News
Swiss Re Capital Markets places $175 million cat bond for named storm, earthquake risks for Allianz
May 27, 2013 by Canadian UnderwriterSwiss Re Capital Markets has structured and transferred $175 million of insurance-linked securities covering named storms and earthquake losses in North America, the Caribbean and Mexico on behalf of a subsidiary of Allianz SE. The securities were issued by a…
Bicycle-related crashes peak during summer months: ICBC
May 27, 2013 by Canadian UnderwriterAn average of 150 cyclists are injured each month in British Columbia from May to October, according to the Insurance Corporation of British Columbia. Crashes involving cyclists peak during this time, according to the government insurer. According to crash data…
Saskatchewan officials issue 356 tickets during two-day traffic safety blitz
May 27, 2013 by Canadian UnderwriterLaw enforcement officials in Saskatchewan issued a total of 356 tickets for traffic violations, including impaired driving, during a two-day safety blitz earlier this month. On May 8 and 9, officials participated in Operation Overdrive, targeting impaired driving, and a…
NOAA predicts below average hurricane seasons for Central, Eastern Pacific
May 27, 2013 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration out of the United States has forecast a below average hurricane season for both the Central and Eastern Pacific regions, in contrast to its prediction of an active Atlantic season. For 2013, the NOAA…
Insurance policies in Oklahoma should remain in place after tornadoes, storms
May 27, 2013 by Canadian UnderwriterConsumers affected by the tornado and severe storms in central Oklahoma need time to recover and holding off on all insurance non-renewals, cancellations and terminations will offer some small comfort in that regard, John Doak, Oklahoma’s insurance commissioner said Friday.…
Large U.S. storm system estimated to cost $2-$5 billion: EQECAT
May 24, 2013 by Canadian UnderwriterInsured property losses are expected to range from $2 to $5 billion for a storm system that moved across central United States from May 18 to May 20, according to EQECAT. The tornado that tore through Moore, Okla. has caused…
Cargo theft on the rise in Canada, U.S.: report
May 24, 2013 by Canadian UnderwriterCargo theft is on the rise in Canada, although the United States remains one of the countries most at risk for that crime, according to a recent report from FreightWatch International. The U.S. reached a new record for cargo theft…
New York area transit agencies get $3.7 billion in new Sandy recovery funds
May 24, 2013 by Canadian UnderwriterPublic transit systems in the northeastern United States that were damaged and flooded by the storm resulting from Hurricane Sandy will get a total of $5.7 billion in federal disaster relief funds to recover from the storm and to better…
New Brunswick makes changes to off-road vehicle legislation
May 24, 2013 by Canadian UnderwriterThe New Brunswick government has proposed changes to the Off-Road Vehicle Act in the province, aimed mainly at improving safety. The government is proposing changes including: Expanding the definition of “all-terrain vehicle” to include side-by-side off-road vehicles, utility vehicles and…
Environment Canada urges Canadians to prepare for active hurricane season this year
May 24, 2013 by Canadian UnderwriterEnvironment Canada is urging the public to be prepared for hurricane season, as this year’s outlook has forecasted 13 to 20 named storms. Seven to 11 of those storms could become hurricanes, including three to six major hurricanes (Category 3,…
Scottie’s tissue manufacturer appeals to Supreme Court in quest to pursue subrogated claim over warehouse fire
May 24, 2013 by Greg Meckbach, Associate EditorA Canadian manufacturer of paper towels and personal tissue this week completed its application to the Supreme Court of Canada for leave to appeal a ruling which disallowed a subrogated claim against the operator of a Vancouver area warehouse. Kruger…
New Brunswick government proposes consolidated financial services commission
May 23, 2013 by Canadian UnderwriterThe New Brunswick government announced Thursday its intention to consolidate regulation of financial services, including insurance, under one independent agency. “As our government stated in the 2011 Speech from the Throne, we have been studying the feasibility of creating a…