Claims
The harshest drought in the United States since the mid-1950s is taking a huge toll on farmers and the agricultural industry, but also on insurers and reinsurers. This year will likely mark the first time in a decade that crop insurers have posted an underwriting loss. Canada, which has experienced drought-like conditions in parts of the country, will share some of this pain.
By Craig Harris, Freelancer | August 31, 2012
12 min read
Transforming the public view of auto insurance fraud as a cost for "them" to a cost for "us" will provide some additional focus.
By Angela Stelmakowich, Editor | August 31, 2012
3 min read
An Ontario Court of Appeal ruling that a letter from the Ministry of the Environment (MOE) requiring information about a contaminated site did not constitute a claim for which defence costs were recoverable is noteworthy for its extension of the pleadings rule.
By Michael Teitelbaum, Partner, Hughes Amys LLP | August 31, 2012
8 min read
The operating performance of U.S. p&c insurers improved significantly in the first half of 2012, Fitch Ratings notes in a new report. The aggregate combined ratio of 47 publicly traded property/casualty (re)insurers improved to 96.2% through mid-year 2012 from 107.9% over the same period in the prior year. This improvement was driven largely by sharp […]
By Canadian Underwriter | August 31, 2012
2 min read
New York’s Metropolitan Transportation Authority (MTA) has submitted its Federal Emergency Management Agency (FEMA) and insurance claims to recover $65 million in losses from flood and wind damage to the regional transit infrastructure in the wake of Tropical Storm Irene a year ago. Thousands of pages were submitted to FEMA and more than 13 companies […]
By Canadian Underwriter | August 30, 2012
Insurance Bureau of Canada (IBC)’s public awareness campaign on Ontario auto insurance has listened to disgruntled consumers and now aims to promote understanding of the reasons behind stubbornly high rates. “We wanted to find out what Ontarians were thinking about the high cost of auto insurance,” says IBC Ontario vice president Ralph Palumbo. “So we […]
1 min read
After coming ashore in southeastern Louisiana late Aug. 28, Hurricane Isaac has dropped substantial rain and brought maximum sustained winds of 80 mph to the region. Catastrophe modelling firm Eqecat has made the first initial disaster estimate of insured losses for the storm. For onshore property – personal, commercial and industrial, including time element – […]
The Risk and Insurance Management Society, Inc. (RIMS) is reiterating its opposition to draft legislation that would place significant restrictions on domestic insurers that cede reinsurance to their foreign affiliates. That view was offered in an official comment letter to and at the request of the U.S. Department of the Treasury. Composed in part from […]
By Canadian Underwriter | August 29, 2012
Routine traffic stops by members of the Southern Georgian Bay auxiliary unit of the Ontario Provincial Police (OPP) are revealing an increase in fraudulent insurance documents. “Unsuspecting consumers are being targeted by fake insurance companies selling auto insurance in Ontario,” says a press release from the OPP. Citizens are reminded to exercise caution when buying […]
The massive drought parching the U.S. Midwest is likely to result in substantial gross insured losses for crop insurers and reinsurers and possibly their first overall loss in 10 years, Moody’s Investors Service notes in a recent profile of the industry. “Although a significant portion of the loss will be borne by the U.S. government […]
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