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IBC applauds Alberta’s move to reduce flood risk
October 28, 2015 by Canadian UnderwriterThe Government of Alberta’s announcement this week that it will pump almost $450 million into funding flood protection measures along the Bow and Elbow Rivers shows its “commitment to building resilient communities,” Insurance Bureau of Canada (IBC) notes in a…
Aon Benfield announces enhanced U.S. flood model to assess 1.4 million miles of rivers for potential losses
October 27, 2015 by Canadian UnderwriterImpact Forecasting, Aon Benfield’s catastrophe model development team, announced on Tuesday that it has enhanced its United States riverine flood model to more precisely quantify flood risk at a much higher resolution. Aon Benfield launched the enhanced model at the…
Satisfaction with U.S. auto insurance claims process among Millenials improving: J.D. Power study
October 27, 2015 by Canadian UnderwriterWhile satisfaction with the auto insurance claims process in the United States is lower among Millenial claimants than among their older counterparts, the former’s satisfaction is improving, according to the J.D. Power 2015 U.S. Auto Claims Satisfaction Study released on…
Alberta moving to protect communities in and upstream of Calgary from severe flooding
October 27, 2015 by Canadian UnderwriterThe Government of Alberta has committed to funding flood protection measures along the Bow and Elbow Rivers to help prevent a repeat of the damage and devastation experienced in parts of Calgary and upstream communities during the severe flooding in…
Insurance Brokers Association of Canada prepared to share flood principles document in November
October 26, 2015 Greg Meckbach, Associate EditorThe Insurance Brokers Association of Canada will be “prepared” next month to share a flood principles document, approved in Quebec City at IBAC’s meeting last month, the association’s president told Ontario brokers recently. During the annual members’ general meeting of…
Patricia-related insured losses to onshore properties in Mexico estimated not to exceed US$200 million
October 26, 2015 by Canadian UnderwriterOnshore properties in Mexico escaped major damage when Hurricane Patricia made landfall, with catastrophe modelling firm AIR Worldwide estimating Sunday that insured losses to those properties will not exceed US$200 million. When at its height earlier, the National Hurricane Center…
IBAO CEO Panel speakers call for more choice for Ontario consumers in auto insurance
October 23, 2015 Greg Meckbach, Associate EditorOntario’s auto policy should be changed to allow more choice for consumers, some insurance carrier chief executive officers suggested Thursday, though Intact Insurance’s president expressed concerns about the change in catastrophic impairment coverage that takes effect next June. “There is…
Airbnb introduces a broader insurance coverage policy for Canadians
October 23, 2015 David Friend - THE CANADIAN PRESSTORONTO – Airbnb is adding a new level of insurance coverage in Canada as part of wider support for people who list their properties through its service. The online accommodation provider announced Thursday that its Host Protection Insurance program, which…
Jackson, Mississippi ranked as windiest U.S. city in new CoreLogic data
October 23, 2015 by Canadian UnderwriterJackson, Mississippi is the windiest city in the United States, recording a maximum wind speed of 99 miles per hour (about 159 kilometres per hour) and 153 separate wind events over a nine-year period, according to new data released on…
Tianjin explosions contribute to Allied World’s net loss for 2015 Q3
October 23, 2015 by Canadian UnderwriterAllied World Assurance Company Holdings, AG this week reported a net loss of US$51.6 million for 2015 Q3 compared to net income of US$30.9 million in 2014 Q3, partly driven by catastrophe and investment losses. “Net income for the quarter…
SGI chooses vendor for driver’s licence production services, facial recognition could help enhance security and fight fraud
October 22, 2015 by Canadian UnderwriterSaskatchewan Government Insurance has awarded Veridos Canada Inc. with the contract to produce the province’s driver’s licences and identification cards, as well as provide facial recognition and photo capture enhancement. “With this move to facial recognition, Saskatchewan will join all…
Travelers’ record NWP in 2015 Q3 over prior year quarter helps net income increase to US$928 million
October 22, 2015 by Canadian UnderwriterRecord net written premiums (NWP) for The Travelers Companies, Inc. in the third quarter of 2015 helped buoy the company’s net income the quarter, which reached US$928 million compared to US$919 million in the same period of 2014. The 1%…