Claims
The remarkable clustering of global natural catastrophes in 2010 and 2011 revealed unexpectedly expensive “cold spot” losses in areas not previously considered risky, notes a new report from Guy Carpenter. This clustering demonstrates there are growth opportunities in emerging economies that pose a unique set of challenges to reinsurers, says Cold Spots Heating Up: The […]
By Canadian Underwriter | September 12, 2012
2 min read
PERILS AG, a European catastrophe insurance data provider, has launched a new project to provide satellite-based flood footprints during and after major flood events. The Zurich-based company is working with the European Space Agency to provide the information. Industry participants will be able to download flood footprints from PERILS’ website. That information can then be […]
1 min read
Damages from the two most recent serious storms in Alberta have amounted to more than approximately $200 million, new data from Insurance Bureau of Canada suggests. The larger of the two storms was on Aug. 12, when a severe thunderstorm and hail hit the region around Calgary. There were reports of hail as large as […]
The Trepanier forest fire that destroyed four homes in the central Okanagan region of British Columbia has been 75% contained, the area’s Emergency Operations Centre said Sept. 11. “Cooler temperatures and low wind overnight have provided ideal conditions for fire fighters monitoring the still active…fire,” the centre noted in a statement. Three homes and one […]
By Canadian Underwriter | September 11, 2012
Tropical storm Leslie made landfall in Newfoundland’s Burin Peninsula the morning of Sept. 11, with hurricane-force gusts and heavy rainfall causing some property damage and flooding in parts of the Atlantic provinces. Tropical storm watches are in effect for areas of eastern and southern Newfoundland, meaning winds of 63km per hour or more are expected […]
The debt crisis in Europe, interest rate sensitivity and the shifting nature of catastrophe losses are among the top risks to the reinsurance industry’s profitability, according to risk and reinsurance specialist Guy Carpenter and Company LLC. In its mid-year market report, Overcoming Key Risks on the Road to Profitable Growth, released during the reinsurance industry’s […]
By Canadian Underwriter | September 10, 2012
A 200-hectare wildfire in the central Okanagan area of British Columbia has forced about 1,550 people from their homes. Three homes in the District of Peachland and one abandoned home in the Central Okanagan West electoral area have been lost as a result of the Trepanier forest fire and numerous outbuildings have also been impacted, […]
More than 740,000 properties in 13 states across the western United States. fall into the high risk category for wildfire damage, representing a total property value estimate at over $136 billion, according to information and analytics service firm CoreLogic. The firm assigns a numeric risk score ranging from one to 100 for susceptibility to wildfire, […]
Atlantic Canada is expecting strong winds and heavy rainfall as tropical storm Leslie will reach Newfoundland by Sept. 11, according to the Canadian Hurricane Centre. “The likelihood of Leslie’s centre making landfall somewhere in Newfoundland is looking almost certain now,” the Halifax-based centre reports. The storm’s effects will reach 800km in diameter, creating difficulty in […]
Ontario’s Court of Appeal has ruled in favour of Certas Direct Insurance Company in a decade-long dispute over accident benefits, opting to set aside a divisional court order on the interpretation of the limitation period under the Insurance Act. Gordyukova v. Certas Direct Insurance Company sets aside the court order and restores an earlier order […]
By Canadian Underwriter | September 7, 2012
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