Canadian Underwriter

Topic
Claims


News CatastrophesClaimsClimate ChangeInsuranceMarkets / Coverages

Climate change added to historic fire season by making it more extreme: University of Alberta researcher

October 23, 2017 Bill Graveland - THE CANADIAN PRESS

CALGARY – Climate change didn’t directly cause major wildfires in Alberta and British Columbia this year but it did contribute to their extreme nature, says a University of Alberta researcher. B.C. recorded its worst-ever fire season. Wildfires that began in

News ClaimsInsuranceLegalMarkets / Coverages

Federal, Manitoba governments agree to pay $90 million to First Nations following 2011 flood

October 20, 2017 by Canadian Underwriter

The governments of Manitoba and Canada have agreed to pay more than $90 million to certain First Nations who were affected by flooding in 2011. McKenzie Lake Lawyers LLP said in a statement released earlier this week that while not

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Swiss Re estimates losses from recent hurricanes, Mexico earthquakes at US$3.6 billion

October 20, 2017 by Canadian Underwriter

Swiss Re has estimated its preliminary combined losses from Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to be approximately US$3.6 billion, net of retrocession and before tax. Of the total combined losses, claims from the two earthquakes

News CatastrophesClaimsInsuranceMarkets / Coverages

California wildfires already cost more than US$1 billion in losses: state insurance department

October 20, 2017 by Canadian Underwriter

The wildfires in California have cost US$1.045 billion in losses, preliminary data from the California Department of Insurance has revealed. On Thursday, California Insurance Commissioner Dave Jones announced preliminary data provided by eight California insurers processing claims for tens of

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

ILS market ready to deal with “wake-up call” of Q3 nat cats: Willis Towers Watson Securities

October 20, 2017 by Canadian Underwriter

Insurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities

News CatastrophesClaimsInsuranceMarkets / Coverages

Travelers reports lower net, core income in 2017 Q3 than in 2016 Q3

October 20, 2017 by Canadian Underwriter

A US$700 million pre-tax hit for catastrophe losses in 2017 Q3 contributed to Travelers Companies, Inc. seeing both its net income and core income drop compared to the prior-year quarter. The U.S. insurer’s net income amounted to US$293 million for

News ClaimsInsuranceLegalMarkets / Coverages

Cross-industry fraud increasing: LexisNexis Risk Solutions study

October 19, 2017 by Canadian Underwriter

Today’s criminals are more sophisticated than ever, as cross-industry fraud is occurring in 84% of polled cases, a new survey of fraud mitigation professionals has found. The third annual LexisNexis Fraud Mitigation Study surveyed 800 fraud mitigation professionals from the

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Zurich estimates net claims related to Hurricanes Harvey, Irma and Maria of US$700 million

October 19, 2017 by Canadian Underwriter

Zurich Insurance Group has become that latest insurer to estimate the impact of Hurricanes Harvey, Irma and Maria on its book of business. Zurich said in a press release on Thursday that it currently estimates aggregate claims in the third

News ClaimsInsuranceLegalMarkets / Coverages

CGL insurer has duty to defend third-party claim arising from workplace injury

October 19, 2017 by Canadian Underwriter

There is a possibility that a third-party claim against a door installation company – whose subcontractor was injured on the job and was not covered by the Alberta Workers’ Compensation Board – falls under a commercial general liability policy, a

News ClaimsInsuranceMarkets / Coverages

Fires force evacuations in southern Alberta, Saskatchewan

October 18, 2017 Bill Graveland - THE CANADIAN PRESS

Residents in the Crowsnest Pass are still without power after a wind-whipped fire that forced about 150 people living in the town of Coleman from their homes. The blaze in the Alberta mountain community was one of several driven by

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Some reinsurance programs ‘have been called upon four or five times’ in 2017: CMS

October 18, 2017 by Canadian Underwriter

With analysts estimating catastrophe losses exceeding $100 billion to the property & casualty insurance industry in 2017, a law firm suggested Wednesday there is a risk disputes over reinstatement of reinsurance coverage and erosion limits, between North American insurers and

News CatastrophesClaimsInsuranceMarkets / Coverages

Wildfire situation in California remains volatile: AIR Worldwide

October 17, 2017 by Canadian Underwriter

While residents of Mendocino County have been allowed to return home after deadly wildfires destroyed property in California, AIR Worldwide is warning the situation “remains extremely volatile” in the region. As winds moderated on Sunday, “firefighters were able to make