Storm damage claims increase insured and uninsured losses by two-thirds
July 1, 2005 by Canadian UnderwriterCombined, global costs resulting from catastrophic storm damage may show an increase of two-thirds by the 2080s, according to the Association of British Insurers (ABI). The new report, “Financial Risks of Climate Change,” provides a global analysis of the projected…
Estimates of flood damage, crop losses mount in rain-soaked Manitoba
July 1, 2005 by Canadian UnderwriterDamage from flooding across southern Manitoba may result in insured claims of approximately $225 million, with about 10% of this figure resulting from damage incurred to commercial property, according to Jim Rivait, vice president Insurance Bureau of Canada (IBC) prairies,…
As climate heats up, Allianz premiums get fired-up
June 29, 2005 by Canadian UnderwriterEuropean insurer Allianz AG is set to increase future insurance premiums in direct response to the risk posed by global warming, which increases claims resulting from increased flood frequency and heat waves. In order to reduce greenhouse gas emissions caused…
Cost of storm damage to increase insured and uninsured loses by two-thirds
June 29, 2005 by Canadian UnderwriterCombined, global costs resulting from catastrophic storm damage may show an increase of two-thirds by the 2080s, according to the Association of British Insurers (ABI).The new report, “Financial Risks of Climate Change,” provides a global analysis of the projected climate-change…
Cunningham Lindsey Canada sends CAT team to Alberta
June 28, 2005 by Canadian UnderwriterCunningham Lindsey Canada is sending numerous catastrophe adjusters to devastated southern Alberta, where recent mass flooding has caused insurmountable damage. The Company is sending over 30 CAT adjusters who have been working on Alberta’s claims resulting from flood and hail…
Insurers may be flooded with storm damage claims from Alberta
June 23, 2005 by Canadian UnderwriterFlooding is no longer the only force damaging residences in Alberta. Environment Canada has now released reports of several tornado sightings near Vauxhall, Taber and Coalhurst with at least one of them touching down. In addition, heavy windstorms and golf-ball-sized…
Update, Alberta floods
June 20, 2005 by Canadian UnderwriterIn a recent statement, Deputy Prime Minister Anne McLellan recently offered Rob Renner, Minister of Municipal Affairs, any assistance required to aid against the damage caused by relentless floods in Alberta. McLellan, Canada’s Minister of Public Safety and Emergency Preparedness,…
What’s New: In brief (June 15, 2005)
June 15, 2005 by Canadian UnderwriterFlood registration centers recently opened to assist Albertans who have been impacted by recent flooding. Claims can be made at any registration center call 1-888-671-1111 for more information on the claims process. The $55 million disaster recovery program covers damage…
What’s New: In brief (June 10, 2005)
June 10, 2005 by Canadian UnderwriterFGIC Corp. recently appointed Eric Rosensweig to the position of managing director, international finance. Offering seven years of experience with MBIA, Rosensweig will be responsible for new business opportunities in the emerging markets and Canada. Most recently, he served as…
Alberta residents to receive financial aid on uninsurable flood damage
June 9, 2005 by Canadian UnderwriterIn response to damages incurred from recent flash floods in southern Alberta, the province has approved a $55 million disaster recovery program. The funds will aid residents of 17 Alberta municipalities and three First Nations, compensating for uninsurable severe weather-related…
IBC releases flood precaution advisory for Alberta
June 8, 2005 by Canadian UnderwriterA recent advisory released by the Insurance Bureau of Canada (IBC) warns policyholders in southern Alberta to prepare in advance of possible flooding.Policyholders are told to contact their insurance company or representative as soon as possible if flooding occurs and…
What’s New: In brief (June 08, 2005)
June 8, 2005 by Canadian UnderwriterThe Spencer Educational Foundation Inc. recently established a memorial scholarship fund in honour of Thomas M. Regan, a former RIMS chapter president, who was killed on September 11, 2001, in the World Trade Centre attacks. The New York Chapter of…