News
Estimated 38,000 motor vehicle-related deaths occurred in U.S. last year
June 4, 2013 by Canadian UnderwriterA preliminary projection from the National Highway Traffic Safety Administration suggests that about 38,080 people were killed in motor vehicle collisions in the United States last year. That would be an increase of about 5.3% over 2011, which had 32,367…
Floods reach record high levels in parts of central Europe: AIR Worldwide
June 4, 2013 by Canadian UnderwriterSevere flooding in central Europe has caused thousands to evacuate their homes and disruptions to infrastructure, particularly in Germany, according to AIR Worldwide. Heavy rains over the past several weeks have caused that the catastrophe modeller says are the worst…
Insured losses from Texas hail storm to reach $400 million
June 4, 2013 by Canadian UnderwriterInsured losses from a May 28 hail storm in Texas are now estimated to reach $400 million, the Insurance Council of Texas said on Monday. An estimated 35,000 vehicles and thousands of homes were damaged in the storm, which struck…
Three-day commercial road safety blitz launches throughout North America
June 4, 2013 by Canadian UnderwriterA major commercial road safety blitz event began Tuesday, with 10,000 federal, state, provincial and local inspectors participating across North America. The 72-hour blitz, Roadcheck 2013, is spearheaded by the Commercial Vehicle Safety Alliance, and is taking place across 1,500…
Reinsurers raise billions from capital markets as hurricane concern increases
June 4, 2013 by Canadian UnderwriterAs insurance professionals become more concerned about hurricane losses, reinsurers are raising more money from alternative sources of capital, such as catastrophe bonds, according to a new report from Guy Carpenter & Company LLC. The New York-based reinsurance intermediary announced…
Severe space weather event could have huge effect on insurance industry: Lloyd’s
June 4, 2013 by Canadian UnderwriterA severe space weather event that causes major disruption to the electricity network in North America could have major implications for the insurance industry, according to Lloyd’s. In Solar Storm Risk to the North American Electric Grid, Lloyd’s reports that…
Forum explains how 2011 Japan earthquake and tsunami changed approach to disaster management
June 3, 2013 by Canadian UnderwriterThe March 2011 earthquake in Japan that caused significant damage in the country also changed its approach to disaster management, a change that will be described in a special presentation from the Institute for Catastrophic Loss Reduction this month. The…
Directors, officers of restaurant franchisor sued by Hamilton, Ontario franchisee
June 3, 2013 by Canadian UnderwriterCora Franchise Group Inc., as well as four of its directors and officers, are being sued in an Ontario court by the operators of one of its franchises, who are alleging fraudulent misrepresentation. None of the allegations have been proven,…
P&C insurers well-prepared for cat losses, despite recent U.S. tornado activity
June 3, 2013 by Canadian UnderwriterDespite losses from the recent tornado activity in the United States, property and casualty insurers there are still in a good position to take on catastrophe losses this year, especially from the likely active hurricane season, according to a briefing…
Alberta brokerages form strategic alliance for entry into new markets
June 3, 2013 by Canadian UnderwriterSeveral independent brokerages in Alberta are partnering with Excel Insurance Group, an Edmonton-based firm, to gain access to more insurers and possibly work jointly on new business projects. Sheppard Insurance Service Inc., Dyberg Insurance Inc. and Treasures Insurance have all…
Ontario auto insurance regulation changes take effect
June 3, 2013 by Canadian UnderwriterSeveral amendments to Ontario auto insurance regulation took effect June 1, including changes to the Unfair or Deceptive Practices regulation and to the Statutory Accident Benefits Schedule. Ontario Regulation 7/00, which is part of the Unfair or Deceptive Practices Act,…
Insured values in U.S. Gulf and east coast falls by 3%: AIR Worldwide
June 3, 2013 by Canadian UnderwriterGrowth in insured values in coastal regions in the United States fell from 7% to just under 4% per annum, in the last five years, according to a new report from AIR Worldwide. In the aftermath of Hurricane Katrina in…