Claims

Lloyd’s CEO calls for sustainable Canadian results

The Canadian insurance industry needs to strive for pricing consistency, Richard Ward, Lloyds CEO, told a crowd at the Risk and Insurance Management Societys conference in Halifax.Ward discussed contract certainty and claims management initiatives that Lloyds has taken to improve efficiency and service within the London market and urged Canadian insurers to follow suit. These […]

By Canadian Underwriter | September 20, 2007

2 min read

Claims

Elie receives F5 intensity rating

Elie, the tornado that ripped through parts of Manitoba on June 22, has been given a rating of F5 intensity, the highest on the Fujita tornado damage scale, the first officially documented in Canada according to Environment Canada meteorologists. Damage indicators are used to measure the strength of tornadoes, with an F5 tornado accounting for […]

By Canadian Underwriter | September 20, 2007

2 min read

Claims

What’s New: In Brief (September 18, 2007)

Dalhousie University in Halifax was home to a sea of nervous faces at the RIMS Canada conference Sept. 18, as students tested their skills playing Risk, a classic game of strategy, for their chance to win a $5,000 bursary from Aon Reed Stenhouse (Aon). As the clock ticked down, six players had avoided elimination and […]

By Canadian Underwriter | September 18, 2007

3 min read

Claims

Court orders Chubb to pay policyholder Cdn$5 million in home fire case

The Ontario Superior Court of Justice ordered Chubb Insurance Company of Canada to pay just over Cdn$5 million to Missisauga policyholder Bridgette Sagl, after Sagls house burned down in December 1997.Chubb initially denied coverage based on its (ultimately disproven) theory that arson caused the fire.The court observed that Chubbs reason for denying coverage was influenced […]

By Canadian Underwriter | September 17, 2007

2 min read

Humberto hits Texas, incurs damages less than $500 million

Hurricane Humberto, who made landfall on southeast Texas earlier this week, likely caused damages that will not exceed US$500 million [approximately Cdn$515.37 million], reports Risk Management Solutions (RMS).The figure includes wind damage to residential, commercial and industrial properties and business interruption resulting from power outages or damage to property, an RMS release says.Wind damage has […]

1 min read

“Abrupt climate change,” or “flipping,” featured in Benfield, Partner Re report

Reinsurance and risk intermediary Benfield and reinsurer Partner Re have collaborated to produce the Hazard & Risk Science Review 2007, which summarizes research findings and conclusions of hazard and risk science papers published in the last 12 months that are most relevant to the insurance and resinsurance markets.The summarized findings are organized into four broad […]

2 min read

Supersport motorcycles lead the pack in death rates and claims costs

Supersport motorcycles have the highest death rates and worst overall insurance losses among all types of motorcycles, the Insurance Institute for Highway Safety (IIHS) reports. Supersports are built on racing platforms but modified for the highway and sold to consumers, an IIHS statement explains.In an institute analysis of deaths per 10,000 registered motorcycles, supersport drivers […]

1 min read

What’s New: In Brief (September 12, 2007)

Aon is hosting a Risk tournament (the board game) in support of future leaders in risk management. The tournament will take place at Dalhousie University, Studley Campus Quad, on September 17 at 10 a.m., with roughly 200 students expected to attend. The top three will be awarded with academic bursaries for tuition or other costs […]

1 min read

What’s New: In Brief (September 12, 2007)

In the wake of the tropical storm Chantal, which hit Newfoundland and Labrador at the beginning of August causing an estimated Cdn$5.8 million in insured damages, insures are showing the commitment to policyholders, according to the Insurance Bureau of Canada. Insurers are responding quickly to residents’ claims, Don Forgeron, vice president, Atlantic, IBC, said in […]

1 min read

Zurich, SFU working together on climate change adaptation

Zurich Canada has announced it will be working with Vancouvers Simon Fraser University (SFU) to examine options for adaptation to extreme weather events caused by climate change.The ACT/Zurich Canada Extreme Weather Events program kicks off in May 2008, and will bring together Canadian and international experts to examine the challenges, publicize the issues and recommend […]

2 min read