Claims
Global risk and reinsurance specialist Guy Carpenter said it is expecting additional changes in Solvency II that will simplify the calculation of counterparty default risk, which has been criticized for its “overly complex approach.”A key component of Solvency II is a new capital requirement causing companies to assess and manage counterparty risk. “This is an […]
By Canadian Underwriter | September 13, 2011
2 min read
Tropical storm Maria is weak as it approaches Atlantic Canada, but it is expected to merge with a front over Eastern Canada late in the week, resulting in a heavy rainfall for Nova Scotia and Newfoundland on Sept. 16.The Canadian Hurricane Centre said the upper winds in the atmosphere have not allowed Maria’s winds to […]
1 min read
Tropical Storm Maria, located north of Puerto Rico on Sept. 12, is tracking to hit near Newfoundland on or around Sept. 16. “Maria is not expected to intensify quickly and may not even reach hurricane status given the strength of winds in the upper atmosphere,” the Canadian Hurricane Centre says in a bulletin about Maria […]
By Canadian Underwriter | September 12, 2011
A Magnitude 6.4 earthquake struck 289 km west of Victoria, British Columbia at 3:42 p.m. eastern time on Sept. 9, the U.S. Geological Survey’s National Earthquake Information Centre has reported.Earthquakes Canada, part of Natural Resources Canada, reports the quake was a Magnitude of 6.6 and would have been felt lightly on Vancouver Island and in […]
By Canadian Underwriter | September 9, 2011
A recent B.C. Supreme Court decision, Sidhu v. The Wawanesa Mutual Insurance, highlights the need for insurers to undertake effective and fair investigations before denying a claim for coverage — and then promptly communicating their negative coverage decisions to the insured.Failure to do so can result in a punitive damage award for “bad faith” claims […]
By Canadian Underwriter | September 8, 2011
Hurricane Katia is tracking to bypass Canadian land, but it is expected to kick up waves of up to 15 feet high along the south-facing coastlines of Nova Scotia and Newfoundland, the Canadian Hurricane Centre reports.”Most computer models are indicating that the intensity of this hurricane is likely to stay at Category 1 over the […]
Alberta sheriffs and RCMP laid 3,743 charges across the province during the September long weekend, with the second-most frequent violation being driving without insurance or while suspended.Police laid 2,834 speeding violations, as well as 55 hazardous driving violations such as careless driving and stunting.They also discovered 459 violations ranging from having no insurance to driving […]
By Canadian Underwriter | September 7, 2011
Insured losses from Labour Day wildfires burning in Texas will surely top $100 million, according to the Insurance Council of Texas. Over the Labour Day weekend, roughly 85 new fires were sparked in the state. Officials had hoped Tropical Storm Lee would bring some much-needed rain to the parched state, but instead the storm’s winds […]
Hurricane Katia is tracking to curve substantially to the northeast, missing North America’s Atlantic Seabord almost altogether.The U.S. National Hurricane Center says Katia, now 590 km south-southwest of Bermuda, has recently weakened to a Category 3 hurricane with maximum sustained wind speeds of 185 km-h. The center says large swells generated by Katia will affect […]
By Canadian Underwriter | September 6, 2011
A slow-moving tropical storm brewing in the Gulf of Mexico could potentially become the next billion-dollar disaster for the United States, warns AccuWeather.com.Alex Sosnowski, Accuweather’s expert senior meteorologist, posted an article on the site describing the potential bruiser of a storm that may produce “epic flooding” along the Gulf Coast.”The consensus among nearly 100 meteorologists […]
By Canadian Underwriter | September 2, 2011
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