News
Forest service scientist to discuss Canadian wildfire risk at forum
April 1, 2013 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) will be hosting a workshop this month on the wildfire landscape in Canada. Dr. Kerry Anderson, a fire research scientist from the Canadian Forest Service, will be presenting on how such wildland forest…
More severe storms than last year predicted for 2013
April 1, 2013 by Canadian UnderwriterForecast services company ImpactWeather has released a prediction for this year’s hurricane season, suggesting that 2013 will have a series of storms more severe than last year. Based on “averages of past seasons, ocean temperature trends, and the absence of…
B.C. judge rules against condo corporation that took more than two years to accept claims adjuster’s settlement offer
March 28, 2013 by Greg Meckbach, Associate EditorThe British Columbia Superior Court ruled earlier this week against a condominium corporation insured by The Dominion, which sued the owner of a neighbouring property in the Vancouver suburb of Surrey over water damage. On March 25, Mr. Justice Gregory…
Earthquake sways buildings in Taiwan, damage limited
March 28, 2013 by Canadian UnderwriterA 6.0-magnitude earthquake struck central Taiwan Wednesday, felt throughout the island, though building damage is expected to be limited to the rural region of Nantou. Catastrophe modelling firm AIR Worldwide said Thursday that buildings swayed in the capital of Taipei…
New York extends deadline to get federal funds for uninsured damage repairs after Sandy
March 28, 2013 by Canadian UnderwriterThe State of New York has extended the deadline for residents in 13 disaster-declared counties affected by Hurricane Sandy to register for federal assistance by about two weeks. The previous deadline to register with the Federal Emergency Management Agency (FEMA)…
PartnerRe establishes new companion facility, Lorenz Re
March 28, 2013 by Canadian UnderwriterPartnerRe Ltd. has formed Lorenz Re Ltd., a special purpose insurer domiciled in Bermuda, to provide the global reinsurer additional capacity on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period. Lorenz Re was capitalized with $75 million…
EIOPA consulting on guidelines for preparation of Solvency II
March 28, 2013 by Canadian UnderwriterThe European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on guidelines related to the preparation for Solvency II that proposes an application date, but also seeks to inject some flexibility into the process. The guidelines apply…
B.C. extends clean energy vehicle incentive program
March 28, 2013 by Canadian UnderwriterBritish Columbia has extended its point-of-sale incentive program for potential buyers of clean energy vehicles (CEVs), provincial environment minister Terry Lake announced this week. The Clean Energy Vehicles for British Columbia program was scheduled to wrap up Mar. 31, but…
Loss ratio improves in 2012 for Lloyd’s despite billions in Storm Sandy claims
March 27, 2013 by Canadian UnderwriterLloyd’s released its financial results for 2012, reporting a profit of 2.77 billion British pounds despite billions in claims from damage resulting from Hurricane Sandy. Lloyd’s, which lost 516 million pounds in 2011, said Wednesday that its gross written premium…
Insured catastrophe losses in 2012 reached $77 billion, most losses in the U.S.: Swiss Re
March 27, 2013 by Canadian UnderwriterInsured losses from natural catastrophes and man-made disasters last year total $77 billion, making 2012 the third costliest year on record, says Swiss Re’s latest sigma report, released Wednesday. Economic losses from such catastrophes reached $186 billion last year, Swiss…
Plant Hope Adjusters opens new office in Nova Scotia
March 27, 2013 by Canadian UnderwriterPlant Hope Adjusters has announced the opening of its ninth office in Atlantic Canada. The flagship Nova Scotia office is located at Bedford within the Halifax Regional Municipality, which the company says allows for efficient access to all points within the…
Ontario Liberals support NDP motion for 15% reduction in auto insurance rates
March 27, 2013 by Harmeet Singh, Online EditorOntario Premier Kathleen Wynne said Wednesday that the Liberal government would back the New Democratic Party’s motion to reduce auto insurance rates in the province by 15%, but reiterated her party’s focus on anti-fraud reforms. Jagmeet Singh, the NDP’s consumer…