Claims
Maybe not all earthquakes are “natural” disasters. The U.S. Geological Survey (USGS) has issued a report suggesting “strong spatial and temporal correlations” existed between low-level earthquakes in Oklahoma in January 2011 and a nearby hydraulic fracturing project engaged in process known as “fracking.” Fracking describes when large amounts of water and chemicals are injected underground […]
By Canadian Underwriter | April 12, 2012
2 min read
The Ontario Court of Appeal’s decision in Jones v. Tsige, which found a right to a civil action for breach of privacy, may be a “game-changer” for insurance defence counsel. “We have this [data breach] case out there, and it may well change the landscape,” Andrea Laing, a partner of Osler Hoskin and Harcourt LLP, […]
By Canadian Underwriter | April 11, 2012
A rash of tornadoes in the United States and an earthquake in Mexico were the main sources for a heavy natural disaster toll in March 2012, according to Aon Benfield. At least 65 tornado touchdowns were reported in the United States, including two EF-4 tornadoes that caused severe damage in southern Indiana, Kentucky, Tennessee and […]
By Canadian Underwriter | April 10, 2012
1 min read
As the insurance industry deals with climate change, satellite observation may become an integral part of improving existing risk assessment processes in the future. “But the use of satellite observations is still in the early stages of being adopted by the insurance industry,” the European Space Agency (ESA) notes. Earth-observing satellites can map natural phenomena […]
Swiss Re Capital Markets placed $240 million in insurance-linked securities to a subsidiary of Allianz SE to cover earthquake risks in the United States and Canada, as well as potential losses from North Atlantic hurricanes. The transaction issued two classes of notes, each covering hurricane and earthquake for a risk period of three years. “We […]
Auto insurance comprises a large chunk of the Financial Services Commission of Ontario (FSCO)’s priorities for 2012. Certainly within the auto insurance file, FSCO has a lot of irons in the fire right now. These include steps to reduce auto insurance fraud; steps to affirm regulatory compliance with the 2010 auto insurance reforms; the development […]
By Canadian Underwriter | April 9, 2012
Forecasters expect a relatively mild season for Atlantic hurricanes this year because of cooler tropical waters and the potential development of El Niño conditions. Weather experts at Colorado State University (CSU) predict 10 named storms during hurricane season, which starts June 1 and ends Nov. 30. Four storms are expected to be major hurricanes (sustained […]
Global Payments Inc., a provider of payment processing services for retailers and financial institutions, reported an unauthorized access into its payment processing system in April, exposing card data for up to 1.5 million card numbers. It is unknown if the breach affects Canadian accounts. The company said it determined the card data might have been […]
By Canadian Underwriter | April 5, 2012
Risk modeling firm EQECAT is releasing a new catastrophe software platform called RQE (Risk Quantification & Engineering) version 13. The platform, which will go live this fall, is “the single largest release of its kind,” according to EQECAT. It will include a comprehensive portfolio aggregation tool, enhanced financial model and improved user interface, among other […]
Insurance companies are prepared to pay $4 billion (NZ$5 billion) in 2012 for last year’s Canterbury earthquakes and another $12.2 billion in 2013, according to the Insurance Council of New Zealand. The council said the bulk of the liabilities for the February 2011 earthquake and aftershocks have yet to be settled. Insurers paid out roughly […]
By Canadian Underwriter | April 4, 2012
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