Claims
Zurich Insurance Group recorded $1.1 billion in business operating profit during the second quarter of 2012, pushing its profit for the first half of the year to $2.5 billion. Net after tax income to June 30 was $2.2 billion, while the first-half combined ratio for the Swiss-based insurer was 94.9%. “Zurich’s performance demonstrates our strategy […]
By Canadian Underwriter | August 17, 2012
1 min read
Smoke from wildfires burning in Russia are contributing to hazy conditions throughout most of British Columbia, notes an alert from the province’s Wildfire Management Branch. Generalized smoke was being reported on Aug. 16 in Port Alberni, Pemberton, the Fraser Valley and many parts of the southern and central interior. “We do have active fires throughout […]
By Canadian Underwriter | August 16, 2012
Canada’s federal financial services regulator is proposing revisions to how property and casualty insurers measure and manage earthquake exposure. The Office of the Superintendent of Financial Institutions (OSFI) says the changes to Guideline B-9, Earthquake Exposure Sound Practices are designed to “emphasize and strengthen the principles-based approach to managing earthquake exposure.” As part of the […]
Calgary firefighters received more than 130 calls for assistance during and after a severe windstorm on Aug. 14, just two days after the city was pummelled by golf ball-sized hail stones. The fire department responded to downed power lines and trees, power outages and an accident scene where a semi-trailer ended up on its side. […]
By Canadian Underwriter | August 15, 2012
At least one major reinsurance company has set aside reserves to deal with future claims related to the worst drought to hit the U.S. farming sector in more than 50 years. “Based on current estimates, Munich Re anticipates a net burden of approximately €160 million ($200 million) [before tax] from losses under crop failure covers, […]
By Canadian Underwriter | August 14, 2012
2 min read
The Township of Greater Madawaska is awaiting word from Ontario’s Ministry of Municipal Affairs and Housing about whether or not it will receive disaster relief assistance following a macro-burst that felled hundreds of trees, caused widespread property damage and temporarily knocked out power. The Calabogie area of Greater Madawaska Township experienced major windstorm damage on […]
The preliminary estimate of insured damage for last month’s severe thunderstorm event in and around Edmonton is pegged at more than $100 million, Insurance Bureau of Canada (IBC) reports. Thousands of claims have been filed for damage to homes, cars and businesses in the wake of the storm, confirms data collected by Property Claim Services […]
The National Oceanic and Atmospheric Administration (NOAA) is predicting that an active Atlantic hurricane season, with six named storms so far this year, will likely be joined by at least as busy a second half of 2012. An updated outlook “still indicates a 50% chance of a near-normal season, but increases the chance of an […]
By Canadian Underwriter | August 13, 2012
A director’s delegate for the Financial Services Commission of Ontario (FSCO) has upheld an arbitrator’s conclusion that mediation was deemed to have failed because it did not occur within 60 days of the application being filed with FSCO. In State Farm Mutual Automobile Insurance Company and Nicholas Leone, David Evans dismissed the insurer’s appeal and […]
Hannover Re reported a “very good” result in the first half of 2012, citing an operating profit of EUR597.2 million, compared to EUR248.9 million over the first half of last year. Group net income improved by a substantial 85.5% to EUR405.3 million (EUR218.5 million in the first half of 2011). “The situation on the international […]
By Canadian Underwriter | August 10, 2012
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