Canadian Underwriter


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Desjardins reports increase in net income for Q2, drop for first half

August 26, 2013 by Canadian Underwriter

Desjardins General Insurance Group has reported a net income of $42.5 million for the second quarter of the year, up 13.3% from the same period in 2012, although it’s performance for the first half of the year didn’t quite measure

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Senate energy report calls for ‘appropriate’ minimum liability coverage for rail companies

August 22, 2013 by Canadian Underwriter

A Canadian Senate committee has released a report on transporting energy safely in the country, including a recommendation that Transport Canada apply “appropriate minimum liability coverage thresholds” to rail companies. The report from the Senate’s Standing Committee on Energy, the

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Little damage from 6.5 magnitude quake on New Zealand’s South Island

August 19, 2013 by Canadian Underwriter

There were no serious injuries, but some damage to homes and roads when a 6.5-magnitude earthquake hit central New Zealand in the early afternoon of Aug. 16, reports catastrophe modeller AIR Worldwide. With New Zealand’s stringent building codes, the moderate

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Lloyd’s marks 325 years of insurance business

August 16, 2013 by Canadian Underwriter

Lloyd’s of London is celebrating 325 years of business this year, publishing a variety of online material to celebrate its legacy. “In the 17th century, London’s importance as a trade centre led to an increasing demand for ship and cargo

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Majority of condo owners, buyers unclear on insurance requirements

August 15, 2013 by Canadian Underwriter

More than half of condominium owners are unaware of or unclear on the insurance needed to protect themselves when water or fire originating in their unit damages another, according to recent survey findings. Based on a survey of 518 condo

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Demand up for environmental insurance across all industries in U.S. in first half of 2013: Marsh

August 15, 2013 by Canadian Underwriter

Pricing for environmental insurance in the United States remained generally firm during the first half of 2013, although some markets continued to firm, Marsh reports in a briefing released Wednesday.  Although there were rate increases, these were not seen across

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Vast majority of businesses affected by quake in New Zealand will not file claims

August 13, 2013 by Canadian Underwriter

A small minority of business surveyed by the Wellington Employers’ Chamber of Commerce (WECC) in New Zealand expected to make an insurance claim as a result of a 6.5-magnitude earthquake that hit off the coast in July. Businesses in the

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RIMS calls for TRIA extension with coverage for terrorism from chemical, nuclear weapons

August 7, 2013 by Canadian Underwriter

Risk and Insurance Management Society Inc. (RIMS) is calling on the U.S. government to extend its Terrorism Risk and Insurance Act, in some form, beyond 2014. TRIA was first passed into law in 2002 and, in essence, requires insurers to

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SCOR net income at 189 million euros for first half of 2013

August 2, 2013 by Canadian Underwriter

SCOR has reported gross written premiums of 4.98 billion euros for the first half of the year, which it says was driven by “very healthy” property and casualty renewals and business growth in Asia and Latin America. Its net income

Neil Smith, Emerging Risks & Research Manager, Exposure Management Team, Lloyd's of London
Feature Catastrophes

Storm Surge

August 1, 2013 Neil Smith, Emerging Risks & Research Manager, Exposure Management Team, Lloyd's of London

Geomagnetic storms have the potential to create long-term, widespread power outages and could devastate the North American power grid. Faced with an aging electric infrastructure and growing dependence on electricity, insurers would be well-advised to prepare for catastrophic events.

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Overland Overhaul

August 1, 2013 Angela Stelmakowich, Editor

While standing alone can be a point of pride, is Canada out of step with what most other G8 nations are doing when it comes to overland flooding? This flooding does occur and, no doubt, will continue to occur in light of severe weather events that seem to now be part of the norm. Is there a need for related insurance? Or should insurance be part of a fuller risk management partnership that involves participation, input and cost-sharing from all to keep losses down and uninsurable properties to a minimum?