(Note change in last two paragraphs.)While claims figures are not yet available for flooding and hail damage in the Edmonton area this past weekend, the storms are likely to prove costly for insurers, says Jim Rivait, vice president of the…
Adjusters have already made their way to Peterborough, Ontario, where flooding has left the city in a state of emergency. While no damage figures are yet available, the city faces massive clean-up as basements flooded and roads washed away in…
With the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond…
Even as some countries prepare to comply with the Kyoto Protocol, new research suggests greenhouse gas emissions are on the rise, and the global warming impact of these emissions will surely cause more intense weather events for insurers to deal…
The Women in Insurance Cancer Crusade is hitting the track, the horse track that is, with a “Night at the Races” planned for Wednesday, September 1. The evening of fine dining and thoroughbred racing is slated for Toronto’s Woodbine racetrack,…
Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked…
The Insurance Bureau of Canada (IBC) is calling on homeowners in B.C. to confirm their insurance coverage as the risk of forest fires intensifies. Insurers paid out more than $200 million in fire-related claims last year when uncontrollable forest fires…
A new report published by the Institute for Catastrophic Loss Reduction shows Ontario residents remain unprepared for an emergency on the scale of last summer’s blackout, or worse.The report, written by Dr. Brenda Murphy of Wilfrid Laurier University, and funded…
A recently released study published by the Institute for Catastrophic Loss Reduction (ICLR) has devised new earthquake zones on which insurers can base coverage rating. The hazard zones, the result of analysis by ICLR’s executive director Paul Kovacs and research…
With claims continuing to come in from May storms in Ohio, the state’s Insurance Institute (OII) says thus far insurers have reported losses of US$167 million.About 60% of the 44,000 claims filed so far are for homeowners’ losses from the…
The U.K. Financial Services Authority (FSA) has published its rules for the capital requirements on non-life insurers and reinsurers, as well as with-profits funds for life insurers. The rules, first proposed last July, apply risk-based criteria to solvency requirements. Part…
President George W. Bush has signed into law the reauthorization of the U.S. National Flood Insurance Program (NFIP). The program will now run through 2008, with insurers saying they can now ensure flood coverage is available and affordable by spreading…