Insured losses from forest fires that swept through British Columbia in August are expected to total at least $200 million, says the Insurance Bureau of Canada (IBC). But this figure should not increase significantly, says IBC Pacific Region government relations…
The independent adjusting profession is experiencing a period of transition, driven by market demands and legislative considerations. Notably, insurers are under increasing pressure to reduce claims and expense costs, which has added to the challenges before adjusters. And, while new claims handling technology offers cost reduction to both parties through better service and information, true efficiency will only come through cooperation.
Insurers have begun paying claims relating to the B.C. wild fires which ravaged several urban areas within the province, with the insured loss topping $200 million, according to the Insurance Bureau of Canada (IBC). As cleanup and reconstruction begins in…
Both homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected…
Early estimates of insured damage from forest fires still raging through B.C. suggest that this disaster could shape up to be Canada’s second-worst catastrophe loss, with the 1998 ice storm remaining well ahead in loss numbers. Media reports have put…
From newspaper headlines to the corporate boardroom, risk management is becoming a high profile proposition. As companies react to stories of corporate scandals and multi-million-dollar lawsuits, how does this align with the long-term risks facing corporations daily. A recent study compared the views of risk managers and financial executives on the greatest threats to their corporations, as well as the best means of addressing these threats.
Canada’s highest court recently made it a lot easier for insurers to put fire-following exclusions for severe catastrophic incidents into multi-peril policies. The question now is whether provincial legislators will respond with what many in the insurance industry – particularly the Insurance Bureau of Canada (IBC) – say are much-needed changes to legislation across the country.
As this is being read, hundreds of wildfires are burning in the interior of British Columbia, and they could very well make Canadian insurance history.
Early damage estimates from Hurricane Claudette which made landfall in Texas last week and resulted in at least two deaths and property losses across 15 counties has thus far produced insured losses of around US$17 million, according to Texas-based Southwestern…
As premiers meet in Charlottetown this week, Ontario’s Ernie Eves wants to see the provinces working together on the auto insurance issue.Eves listed auto insurance as his top priority, alongside federal disaster relief for the SARS outbreak.Eves says that his…
The Centre for Study of Insurance Operations (CSIO) has named David Patrick as interim CEO. He is former senior vice president, insurance solutions and services with CGI. Aviva has appointed Patrick Snowball group executive director, general insurance. The company’s general…
Insurers and reinsurers may soon find themselves caught in the “eye of the storm”, as La Nina rears its head once more, bringing in her wake predictions of increased hurricane activity. Should the Atlantic coast be hard hit this year by tropical cyclones, it would be a difficult blow for an industry trying to regain profitability. And, with even more meteorological mayhem expected for the winter season, La Nina may be a very unwelcome visitor indeed.