Claims
Insured crop losses in the United States will cost insurers and reinsurers more than $5 billion, notes a new report from Standard & Poor’s. “Farmers in the most affected states are expecting one of their worst harvests since the drought in 1988,” states the report, Drought Will Hurt U.S. Crop Insurers, But Won’t Dry Them […]
By Canadian Underwriter | August 22, 2012
1 min read
British Columbia firefighters are on high alert as the threat of storms and lightning is coupling with dry conditions in the province to create a significant risk for wildfire. Severe storm activity occurred on Aug. 20 and Aug. 21 and is expected to re-form later in the week. The fire danger rating for most of […]
Being prepared for a disaster, whatever form that disaster takes, is a key objective of a new mobile disaster preparedness app from the Insurance Information Institute (I.I.I.). “Over the past decade, insurers paid nearly $250 billion in claims to millions of victims of disasters all across the United States. In an era when the number […]
2 min read
A risk assessment of local climate change events for Victoria, British Columbia as projected to 2050 indicates flooding and sea level rise are among the greatest risks. “The projected impacts of most climate change-related events were determined to, individually, have low or medium risk. In reality, our community will experience more than one impact at […]
By Canadian Underwriter | August 21, 2012
Software as a Service (SaaS) has gained interest in the insurance world recently, with a growing number of insurance companies considering the SaaS model for core insurance systems, notes a new report from Celent. Two years ago, Legal & General Netherlands decided to replace its policy administration system. The report, Leveraging SaaS to Tackle the […]
Twenty-eight hurricanes that wreaked havoc on the United States in years past would likely produce insured losses reaching or exceeding $10 billion if they struck today, suggests a new study by Karen Clark & Company (KCC). The research concludes the U.S. can expect a hurricane loss of $10 billion or greater once every four years, […]
Canadian companies operating abroad would be well-advised to conduct comprehensive risk assessments to guard against anti-corruption risk exposure, recommends a recent post by John Boscariol on Lexology. “Canadian companies operating abroad can face particularly high anti-corruption risk exposure depending on the countries in which they operate and their interactions with foreign government officials, whether directly […]
By Canadian Underwriter | August 20, 2012
Property and casualty insurers need to adopt a multi-pronged approach to combat a growing fraud problem in the United States, notes a recent report from Deloitte. The report, A Call to Action: Identifying Strategies to Win the War Against Insurance Claims Fraud, says auto insurance and workers’ compensation are the two biggest sources of an […]
A new national program designed to reduce the impact of natural disasters is providing money to provinces that invest in flood-mitigation strategies. Manitoba, Saskatchewan and Quebec will initially receive funding from the program, which is a three-year, $99.2-million commitment from the federal government first announced in the spring budget. “Following the unprecedented flooding in the […]
By Canadian Underwriter | August 17, 2012
A British Columbia court has dismissed an appeal by Royal & Sun Alliance Insurance Company of Canada that a homeowner’s insurance policy excludes a bodily injury claim, ruling the insurer has a duty to defend and indemnify several claimants for any and all claims made by a co-defendant. In Royal & Sun Alliance Insurance Company […]
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