Segment
Claims
AIR revises loss estimate from Japan earthquake/tsunami
March 25, 2011 by Canadian UnderwriterAIR Worldwide has revised its insured loss estimate for the Mar. 11 Japan earthquake to a range of between $20 billion and $30 billion. Initially AIR estimated insured losses to range from $15 to $35 billion. The combined insured loss…
Earthquake rocks Myanmar, damaging monasteries, infrastructures
March 25, 2011 by Canadian UnderwriterA magnitude 6.8 mW earthquake struck in Myanmar, near the border with Thailand, and was felt as far away as Hanoi, Vietnam, reports RMS.Initial reports from Myanmar indicate the earthquake damaged close to 250 houses, 14 Buddhist monasteries and nine…
Economic growth a main reason for the escalation of insured natural catastrophe losses since 1970: Allianz
March 24, 2011 by Canadian UnderwriterEconomic growth in high-risk areas has contributed to the average annual cost of insured claims from natural catastrophes increasing eight-fold since 1970, according to an Allianz report, Natural Catastrophes on the rise?The report notes average insured claims costs related to…
Crawford Cares campaign reaches new record donation to WICC
March 24, 2011 by Canadian UnderwriterCrawford & Company (Canada) Inc.’s 2010 Crawford Cares campaign raised more than $111,000 for the Women in Insurance Cancer Crusade (WICC), a new record for the company’s annual campaign. Crawford Cares has raised more than $450,000 for WICC since the…
Munich Re estimate $2.1 billion loss from Japan earthquake and tsunami
March 24, 2011 by Canadian UnderwriterMunich Re estimates its losses resulting from the earthquake and tsunami in Japan will total approximately 1.5 billion euros (approximately $2.1 billion). As a result, the reinsurer will not hit its 2011 profit target of 2.4 billion euros (approximately $3.3…
Corrected Item: Ontario high court ruling in Shoeless Joe’s v. Insurance Portfolio
March 24, 2011 by Canadian UnderwriterCorrection/Clarification/Apology This is an updated, corrected and amended version of a story that appeared in Canadian Underwriter‘s online news on Mar. 9, 2011. The article reported on an Ontario Court of Appeal decision in the case Shoeless Joe’s v. Insurance…
IBC urges consumers to learn how to identify insurance fraud
March 23, 2011 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) estimates insurance fraud to be a multi-million-dollar business in Ontario, contributing to the high cost of auto insurance in the province. IBC recognized Fraud Prevention Month in March, by urging consumers to take the…
Cunningham Lindsey’s response team lands in Japan
March 22, 2011 by Canadian UnderwriterThe first of adjustment firm Cunningham Lindsey’s CAT team members have arrived in Tokyo to support Nagamatsu Inc. (Cunningham Lindsey’s exclusive representatives in Japan) and Cunningham’s international clients.“All will be aware of the difficulties that the country is having to…
Swiss Re estimates it will pay out $1.2 billion in claims losses from Japanese earthquake, tsunami
March 21, 2011 by Canadian UnderwriterSwiss Re estimates pre-tax claims costs of $1.2 billion as a result of damage caused by the March 2011 earthquake and tsunami in Japan. The reinsurer noted its estimate is subject to a “high degree of uncertainty” since the event…
New multi-peril, revenue-based insurance coverage available for farmers
March 21, 2011 by Canadian UnderwriterGlobal Ag Risk Solutions, working with Lombard Canada Ltd., is offering a private, multi-peril, revenue-based risk management solution available to about 400 Western Canadian farmers.Independent of all government programs, the solution provides guaranteed revenue above a farmer’s input costs (seed,…
RMS estimates up to $300 billion economic losses from Japan ‘super cat’ event
March 21, 2011 by Canadian UnderwriterRMS estimates the economic losses resulting from the March 11 Tohoku earthquake and tsunami in Japan will range between $200 and $300 billion. The quake and tsunami “is a complex ‘super cat’ event, where the final costs will not only…
Consumer can seek class action certification, despite contract fine print: Supreme Court
March 18, 2011 by Canadian UnderwriterThe Supreme Court of Canada has ruled that a B.C. woman can still launch a class action lawsuit against her cellphone provider, even though the fine print of her contract had a clause that waived her right to sue.In Seidel…