Keyword
New Zealand
Flooding in Ontario and Quebec in April and May estimated to cost “well into the millions” in U.S. dollars: Aon Benfield
May 9, 2017 by Canadian UnderwriterFlooding in multiple communities in southern Ontario and Quebec in April and into May is estimated to cost “well into the millions of dollars (USD)” in economic losses, Impact Forecasting said on Tuesday in its Global Catastrophe Recap report for…
Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron
April 7, 2017 by Angela StelmakowichWhen talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day…
Fairfax proposes to acquire New Zealand insurer Tower for nearly $200 million
February 9, 2017 by Canadian UnderwriterFairfax Financial Holdings Ltd., the corporate owner of Northbridge Insurance, announced Wednesday it has agreed to buy Auckland-based Tower Limited, which writes property and casualty insurance in New Zealand and nearby nations. Tower’s shareholders, if they approve the deal, would…
2016 Q4 preliminary loss estimate for natural catastrophes US$245 million: XL Group
January 10, 2017 by Canadian UnderwriterXL Group Ltd.’s insurance and reinsurance segments are almost evenly split with regard to accounting for the company’s approximately US$245 million, natural catastrophe net loss estimate for the fourth quarter of 2016. The preliminary loss estimate “is pre-tax and net…
Insured losses of New Zealand quake could be as much as US$3.5 billion: AIR Worldwide
November 18, 2016 by Canadian UnderwriterThe largest earthquake to hit New Zealand since 2009, registering magnitude 7.8, could contribute to insured losses amounting to US$762 million to US$3.5 billion, catastrophe modelling firm AIR Worldwide reported Thursday. The modelled estimates include insured physical damage to property…
Powerful aftershocks, some as high as magnitude-6.5, strike New Zealand after original M7.8 earthquake: AIR
November 15, 2016 by Canadian UnderwriterPowerful aftershocks have shaken New Zealand since a magnitude-7.8 earthquake struck South Island near Hanmer Springs at 12:02 a.m. local time on Nov. 14, some as strong as magnitude-6.5, AIR Worldwide said on Monday. Although damage has been relatively light,…
At least two dead in 7.8-magnitude New Zealand quake, widespread damage reported
November 14, 2016 by Canadian UnderwriterA powerful magnitude-7.8 earthquake and several large aftershocks struck New Zealand’s South Island in the early morning hours of Monday local time, killing at least two people and injuring several others, Impact Forecasting has reported. The U.S. Geological Survey (USGS)-registered…
New Zealand insurers settle NZ$19 billion Canterbury claims
November 2, 2016 by Canadian UnderwriterPrivate insurers in New Zealand have paid out almost NZ$19 billion to settle commercial and residential claims since the Canterbury earthquakes in 2010 and 2011, the Insurance Council of New Zealand (ICNZ) announced Tuesday. Of that total, almost NZ$9 billion…
March heavy rains in New Zealand cost insurers NZ$30 million: ICNZ
August 2, 2016 by Canadian UnderwriterTwo days of rain this past March, amounting to 350 mm that caused several rivers to overflow and evacuations to be ordered, has cost insurers NZ$30.2 million dollars, the Insurance Council of New Zealand (ICNZ) reported Monday. “Hundreds of people…