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vehicle damage

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ICBC reports 124 claims and $500,000 in costs from wildfires to date

August 23, 2017 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) reported on Wednesday that it has received 124 claims to date, at a cost of $500,000, from the wildfires burning in the province. Most vehicle damage claims were related to extreme heat and smoke damage, with some vehicles even rendered as total losses, ICBC reported in a press release.
Recognizing that it is experiencing the “worst wildfire season in the province’s history,” ICBC added that it has made formal changes to its policies to reflect “these special circumstances for customers on evacuation…

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Asia records US$11 billion economic loss from heavy flooding in July, western Canada affected by wildfires, severe weather: Aon

August 8, 2017 by Canadian Underwriter

Relentless seasonal flooding that began in mid-June resulted in continued fatalities and damage across parts of Asia in July, causing an estimated US$11 billion in economic losses, according to Impact Forecasting’s latest Global Catastrophe Recap report. On Tuesday, Impact Forecasting,

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Saskatoon thunderstorm estimated to cost over US$30 million, floods and convective storms cost global economy US$5 billion in June: Aon Benfield

July 6, 2017 by Canadian Underwriter

A thunderstorm over Saskatoon on June 2 that spawned ping pong ball-sized hail is estimated to cost more than US$30 million, Aon Benfield said in its Global Catastrophe Recap report for the month of June. The fast-developing thunderstorm caused the

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Q1 claims and claims expense ratio improved 5.6 points for Allstate

May 10, 2017 by Canadian Underwriter

For the second year in a row, hail in Texas in March has cost The Allstate Corp. millions of dollars in claims and claims expenses. Northbrook, Ill.-based Allstate released May 2 its financial results for the first three months of

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Aviva Canada and Hail Storm Products partner up for discount on auto hail protector system

May 2, 2017 by Canadian Underwriter

Aviva Canada and Hail Storm Products have teamed up, with the insurance company announcing on Tuesday that customers can now take advantage of an exclusive 20% discount on the Hail Protector Automobile Hail Protection System. “As the world’s only patented

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March windstorm in eastern Newfoundland caused close to $45 million in insured damage: CatIQ

April 26, 2017 by Canadian Underwriter

A windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low

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15 U.S. weather and climate disasters in 2016 caused US$46 billion in damages: NOAA

January 9, 2017 by Canadian Underwriter

The United States experienced 15 “weather and climate disasters” last year – each with losses exceeding US$1 billion – for a total of US$46 billion, the National Oceanic and Atmospheric Administration (NOAA) reported on Monday. The disasters, which included eight

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B.C. directs ICBC to conduct review of insurance rates, approve Basic rate increase of no more than 4.9%

December 20, 2016 by Canadian Underwriter

The province of British Columbia has directed the Insurance Corporation of British Columbia’s (ICBC) board to commission a comprehensive, independent third-party review to look at a range of options and make recommendations that will “keep insurance rates affordable and align

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Louisiana flooding leaves 100,000 insured vehicles damaged: NICB

September 1, 2016 by Canadian Underwriter

The August downpours that dumped more than 30 inches of rain in two days on parts on Louisiana have left as many as 100,000 insured cars and trucks damaged, the National Insurance Crime Bureau (NICB) in the United States said

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Takata troubles worsen as truck explodes, kills Texas woman

August 30, 2016 Tom Krisher - THE ASSOCIATED PRESS

DETROIT – Air bag maker Takata Corp.’s troubles worsened Monday as the company confirmed that a truck carrying its inflators and a volatile chemical exploded last week in a Texas border town, killing a woman and injuring four others. The

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ICBC asks for 4.9% increase to basic insurance rates, lower than last year’s 5.5% increase

August 26, 2016 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) announced on Thursday that it will submit its 2016 basic rate application to the British Columbia Utilities Commission, asking for a 4.9% increase to basic insurance rates – lower than last year’s 5.5%

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June storms in Ontario and Prairies cost about $34 million in insured damage: CatIQ

July 19, 2016 by Canadian Underwriter

The storms that hit Saskatchewan, Manitoba and Ontario on June 24 and 25 caused more than $34 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). A press release issued on Tuesday by the Insurance