News
Claims adjusters, insurers ramp up resources for Hurricane Sandy
October 29, 2012 by Canadian UnderwriterSeveral independent claims services and restoration companies are ramping up their resources for the inevitable losses to occur from Hurricane Sandy in the eastern United States and Canada. Crawford and Company Canada has said its adjusters in southern Ontario, southern…
New Brunswick climate change event to focus on how communities can adapt
October 29, 2012 by Canadian UnderwriterThe Atlantic Climate Adaptation Solutions Association and New Brunswick government will be hosting an event focused on climate change adaptation in Fredericton this November, including workshops on how to plan for events like coastal flooding. “Preparing for Climate 2100 –…
Insured losses from Hurricane Sandy could reach $10 billion: EQECAT
October 29, 2012 by Canadian UnderwriterInsured losses from Hurricane Sandy are estimated at between $5 billion and $10 billion, with total economic damages potentially reaching between $10 billion and $20 billion, according to catastrophe risk modelling firm EQECAT. Hurricane Sandy, which is expected to make…
Heavy rainfall causes flooding, municipal state of emergency declared in Wawa, Ont.
October 29, 2012 by Canadian UnderwriterThe Municipality of Wawa in northwestern Ontario has called on the province to provide assistance in the wake of recent heavy rainfall that could cause flooding-related damage in the tens of millions of dollars. The municipality declared a state of…
Wind warnings in effect for parts of Ontario, Quebec
October 29, 2012 by Canadian UnderwriterA wind warning is in effect for Toronto, as well as much of southern and eastern Ontario, as the effects of Hurricane Sandy begin to be felt in eastern Canada. “The remnants of hurricane Sandy will arrive later today as…
No major damage reported from 7.7-magnitude B.C. earthquake or its aftershocks
October 28, 2012 by Canadian UnderwriterThe 7.7-magnitude earthquake that struck British Columbia this weekend and its aftershocks have reportedly caused no major damage, although the major quake may serve as a wake-up call for residents throughout the province. The earthquake, which occurred off B.C.’s north-central…
Eastern U.S., parts of Canada brace for Hurricane Sandy
October 28, 2012 by Canadian UnderwriterForecasters are suggesting Hurricane Sandy will transition into a large post-tropical cyclone, likely making landfall somewhere near New Jersey Monday and bringing heavy rain to the eastern United States and Canada. “The official NHC track forecast brings the center of…
Mapfre reports year-over-year increase in premiums for first nine months
October 26, 2012 by Canadian UnderwriterSpanish insurance company Mapfre announced Oct. 26 its financial results for the first nine months of 2012, recording a 13% increase in gross written and accepted premiums, from 14.66 billion euros in 2011 to 16.57 billion euros this year. Mapfre’s…
Chubb records net income of $533 million in 2012 Q3
October 26, 2012 by Canadian UnderwriterA marked reduction in catastrophes losses brought Chubb Corporation’s financial results for 2012 Q3 to new heights, with the company reporting record operating earnings per share and an approximately 79% increase in net income over the same quarter in 2011.…
Premium revenue increases, profits plummet at Fairfax Financial
October 26, 2012 by Canadian UnderwriterToronto-based insurance and investment firm Fairfax Financial Holdings Ltd. has released financial results for the period ending Sept. 30, recording a 43% drop year-over-year in third-quarter revenue, a 96% drop in net earnings and a 5.6% increase in net premiums…
Hurricane Sandy “quite likely” to have an impact in eastern Canada early next week
October 26, 2012 by Canadian UnderwriterHurricane Sandy will “quite likely” have an impact on parts of eastern Canada early next week, although it’s too early to tell what the impact will look like in particular areas, the Canadian Hurricane Centre has reported. The storm, which…
The Co-operators reports increased Q3 net income over same period last year
October 25, 2012 by Canadian UnderwriterCo-operators General Insurance Company announced its third quarter financials for 2012 on Oct. 25, including consolidated net income of $12.6 million compared with $6.2 million for the same period last year. Direct written premium (DWP) in the third quarter, ended…