Topic
Catastrophes
Vast majority of businesses affected by quake in New Zealand will not file claims
August 13, 2013 by Canadian UnderwriterA 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…
RIMS calls for TRIA extension with coverage for terrorism from chemical, nuclear weapons
August 7, 2013 by Canadian UnderwriterRisk 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…
SCOR net income at 189 million euros for first half of 2013
August 2, 2013 by Canadian UnderwriterSCOR 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…
Storm Surge
August 1, 2013 Neil Smith, Emerging Risks & Research Manager, Exposure Management Team, Lloyd's of LondonGeomagnetic 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.
Overland Overhaul
August 1, 2013 Angela Stelmakowich, EditorWhile 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?