Topic
Catastrophes
Water surge
March 1, 2015 Karen Clark, Chief Executive Officer, Karen Clark & CompanyModelling flood risk in Canada would be no easy task. Flood perils have not yet been covered by the catastrophe models because of several unique complexities. Canadian insurers, however, can evaluate flood risk using new, open modelling platforms that provide insight into potential future losses from a wide range of scenarios.
Improvements needed in property damage/business interruption policies, Marsh says
February 27, 2015 by Canadian UnderwriterThere are five core areas in property damage/business interruption policies where improvements are required, said a Feb. 26 report from Marsh LLC. According to the report, Business Interruption Insurance Efficacy: Five Key Issues, improvements are required in indemnity periods, insured values,…
Insurance customers report higher satisfaction rates when dealing with agents than over the phone or web: report
February 26, 2015 by Canadian UnderwriterInsurance customers surveyed report a higher rate of satisfaction while dealing through agents rather than through the Internet and carriers need to “expand their use” of catastrophe modeling tools, Cap Gemini SA and Efma suggest in a recent report. Paris-based…
Natural disasters in Asia and the Pacific cost nearly US$60 billion in economic losses, UN report says
February 26, 2015 by Canadian UnderwriterMore than half of the world’s 226 natural disasters occurred in the Asia and Pacific region last year, affecting 80 million people and costing nearly $60 billion in economic losses, said a new report from the United Nations. Disasters in…
Global insured catastrophe losses in 2014 hit lowest level in five years: Guy Carpenter
February 25, 2015 by Canadian UnderwriterGlobal insured losses in 2014 were at the lowest level seen since 2009, Guy Carpenter & Company LLC, a global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies, said in its annual Global Catastrophe…
Record snowfall in New England tests insurers’ claims handling capabilities: A.M. Best
February 25, 2015 by Canadian UnderwriterThe amount of snowfall in the New England region this year will test insurers’ claims handling capabilities and processes as they scramble to adjust and monitor the status of all of the claims, said a Feb. 24 briefing report from…
Storm causes ferry service cancellation, school closures in Atlantic Canada
February 25, 2015 THE CANADIAN PRESSHALIFAX – School cancellations and travel delays were reported across a wide swath of the Maritimes on Wednesday as another winter storm descended on the region. Environment Canada issued snow and winter storm warnings for parts of Nova Scotia and…
Agricorp production insurance needs to be expanded, Ontario government & opposition politicians agree
February 25, 2015 by Canadian UnderwriterThe threat of invasive species, volatile agricultural commodity markets and an increasing frequency of extreme weather events are among the reasons to expand the list of agricultural products eligible for crop insurance under Ontario’s Agricorp, provincial politicians said Tuesday in…
TSB assesses damage from crude oil train derailment
February 24, 2015 by Canadian UnderwriterThe Transportation Safety Board of Canada (TSB) has conducted a preliminary damage assessment of the derailed tank cars in a Feb. 14 accident involving a Canadian National Railway train which resulted in the spill of an estimated million litres of…
Extreme weather, arctic warming on agenda for Institute for Catastrophic Loss Reduction webinar March 6
February 24, 2015 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction announced it will hold a webinar March 6, in which an atmospheric sciences expert will discuss research linking extreme weather events to rapid warming in the Arctic. The webinar is scheduled March 6 from…
Cyclone Marcia in Australia declared a catastrophe with structural damage, flash flooding
February 20, 2015 by Canadian UnderwriterThe Insurance Council of Australia (ICA) has declared a catastrophe for parts of central Queensland as Severe Tropical Cyclone Marcia brought damage to the area and is expected to cause more loss. A catastrophe declaration means that the ICA has…
328 million euro initial loss estimate for windstorm Elon-Felix: PERILS
February 19, 2015 by Canadian UnderwriterPERILS has issued an initial estimate of the insured property market loss for windstorm Elon-Felix, which hit parts of western and northern Europe in early January, at 328 million euros. “Elon-Felix is the first event of the European winter storm…