Topic
Catastrophes
Guy Carpenter launches financial institutions, cyber components of casualty catastrophe modelling platform
June 9, 2015 by Canadian UnderwriterGuy Carpenter & Company, LLC has launched new components of its stochastic modelling platform designed to address the liability-based catastrophe risks of cyber/data breaches and financial crisis-type risks. The new components of the GC ForCasSM casualty catastrophe modelling platform are…
Two independent brokerages launch new online flood resource for Alberta
June 8, 2015 by Canadian UnderwriterIndependent brokerages Sharp Insurance and Rogers Insurance have launched floodinsurance.ca, an online resource offering flood-related topics, flood watch advisories, quick quote options and online support chat features for Alberta residents looking to learn about coverage options. The website launch, announced…
Global warming not on “hiatus,” new study suggests
June 5, 2015 by Canadian UnderwriterA new study published online Thursday in the journal Science finds that the rate of global warming during the last 15 years has been as fast as or faster than that seen during the latter half of the 20th century,…
Texas flooding damages an estimated 7,000 to 10,000 insured vehicles
June 5, 2015 by Canadian UnderwriterIt’s the “end of the road” for an estimated 7,000 to 10,000 insured vehicles following the recent flooding in Texas, the National Insurance Crime Bureau (NICB) in the United States said on Friday. The current estimate is from Dallas-based Copart,…
Preliminary report: Pipeline that spilled oil on Central California coast was badly corroded
June 4, 2015 Michael R. Blood and Brian Melley - THE ASSOCIATED PRESSLOS ANGELES – A pipeline rupture that spilled an estimated 101,000 gallons of crude oil near Santa Barbara last month occurred along a badly corroded section that had worn away to a fraction of an inch in thickness, federal regulators…
Insured losses from flooding in Oklahoma and Texas “set to easily exceed” US$1 billion: Aon Benfield
June 4, 2015 by Canadian UnderwriterA spate of thunderstorms and tornadoes in the United States in May cost the national economy about US$3 billion in economic losses, with overall insured losses set to easily exceed US$1 billion, despite low flood insurance penetration in parts of…
6.6 million-plus homes in U.S. at risk of hurricane storm surge damage in 2015: CoreLogic
June 4, 2015 by Canadian UnderwriterCoreLogic estimates that the total reconstruction cost value (RCV) of the 6.6 million-plus homes on the U.S. Atlantic and Gulf coasts at risk of hurricane storm surge inundation in 2015 is almost US$1.5 trillion. Released Thursday, CoreLogic’s 2015 storm surge…
Insurance losses from Australia storms pass AUD$1.55 billion
June 3, 2015 by Canadian UnderwriterThe Insurance Council of Australia (ICA) reported on Tuesday that insurance losses from claims following a series of severe storms that hit the eastern part of the continent in April and May have passed AUD$1.55 billion. As of June 1,…
Institute for Catastrophic Loss Reduction designated as an International Centre of Excellence
June 3, 2015 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has been designated as an International Centre of Excellence (ICoE) by unanimous approval of the Integrated Research on Disaster Risk (IRDR)’s Scientific Committee. The designation, at a meeting in Qingdao, China on Wednesday,…
Aviva Canada now offering overland water protection as add-on to personal property insurance policies
June 2, 2015 by Canadian UnderwriterAviva Canada announced on Tuesday that is now offering overland water protection for residential property owners and tenants through its network of independent insurance brokers. The coverage – offered as an add-on to personal property insurance policies that have sewer…
FEMA launches Hurricane Sandy flood insurance claims review process
June 1, 2015 by Canadian UnderwriterThe United States’ Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) announced the start of Hurricane Sandy flood insurance claims review, part of a “broad process to reform NFIP claims and appeals procedures.” FEMA opened the Hurricane Sandy…
Drought to Deluge
June 1, 2015 Anya Sri-Skanda-Rajah, Managing Director, GC Analytics, Canada Flood Model Strategic Lead, Guy Carpenter & CompanyBoth data and technology are having an impact on the development of flood insurance products. With recent breakthroughs that advance the ability to perform stochastic modelling, more insurers appear open to writing flood insurance, a move that could help shrink the coverage gap for homeowners.