bulletin from British Columbia’s emergency […]
U.S. crop insurers are facing “the worst underwriting results” since 1988, according to ratings firm A.M. Best Co., due in part to the ongoing drought. Oldwick, N.J.-based A.M. Best estimated in a recent report that gross underwriting losses as of the third quarter of 2012 will be about $15.5 billion, on estimated premiums of $11 […]
By Canadian Underwriter | January 4, 2013
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