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Topic Catastrophes

News Catastrophes

What’s new: In brief (July 18, 2004)

July 18, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is urging homeowners affected by the Peterborough, Ontario floods to check their insurance coverage with their insurer or representative as soon as possible to see if they are covered for sewer back-up. While flooding

News Catastrophes

Update: Edmonton storms could prove costly

July 15, 2004 by Canadian Underwriter

(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

News Catastrophes

State of emergency declared following Peterborough floods

July 15, 2004 by Canadian Underwriter

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

News Catastrophes

Actuaries say industry not ready to assume terrorism risk

July 14, 2004 by Canadian Underwriter

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

News Catastrophes

Global warming will lead to more extreme weather events: Benfield

July 13, 2004 by Canadian Underwriter

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

News Catastrophes

What’s new: In brief (July 12, 2004)

July 12, 2004 by Canadian Underwriter

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,

News Catastrophes

U.S. cats cost US$1.65 billion for 2-Q

July 8, 2004 by Canadian Underwriter

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

News Catastrophes

IBC urges B.C. homeowners to check coverage as fire threat looms

July 8, 2004 by Canadian Underwriter

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

News Catastrophes

Ontario residents unprepared for another blackout: report

July 7, 2004 by Canadian Underwriter

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

News Catastrophes

New Canadian earthquake zones devised: ICLR

July 7, 2004 by Canadian Underwriter

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

News Catastrophes

Ohio storms generate US$170 million in claims

July 6, 2004 by Canadian Underwriter

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

News Catastrophes

What’s new: In brief (July 05, 2004)

July 5, 2004 by Canadian Underwriter

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