Claims
Insurance-linked securities (ILS) such as catastrophe bonds posted a record quarter in the first three months of 2012, an Aon Benfield Securities report notes. Cat bonds issued for the period rose to a new high of $1.49 billion, with nine transactions closed during the quarter. Three more cat bonds worth $495 million were priced in […]
By Canadian Underwriter | April 23, 2012
1 min read
The U.S. Senate has approved legislation requiring event data recorders to be installed in new passenger motor vehicles sold in the United States beginning in 2015. The bill, known as ‘MAP-21,’ has yet to be passed by the House of Representatives. The bill passed by the Senate says any data in an event recorder is […]
Ontario’s Court of Appeal has allowed a woman’s negligence action against her former lawyer to proceed despite the claim being filed after the two-year limitation period, because the limitation period did not run during the time she was under psychological stress. A motions judge in the Ontario Superior Court ruled Vasiliki Soteropoulos’s action against her […]
By Canadian Underwriter | April 20, 2012
2 min read
Earthquake models generally did a good job estimating the property and building damage due to the seismic shocks arising from earthquakes in 2010-11, but “blind spots” included loss estimates related to tsunamis and contingent business interruption. Erdem Karaca, vice president and earthquake specialist at Swiss Re, assessed the performance of catastrophe models at the Insurance […]
By Canadian Underwriter | April 19, 2012
Willis Group Holdings is looking to get a fix on how U.S. companies are responding to federal guidance around cyber attacks, information that can be used by an organization to better assess risk at the macro level and see how it stacks up against its peers. The global insurance broker has launched a proprietary study […]
By Canadian Underwriter | April 18, 2012
Drivers in Nova Scotia are now receiving enhanced medical benefits and will not face premium increases if they cover damage costs from car accidents themselves. The reforms, introduced Apr. 1 as part of the first phase of “fair auto insurance package” announced by the provincial government last fall, increase medical and rehabilitation expenses to $50,000 […]
Can a risk manager in the United States tell an insurer his or her company’s secrets? Only if insurance companies are willing to sign binding legal agreements that confirm they will not turn around and use those secrets against their insureds later down the road, says Pennsylvania lawyer Peter D. Laun, partner at Jones Day. […]
Just 45% of motorists involved in careless parking collisions in the United Kingdom indicated they would leave their insurance details — even then, only if the damage was more serious than just a fender-bender. In fact, one in six car drivers would never leave behind that information, notes a statement from eQuoteDirect, which specializes in […]
By Canadian Underwriter | April 16, 2012
The reluctance of business executives to ‘de-silo’ related company information is one of a number of stumbling blocks to mitigating cyber-risk, according to Zurich. The company presented a number of its recent findings about cyber security at the 2012 Risk and Insurance Management Society (RIMS) Annual Conference & Exhibition in Philadelphia on Apr. 16. Among […]
Climate change is opening up the Arctic to commercial development, bringing with it a unique set of risks and challenges for countries like Canada, Lloyd’s says in a recent Risk Insight report. Environmental issues, particularly oil spills, are a challenge to the Arctic that will require further examination, according to the study published by Lloyd’s […]
By Canadian Underwriter | April 13, 2012
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