Claims

Tsunamis after next Cascadia earthquake might be more damaging than ground shaking

Ground shaking caused by the next predicted Cascadia earthquake off the western coast of British Columbia is expected to result in losses of between US$40 and US$60 billion and damage losses resulting from the accompanying tsunami waves could be even larger than that, according to the Hazard & Risk Science Review 2007.The review, a joint […]

By Canadian Underwriter | October 5, 2007

1 min read

Court orders Royal & SunAlliance to pay in Family Protection Coverage Endorsement case

The Ontario Court of Appeal has ordered Royal & SunAlliance Insurance Company of Canada to pay Cdn$1 million under the Family Protection Coverage Endorsement (FPC Endorsement) in a motor vehicle accident involving an uninsured driver.Royal & SunAlliance said their net potential liability was Cdn$0, based on a deduction of the insured’s Cdn$1 million liability limit […]

By Canadian Underwriter | October 4, 2007

2 min read

MPI reports profit growth despite increased claims cost and volume

Manitoba Public Insurance (MPI) credits a Cdn$80.3 million profit for the first half of 2007 to increases in investment and premium revenue, despite enduring the worst summer for weather-related claims in a decade.The figure includes a net income of Cdn$56.9 million from the basic Autopac line of business, and marks a Cdn$14.6 million increase over […]

By Canadian Underwriter | October 4, 2007

1 min read

Insurers lowballing PMLs for Vancouver eartbhquake scenario

Individual insurer’s probable maximum loss (PML) estimates for insured earthquake damages in Canada are about four times lower than those calculated by an Insurance Bureau of Canada (IBC) working group, a panelist told the National Insurance Conference of Canada in Montreal.Recent research indicates that an earthquake event in Vancouver similar to that of the 1994 […]

By Canadian Underwriter | October 2, 2007

2 min read