Claims
With the Ontario legislature prorogued, several measures that would affect the industry, including efforts to fight auto insurance fraud, will be delayed, according to officials with two industry associations. On Monday night, Premier Dalton McGuinty announced he would be stepping down as Liberal leader and asked Lieutenant Governor David Onley to prorogue the legislature, which […]
By Canadian Underwriter | October 16, 2012
4 min read
The Insurance Institute of Canada has introduced a new course based on emerging issues, such as climate change, as part of the Fellow Chartered Insurance Professional (FCIP) program. Launching in January 2013, “Emerging Issues: Implications for the P&C Insurance Leader” is a project-based course. Emerging issues could include climate change distribution, changing regulations and new […]
1 min read
Hurricane Rafael won’t have much impact on land in Newfoundland, although some parts of the province could see “enhanced rainfall” over the next few days, the Canadian Hurricane Centre said Tuesday. The storm was upgraded to category one hurricane status late Monday, as it passed south of Bermuda with maximum sustained winds of 140 km […]
Global reinsurer PartnerRe Ltd. is expecting a net charge of about $63 million related to losses within its North American agriculture business in the third quarter of this year, mainly due to severe drought in the United States. The net charge equates to a pre-tax charge of $85 million and includes premiums, losses, commissions, brokerage […]
By Canadian Underwriter | October 12, 2012
2 min read
Basic recovery assistance will be available to homeowners, business owners and not-for-profit organizations in central Nova Scotia affected by flooding in the wake of heavy rains on Sept. 9 to 11 that accompanied Tropical Storm Leslie. Leslie made landfall in Newfoundland’s Burin Peninsula on the morning of Sept. 11, causing flooding in parts of the […]
The Government of Japan and the World Bank have called on national governments to foster a culture of prevention by integrating disaster risk management in development policy and investment programs to meet economic losses from natural hazards that now amount to trillions of dollars. Integrating risk management is meant to help accelerate efforts to manage […]
By Canadian Underwriter | October 11, 2012
Legal damages accounted for the majority of the $3.7 million average cost per data breach that occurred between 2009 and 2011, notes a new whitepaper from NetDiligence, based in Philadelphia. Cyber Liability & Data Breach Insurance Claims: A Study of Actual Payout for Covered Data Breaches explores 137 cyber liability insurance policy claims that occurred […]
By Canadian Underwriter | October 10, 2012
The 4.5-magnitude earthquake that occurred near Montreal just after midnight is unlikely to cause serious damage, but reinforces the region’s vulnerability, according to one industry expert. “I don’t think we should see this as any kind of omen of a larger imminent event in the next hours or days…but it should serve as a wake-up […]
More than half of Canadians think fire and police departments should be using social networking tools for emergency response and most would sign up for electronic alerts during an emergency, a new poll commissioned by the Canadian Red Cross suggests. Of the 1,000 Canadians polled by Ipsos Reid this summer, 63% said emergency responders “should […]
By Canadian Underwriter | October 9, 2012
Seasonal monsoon rains leading to major flooding in Asia this September caused about $7.5 billion in economic losses, reinsurance company Aon Benfield noted in its monthly Global Catastrophe Recap report. Much of that loss was in China, where flooding caused nearly $5 billion in damage across six provinces, the report said. About 407,000 homes in […]
By Canadian Underwriter | October 5, 2012
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