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Associated Press
Outbreak of severe convective storms across U.S. Midwest causing widespread damage in Missouri, Iowa and Minnesota: RMS
March 9, 2017 by Canadian UnderwriterAs of March 8, cumulative preliminary tornado, hail and straight-line wind reports in the United States for the year have all been more than double their respective 2005-2015 averages, according to the records of the National Oceanic and Atmospheric Administration’s…
Combined ratio up 2 points for SCOR
February 22, 2017 by Canadian UnderwriterParis-based reinsurer SCOR SE released Wednesday its latest financial results, reporting a combined ratio of 93.1% in 2016, up 2 points from 91.1% in 2015. The combined ratio in the most recent quarter was 93.3%, up 1.1 points from 92.2%…
Georgia’s insurance commissioner estimates US$100 million in property damage from storms
January 25, 2017 by Canadian UnderwriterGeorgia’s insurance commissioner is estimating US$100 million in property damage from storms and tornadoes that devastated parts of the state and resulted in at least 15 deaths. Commissioner Ralph T. Hudgens said in a press release issued Wednesday that “hundreds”…
California governor declares states of emergency in 50 counties following severe winter storms
January 24, 2017 by Canadian UnderwriterCalifornia Governor Edmund G. Brown Jr. has declared states of emergency in about 50 counties following severe winter storms across the state. On Monday, Brown issued two emergency proclamations to secure funding to help communities respond to and recover from…
Fiat Chrysler Automobiles receives notice of violation for alleged failure to disclose software that increases air pollution from vehicles
January 13, 2017 by Canadian UnderwriterThe U.S. Environmental Protection Agency (EPA) announced on Thursday that it has issued a notice of violation to Fiat Chrysler Automobiles N.V. and FCA US LLC (collectively FCA) for allegedly failing to disclose software that increases air pollution from vehicles.…
‘Climatic quirk’ may shield U.S. coast during busy hurricane seasons
January 5, 2017 Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – A climatic quirk seems to be slightly shielding the U.S. coast during busy hurricane seasons, often weakening major storms just as they approach America’s beaches, a new study finds. That could help explain why it’s been more than…
Terrorists following ‘path of least resistance’ as security increased: RMS
December 20, 2016 by Canadian UnderwriterMore attacks from drivers ramming trucks into crowds can be expected, Risk Management Solutions (RMS) Inc. warned Tuesday, a day after 12 people were killed in Berlin. “As security is increased to meet one threat, terrorists follow the path of…
Volkswagen Canada and Audi Canada to pay up to $2.1 billion to consumers and $15 million penalty for false environmental marketing claims
December 19, 2016 by Canadian UnderwriterCanada’s Competition Bureau said on Monday that a settlement agreement, if approved, would provide buyback and restitution payments to consumers in relation to Volkswagen and Audi’s “emissions scandal.” If approved by the courts, the settlement would be one of the…
U.S. Federal Reserve interest rate increase unlikely to provide much short-term relief for insurers: A.M. Best
December 14, 2016 by Canadian UnderwriterThe U.S. Federal Reserve’s decision to raise short-term interest rates by 25 basis points is unlikely to provide much relief for insurers, ratings firm A.M. Best Company said on Wednesday. That day, the Federal Reserve raised its benchmark rate by…
After new energy regulations, Oklahoma’s earthquake rate drops
November 30, 2016 Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – The rate of earthquakes in Oklahoma has dropped dramatically since late May, when the state limited wastewater injections into energy wells, an Associated Press statistical analysis shows. And a new scientific study says the state is on its…
NHTSA proposes guidelines to address driver distraction from electronic devices
November 25, 2016 by Canadian UnderwriterThe National Highway Traffic Safety Administration (NHTSA) has released proposed guidelines to help address driver distraction caused by mobile and other electronic devices in vehicles. The announcement, on Wednesday, covers the second phase of voluntary guidelines to address driver distraction on roads…
At least 14 people injured after Japan earthquake
November 22, 2016 by Canadian UnderwriterAt least 14 people have been injured by a strong earthquake that struck off Japan’s northeast coast early Tuesday morning, the Associated Press has reported. The earthquake – registering between magnitude 6.9 and 7.4 – struck at about 6 a.m.…