Claims

Alberta storms cause more than $42 million in insured damages

Storms and flash floods in Alberta on June 5 are expected to exceed $42 million in insured damages, according to the Insurance Bureau of Canada (IBC). “In Calgary alone, there have been 3,094 insurance claims so far as a result of the storms, and insurers expect to pay $42 million to cover these claims,” Jim […]

August 1, 2007

1 min read

Claims

Crawford & Company’s 2007 Q2 results up despite U.S. segment slowdown

Crawford & Company (NYSE: CRDA and CRDB), an independent provider of claims management solutions to insurance companies, has reported a 25% increase in 2007 Q2 revenues.Overall, the company reported a 2007 Q2 profit of US$6.1 million compared to a 2006 Q2 net income of US$4.2 million.The 2007 Q2 net income included a gain of US$3.1 […]

By Canadian Underwriter | July 30, 2007

2 min read

Claims

What’s New: In Brief (July 25, 2007)

Insured flooding losses in the United Kingdom this summer may yet reach more than 2 billion (Cdn$4.27 billion), less than half of what the regions March 1947 floods would have cost insurers had they happened today 4.5 billion to 6 billion (Cdn$9.6 billion to Cdn$12.8 billion), according to Risk Management Solutions (RMS).RMS estimates the floods […]

By Canadian Underwriter | July 25, 2007

2 min read

Claims

Study shows human activity accelerating climate change

Researchers at Environment Canada have proven for the first time that human activity has affected the amount of precipitation that falls on North America.The scientists, co-led by Francis Zwiers and Xuebin Zhang, studied global rainfall data from 1925 to 1999 and compared it to 14 complex climate models.The observed changes, reports Zwiers, were larger than […]

By Canadian Underwriter | July 24, 2007

1 min read

Edmonton fire causes massive property damage

A fire that ripped through a south Edmonton neighbourhood early Sunday morning could prove to be the largest property loss due to fire in Albertas history, industry experts at the Insurance Bureau of Canada (IBC) estimate.Michael Debolt, IBCs manager of government relations, the prairies, says that according to reports from the fire department, 18 homes […]

1 min read

Manitoba Public Insurance reports solid Q1

Manitoba Public Insurance has reported a net income of Cdn$64.8 million for 2007 Q1, spurred by a growing vehicle fleet and solid investment income. Earned revenues increased by Cdn$10.5 million over 2006 Q1, due to an increase in number and value of insured vehicles, while investment income was up Cdn$10 million from 2006 Q1 to […]

1 min read

US insurers Q2 cat costs tied with 2nd lowest in 10 years

U.S. property and casualty insurers are expected to pay homeowners and businesses and estimated $2.175 billion [approximately Cdn$2.28 billion] for Q2 property losses resulting from a total of six catastrophes in 25 states, reports the ISO. The ISOs Property Claims Services (PCS) unit estimates the six catastrophes of 2007 Q2 generated 504,000 claims, approximately 71% […]

1 min read

TSR downgrades 2007 storm forecast

The Tropical Storm Risk (TSR) has downgraded the hurricane forecast from 55% above-norm in June to 40% above-norm in July. According to a Benfield news release, the reason for the reduction is that the trade wind speed over the tropical North Atlantic in August-September will be stronger than previously thought. This would suppress hurricane activity […]

1 min read

Terrorism threat level heightened in Canada

The 2007 Aon Terrorism Threat Map shows that Canadas threat levels have increased from 2006 even though the map shows a weakening of the Islamist terrorist group Al Qaeda, as well as the other groups operating under its umbrella.The global war on terrorism seems to have disrupted the command and control mechanisms of the groups, […]

1 min read

CN tower terrorist attack could cost Cdn$23.5 billion in damages

If a small dirty bomb were to be detonated near the CN Tower in Toronto, the economic impact would be upwards of Cdn$23.5 billion, according to a federal study led by Defence Research and Development Canada, as reported by Canadian Press. According to CP, this scenario which the news service said would result in radioactivity […]

1 min read