Claims
Flood risk assessment firm Ambiental Technical Solutions Ltd. announced Thursday the results of a survey of British homeowners, reporting that 72% of respondents do not check for flood risk when they buy a new house. In a press release, Ambiental said 23% of respondents said they have no home insurance to protect them from flooding. […]
By Canadian Underwriter | December 13, 2012
2 min read
The Tropical Storm Risk consortium has predicted above-average hurricane activity in the Atlantic basin in 2013. Its recent report, co-written by Mark Saunders and Adam Lea of the University College London (UCL)’s department of space and climate physics, uses forecasts of both the speed of the trade winds over the Caribbean and tropical North Atlantic […]
By Canadian Underwriter | December 12, 2012
The Hartford has announced its initial loss estimate for “superstorm” Sandy, with gross losses and loss adjustment expenses estimated at $370 million before tax. Losses and loss adjustment expenses net of reinsurance are estimated at $350 million, before tax, the company said Wednesday. Approximately 60% of the losses are in the Property and Casualty Commercial segment and 40% […]
1 min read
The Chubb Corp. has estimated its losses from “superstorm” Sandy to be about $570 million after tax, the company said Tuesday. That amount, which equates to $880 million before tax, includes estimated losses and loss expenses net of reinsurance recoverable and also includes estimated reinsurance reinstatement premiums. The company had previously announced it had temporarily […]
The Institute for Catastrophic Loss Reduction (ICLR) has announced the launch of Wind Wizard: Alan G. Davenport and the Art of Wind Engineering, a book commissioned by the Institute in honour of Dr. Alan Davenport, pioneering wind engineering professor at Western University and former Chairman of Research at ICLR. With Wind Wizard, author Siobhan Roberts […]
By Canadian Underwriter | December 11, 2012
The Insurance Bureau of Canada is estimating insured damage caused by severe weather across Canada to be over $1 billion this year. Total insured damage in Canada during 2012 is approximately $1.19 billion, down from last year’s $1.7 billion, according to IBC. Read IBC’s estimates here: Canadian Severe Weather 2012 The numbers reflect the estimates […]
The Manitoba government has pledged $100,000 of provincial support to the Manitoba Council for International Cooperation (MCIC) in response to flooding in the southern Philippines caused by typhoon Bopha. The natural disaster is reported to have killed more than 600 people, and left hundreds more missing and an estimated 400,000 homeless. The MCIC is an […]
An advocacy organization representing auto accident victims is taking issue with some of the recommendations of the recently released report from the auto fraud task force in Ontario. Although it describes the report as “largely a thoughtful and targeted approach to combating fraud in the insurance industry,” the Fair Association of Victims for Accident Reform […]
By Canadian Underwriter | December 10, 2012
4 min read
This year is “virtually certain” to be the warmest year on record for the United States, the National Oceanic and Atmospheric Administration has reported. “The January to November period was the warmest first 11 months of any year on record for the contiguous United States, and for the entire year, 2012 will most likely surpass […]
By Canadian Underwriter | December 7, 2012
The academic and analysis arm of Willis Group, Willis Research Network (WRN) has won the Lloyd’s Science of Risk prize in the category of Natural Hazards for a research paper on flood modelling. The winning paper, “A simple inertial formulation of the shallow water equations for efficient two-dimensional flood inundation modelling,” published in the Journal […]
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