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Risk of Recall

September 15, 2017 Cameron Brady, Assistant Vice President, Product Recall Underwriting, Chubb

Product recalls can have a significant impact on a business, regardless of its industry, size or location. Brokers need to keep abreast of associated risks to inform clients about what insurance coverage should be in place and to help them develop a product recall plan that best suits their needs and exposures.

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Quebec announces new measures for flooding victims

September 12, 2017 The Canadian Press (CPSTF)

MONTREAL – Quebec’s public security minister says new measures to assist flood victims who feel they’ve been abandoned by the province will help them cut through the bureaucracy. Martin Coiteux was in Montreal on Tuesday to announce personalized meeting days

News CatastrophesClaimsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield

September 12, 2017 by Canadian Underwriter

Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of

News CatastrophesClaimsConstructionInsuranceMergers and Aqcuisitions

Death toll rises to 35 from powerful, magnitude 8.1 earthquake in Mexico

September 8, 2017 Mark Stevenson - THE ASSOCIATED PRESS

MEXICO CITY – One of the most powerful earthquakes ever recorded in Mexico struck off the country’s southern coast, toppling hundreds of buildings, triggering tsunami evacuations and sending panicked people fleeing into the streets in the middle of the night.

News CatastrophesClaimsInsuranceMergers and AqcuisitionsReinsurance

8.5 million properties in Florida at significant risk of potential wind damage from Hurricane Irma: CoreLogic

September 8, 2017 by Canadian Underwriter

Nearly 8.5 million residential and commercial properties in Florida are at either “extreme,” “very high” or “high” risk of wind damage from Hurricane Irma, new data from CoreLogic shows. According to data analysis from the global property information, analytics and

News AssociationsCatastrophesClaimsInsuranceMergers and AqcuisitionsTechnology

Third-party drone services developing, immediate post-incident use still a challenge

September 8, 2017 by Angela Stelmakowich

A trend seems poised to take flight whereby companies in need of drone services to gain specific insights will increasingly tap the expertise of third-party providers. “I think third-party companies who provide services utilizing drones will be more common than

News ClaimsInsuranceMergers and AqcuisitionsReinsurance

Total property damage from Hurricane Harvey’s flooding estimated at between US$65-75 billion: AIR Worldwide

September 7, 2017 by Canadian Underwriter

Property losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties

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PERILS discloses extratropical cyclone Zeus’ third loss estimate at 284 million euros

September 6, 2017 by Canadian Underwriter

PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has disclosed a third loss estimate of 284 million euros for extratropical cyclone Zeus, which affected France on March 6 and 7. The revised estimate of the property insurance

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“Drastic action” needed to address ICBC ails, remedy hefty rate hikes

September 6, 2017 by Canadian Underwriter

The British Columbia government has taken the reins to protect drivers and address mounting financial concerns at the Insurance Corporation of B.C. (ICBC), including by limiting rate increases that threatened to reach double-digits. “Drastic action is needed to fix ICBC’s

Feature CatastrophesClaims

Shifting Landscape

September 5, 2017 Justin Moresco, Senior Product Manager, RMS

After a shaky start, earthquake is steadily gaining profile among stakeholders from governments to policyholders about the risk and the importance of having plans in place. Nowhere in Canada is awareness higher than on the west coast of British Columbia, which abuts the ring of fire. But even there, a shift in thinking is under way as to what areas could produce the largest insured losses should a quake occur.

News CatastrophesClaimsClimate ChangeInsuranceMergers and AqcuisitionsProfessional DevelopmentReinsuranceTechnology

Free online offering hopes to bolster catastrophe modelling understanding

September 5, 2017 by Canadian Underwriter

What has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat

News CatastrophesClaimsClimate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

SGI Canada customers evacuated by Saskatchewan wildfires have mass evacuation coverage

September 5, 2017 by Canadian Underwriter

SGI Canada policyholders in areas affected by the wildfires in northern Saskatchewan will have mass evacuation coverage in place for 30 days and should be assured that personal and commercial property policies will not be cancelled for 30 days in