Claims
Despite floods having more economic impact than any other natural catastrophe, their impact continues to be underestimated, Swiss Re reports. In its latest report, Flood – an underestimated risk: Inspect, inform, insure, Swiss Re notes that insured flood losses have increased from between US$1 billion and US$2 billion in 1970, to US$15 billion in 2011. […]
By Canadian Underwriter | September 7, 2012
2 min read
Two reports show that capital market instruments such as catastrophe bonds, insurance-linked securities and collateralized quota-share agreements (sidecars) are growing in popularity, but may hit a saturation point for investors. Fitch Ratings said that these risk transfer structures represent an increasingly viable alternative to the use of traditional reinsurance. “However to the extent that hardening […]
1 min read
Insurance Bureau of Canada has launched the first Atlantic Region study of rain barrel use to avoid water damage, after a similar project earlier this year in Ontario. Beginning Sept. 7, in Stratford, PEI, IBC is providing 1,000 homes with rain barrels to assess their impact on relieving stress of water systems and keeping basements […]
The outlook for the Canadian property and casualty market for the remainder of 2012 is stable, with a low level of change to companies’ ratings, notes a senior financial analyst with A.M. Best Company. This is despite economic uncertainty in many parts of the world, Jackie Catrino Lentz commented during the rating agency’s 2012 Insurance […]
By Canadian Underwriter | September 6, 2012
Damage was reported to be light despite a strong earthquake hitting Costa Rica on Sept. 5. The magnitude 7.6 earthquake struck a sparsely populated area about 150 km west of the capital city of San José, notes information from catastrophe modelling firm AIR WorldWide. Damage was not expected to be significant given the depth of […]
The New Brunswick government could expect an approximately $8 million tab for relocating or flood-proofing more than 70 homes in the Village of Perth-Andover, the site of flooding in March that prompted a state of emergency. The cost estimate is contained in a 16-page report, Perth-Andover and Tobique First Nation Mitigation Study: Final Report, submitted […]
By Canadian Underwriter | September 5, 2012
Damage costs from severe weather across Canada are expected to reach between $110 million and $130 million after taxes, net of reinsurance, Intact Financial Corp. reports. The company is serving about 20,000 of its customers following severe storms in July and August. About 10 storms caused damage from wind, hail and/or rainfall across Alberta, Ontario […]
A survey of B.C. drivers conducted for the Insurance Corporation of British Columbia (ICBC) shows that 44% of respondents believe driving is a complex task, yet 40% of those who own cellphones admit they have used hand-held devices while behind the wheel. ICBC cited the survey, done by Ipsos Reid, as part of a public […]
By Canadian Underwriter | September 4, 2012
The hope was that draft federal regulations around demutualization would have been available by now, but the wait for this pivotal stage has not slowed Economical’s preparations for either an initial public offering (IPO) or a sponsored transaction with one or more strategic investors toward that end. “We had hoped to be able to report […]
After Hurricane Isaac was downgraded to a tropical storm late Aug. 29 and then a tropical depression a day later, it began its soggy path north through the mid-United States, crossing into Arkansas, Missouri and expecting to dump rains on Illinois and Indiana by early Sept. 4. Louisiana, Mississippi and Alabama were left to clean […]
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