Peterborough flood claims to top $71 million
August 5, 2004 by Canadian UnderwriterEarly claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC). Patterson says with the major writers having reported thus far,…
July Storms Land Insurers With $158 Million-Plus Tab
August 1, 2004 by Canadian UnderwriterTwo massive summer storms struck insurers a hefty blow in July with the total insured loss pegged at around $158 million, according to preliminary data collected by the Insurance Bureau of Canada. The first storm brought heavy rain and hail…
Study a sign industry needs to focus on mold claims
June 6, 2004 by Canadian UnderwriterA recent U.S. study on mold hailed by insurers for finding a lack of evidence mold causes serious injury should be a wake-up call to the industry, says Kyle Urech, directory of business development for Disaster Kleenup Canada.In a letter…
Primary Insurer Strategies 2004: Towing The Bottom-Line
December 1, 2003 Sean van Zyl, Editor“Cautious optimism” – would seem to generally sum up the points of view of primary insurer CEOs in looking ahead to 2004. While this year saw the first signs of a profit recovery within the Canadian property and casualty insurance industry – with the premium pool rising by almost a third to reach a staggering $30 billion – the past 12 months also dealt insurers several blows in the form of higher catastrophe losses, rising prior-year adverse reserve developments, a spilling of red ink from the Facility Association, and provincial political intervention on loss-making mandatory covers. The latter, which applies to mostly personal lines auto, remains the greatest concern of insurers as governments have been slow to react with necessary product loss reduction reforms whilst introducing politically-motivated rate freezes. With much riding on the future viability of the auto product, insurer CEOs partaking in CU’s annual “strategic outlook” are hesitant to declare the industry “out of the woods” in terms of achieving a healthy and stable marketplace.
2003 Hurricane Season: La Nina’s Revenge
July 1, 2003 Vikki SpencerInsurers 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.
Homeowner Property Losses: Underwater
January 1, 2003 Susan Vella, senior vice president of personal insurance at ChubWater-related losses on homeowner property covers seem to be seeping increasingly into the red-ink. While insurers have been battling the onslaught of losses arising from auto business, water poses a new threat to personal property covers, one which insurers can…
Toxic Mold Claims: Covering the Bases
November 1, 2002 Vikki SpenceEvents in the Texas homeowners’ insurance market have sent a chill through the North American insurance industry – multi-million dollar court awards, big company withdrawals, exclusion debates. In Canada, insurers have seen the mold threat coming as they watch their U.S. counterparts struggle to keep pace with this emerging peril. And, while there is agreement that mold has the potential to hit the Canadian market just as hard, insurers are looking south to learn from the U.S. example before it becomes too late.
Insurers turn to loss control as property claims spiral
November 1, 2002 by Canadian UnderwriterWith the rise in claims costs having exceeded the growth of premiums for the last five years, it should come as no surprise that last year saw the Canadian property and casualty insurance industry incur a negative development on prior…
Mold & Water Damage Claims: Avoiding the Headache
September 1, 2002 Alex Lozecki Sr., president of Environmental Solutions InternatiThe industry’s newest catalyst is a four-letter word: MOLD. Should we be alarmed about this sleeping monster? How is it affecting people’s health and that of their children? How did it get here, and why is it growing? Insurers are trying to come to grips with this new threat, at the same time facing claims for incidents that happened perhaps years earlier.
Mold Litigation – the Monster in the Closet
April 1, 2002 Vikki SpencerThe boogey man hidden inside the closet, under the bed or trying to crawl through the window, was once the stuff of childhood nightmares. But now that improbable monster may have taken shape in the form of so-called “toxic” mold. The prevalence of this damaging organism, which attacks buildings and is reported to cause a variety of health-related problems is becoming a very real nightmare for insurers. And, insurers learned at a recent Canadian Litigation Counsel seminar, recent U.S. court judgements show this is a “financial monster” insurers ignore at their own peril.
IBC wants oil tank regulations in place
September 5, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.“We agree the recommendations will guard…
Attak of th Black Mold
September 1, 2001 Glenn McGillivray, assistant vice president and head of corporatIn 1928, while working on the influenza virus, Alexander Fleming observed that mold had developed accidentally on a staphylococcus culture plate and that it had created a bacteria-free circle around itself. He was inspired to further experiment and later found that a mold culture prevented growth of staphylococci, even when diluted 800 times. He named the active substance penicillin. And the rest, as they say, is history.