Claims
Insured loss estimates from post-tropical storm Sandy are varying between $5 billion and $15 billion, with total economic damages estimated at upwards of $20 billion in some cases. Catastrophe modeling firm AIR Worldwide has estimated that insured losses to onshore properties in the United States will be between $7 billion and $15 billion. For residential […]
By Canadian Underwriter | October 31, 2012
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Post-tropical storm Sandy, which made landfall in New Jersey Monday night, has the potential to trigger large insurance claims under business interruption policies, according to ratings agency Fitch Inc., which notes many firms do not purchase contingent business interruption insurance and losses have been underestimated in previous disasters. “While many lines of insurance will be […]
By Canadian Underwriter | October 30, 2012
Superstorm Sandy has begun to weaken after causing major destruction in the eastern United States and some damage in Canada, although thousands of Ontario and Quebec residents remained without power Tuesday afternoon. As of 1:15 p.m. Tuesday, 70,000 customers were without power, according to the province’s Emergency Management Office, including 14,000 Toronto Hydro users. About […]
1 min read
Crop hail payments to prairie farmers are expected to be about $280 million for 2012, with the average loss per claim rising substantially more in year-over-year comparisons, the Canadian Crop Hail Association (CCHA) reports. Preliminary estimates peg crop hail claim payouts for 2012 at roughly $280 million on 21,600 losses, notes the CCHA wrap-up of […]
A “relatively quiet” 2012 has left property and casualty insurers well-positioned to take on losses from the major storm that has hit the eastern United States, rating agency A.M. Best Company has said. “Superstorm” Sandy, which began as a hurricane and has transitioned into a post-tropical storm, is the first large-scale catastrophe event of the year, […]
The Atlantic Climate Adaptation Solutions Association and New Brunswick government will be hosting an event focused on climate change adaptation in Fredericton this November, including workshops on how to plan for events like coastal flooding. “Preparing for Climate 2100 – Tools and strategies for NB communities,” will run from Nov. 14 to 16 and will […]
By Canadian Underwriter | October 29, 2012
Insured losses from Hurricane Sandy are estimated at between $5 billion and $10 billion, with total economic damages potentially reaching between $10 billion and $20 billion, according to catastrophe risk modelling firm EQECAT. Hurricane Sandy, which is expected to make landfall in the eastern United States late Monday, is affecting an estimated 60 million people. […]
The Municipality of Wawa in northwestern Ontario has called on the province to provide assistance in the wake of recent heavy rainfall that could cause flooding-related damage in the tens of millions of dollars. The municipality declared a state of emergency on Oct. 26 after heavy rainfall and runoff resulted in flooding and severe damage […]
A wind warning is in effect for Toronto, as well as much of southern and eastern Ontario, as the effects of Hurricane Sandy begin to be felt in eastern Canada. “The remnants of hurricane Sandy will arrive later today as a large and powerful post tropical fall storm over southern Ontario,” Environment Canada noted in […]
The 7.7-magnitude earthquake that struck British Columbia this weekend and its aftershocks have reportedly caused no major damage, although the major quake may serve as a wake-up call for residents throughout the province. The earthquake, which occurred off B.C.’s north-central coast near Haida Gwaii Saturday night, prompted tsunami warnings for the province, the Washington state […]
By Canadian Underwriter | October 28, 2012
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