The economic loss from Hurricane Katrina and subsequent flooding in New Orleans may exceed US$100 billion, according to Risk Management Solutions (RMS). Losses are resulting from two separate catastrophic events the landfall of Hurricane Katrina in southeast Louisiana and coastal…
Most expensive natural disaster to hit insurers
Leaking domestic oil tanks pose a persistent problem for insurers, particularly in Atlantic Canada and rural areas of Ontario and Quebec. The property and casualty insurance industry finds itself in the rare position of calling for more regulation on how oil tanks are installed, maintained and replaced in key provinces.
Following harsh winter storms which struck New Brunswick and other Atlantic provinces earlier this week.According to the Insurance Bureau of Canada (IBC), as of Tuesday morning, 25,000 households in New Brunswick were still without power as a result of the…