Claims
Forecasters are suggesting Hurricane Sandy will transition into a large post-tropical cyclone, likely making landfall somewhere near New Jersey Monday and bringing heavy rain to the eastern United States and Canada. “The official NHC track forecast brings the center of the storm over the coast of central New Jersey, near Atlantic City, late Monday night […]
By Canadian Underwriter | October 28, 2012
2 min read
A marked reduction in catastrophes losses brought Chubb Corporation’s financial results for 2012 Q3 to new heights, with the company reporting record operating earnings per share and an approximately 79% increase in net income over the same quarter in 2011. Net income for the third quarter of 2012 was $533 million compared with $298 million […]
By Canadian Underwriter | October 26, 2012
Hurricane Sandy will “quite likely” have an impact on parts of eastern Canada early next week, although it’s too early to tell what the impact will look like in particular areas, the Canadian Hurricane Centre has reported. The storm, which had category 1 hurricane status at print time, will be moving through the Bahamas with […]
1 min read
The global power industry has seen an increase in the number of large insured claims over the last several years, a troubling trend as insurers may become more reluctant to write business for that industry, suggests a recent report from Bowring Marsh. Since 2005, the insurance industry has seen at least one major claim of […]
By Canadian Underwriter | October 25, 2012
With the increase in data flowing over electronic networks, insurance firms need to take heed to a privacy management document released earlier this year by regulators, two lawyers suggested at a recent industry event. A guidance document, titled Getting Accountability Right with a Privacy Management Program (PMP), was the topic of discussion by panelists at […]
4 min read
The British Columbia government has formally teamed up with the Canadian Red Cross for better and faster emergency response in times of a major or catastrophic disaster. Emergency Management B.C., the Ministry of Health, the Ministry of Social Development and the Canadian Red Cross will work on joint planning and training in case of a […]
By Canadian Underwriter | October 24, 2012
North America is most affected by weather-related catastrophes, and the potential for even more disasters is increasing because of climate change, suggests a report from German reinsurer Munich Re. Worldwide, the number of catastrophes has been on the rise since 1980, but that increase is most dramatic and impactful in the United States and Canada, […]
By Canadian Underwriter | October 23, 2012
About 600,000 British Columbia residents spent some time under desks, dropping, covering and holding on during earthquake preparedness drill ShakeOut B.C. on Oct. 18. Provincial justice minister and attorney general Shirley Bond and education minister Don McRae were among those who participated at across the province at schools, businesses and police stations, among other locations. […]
Four of the 19 insurance companies named in a class action lawsuit launched by consumer association Option consommateurs following the 1998 ice storm in Ontario and Quebec have agreed to pay $12.5 million, without admitting liability. The tentative agreement was reached with Belair Insurance Company, Allianz Insurance Company of Canada, AXA Assurances and ING Insurance […]
Specialty legal expense insurer DAS Canada has launched a new product to help protect small businesses from major legal costs associated with their commercial vehicles. DAStransport is meant to “fill the gaps in traditional commercial vehicle insurance coverage,” the company explained in a statement. The new policy covers both businesses and drivers and all necessary […]
By Canadian Underwriter | October 22, 2012
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