With more than 68 million people living in hurricane-prone areas of the U.S., many homeowners are inadequately insured, warns the Insurance Information Institute (III) as the 2005 hurricane season is set to begin in June. Last year, the eastern seaboard…
The intensity and frequency of severe weather events is increasing globally. Concentrated population growth is also rising – particularly in areas which are more weather disaster prone. Can the insurance industry positively influence social developments to promote safer living? I believe it can and should play a crucial role in this regard.
Florida’s state-run windstorm insurer of last resort, Citizen’s Property Insurance Corp., says it will face a US$516 million shortfall in its account following last year’s unprecedented hurricane season. The shortfall could result in every insured homeowner in the state paying…
The U.K. non-life insurance market has enjoyed stronger results in the past two year, but this kind of improvement is unlikely to last, predicts Fitch Ratings.In a new report, “Enjoy it While it Lasts but not too much”, the rating…
Recent scientific and legal developments have started to push mold damage in buildings up on the agendas of many insurance companies.
While many insurance companies talk of risk assessment and underwriting, few have taken advantage of technology solutions to integrate loss inspection reports into their workflow.
The devastation wrought by the Indian Ocean tsunami poses a host of dire questions for government and for insurers here in Canada as they struggle to maintain some footing in what has become a war against Mother Nature.
In the wake of the December 26th Asian tsunami disaster, insurers have a role to play in providing financial protection in developing countries, says Swiss Re. In a new report on the tsunami and its consequences, the reinsurer notes that…
Two researchers who work with the Institute for Catastrophic Loss Reduction (ICLR) will be heading this week to the World Conference on Disaster Reduction in Kobe, Japan.Dr. Gordon Bean and Dr. Slobodan Simonovic are set to present research to the…
Countries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0…
Toronto-based Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of US$1.40 per share on outstanding multiple and subordinate voting shares. The dividend is payable on January 28, to shareholders of record on January 14, a company release states.…
How well do Canadian homeowners understand insurance coverage for natural hazards? Would they like their insurance companies to send them information about hazard safety? Do homeowners approve of insurance companies funding loss prevention research? These are questions the Institute for…