Claims

Northern Ontario earthquake causes minimal damage

An earthquake measuring 4.1 on the Richter scale sent tremors through the Sudbury region in northern Ontario, but failed to cause any damage.The epicentre of the quake was about five kilometres from the town of Lively, west of Sudbury, the CBC reported. Tim Beadman, director of emergency management for the City of Sudbury, says the […]

By Canadian Underwriter | November 29, 2006

2 min read

Claims

Lousiana judge says flooding not excluded from policies

Insurers are responsible for paying out flood claims filed as a result of Hurricane Katrina, a Federal Court Judge in New Orleans has ruled.Justice Stanwood R. Duval, Jr. overturned an initial court ruling that insurers are exempt from flood claims due to policy exclusions. “There is coverage as a result of the ambiguity in the […]

By Canadian Underwriter | November 29, 2006

1 min read

Claims

Reinsurers resilient after 2005, IAIS says

Even though the reinsurance industry suffered major losses as a result of natural disasters in 2005, it succeeded in posting profits nevertheless, according to a new report published by the International Association of Insurance Supervisors (IAIS). “The reinsurance sector has shown considerable resilience in the face of two years of higher-than-expected natural catastrophes,” said Julian […]

By Canadian Underwriter | November 28, 2006

1 min read

Claims

High oil prices provide opportunities for risk underwriting

The high price of oil in recent years has led to rising investment in the energy sector, providing opportunities for risk underwriting, according to a Swiss Re advisory panel.”Those insurers and reinsurers with specialist skills across many disciplines, as well as superior financial strength, are best positioned to take advantage of the accelerating investment being […]

By Canadian Underwriter | November 28, 2006

2 min read

Surety relationship with mother not a “dependent” one under SABS: Appeal Court

Staying at home with one’s mother while at the same time as being in a surety relationship with her is not the same as being “principally dependent” upon her for care (as defined in the Statutory Accident Benefits Schedule), according to the Ontario Court of Appeal.The appellate court made the decision in November in the […]

2 min read

Vancouver storm damage estimated at Cdn$30 million

Insurance claims are pushing Cdn$30 million after a storm that caused a boil-water advisory in the Vancouver area, according to IBC regional officials quoted in the Victoria Times-Colonist.Lindsay Olson, B.C.-Yukon vice-president of IBC, said insurance claims for storm damage had passed the $20-million mark as of Nov. 22. “Right now we’re looking probably around $30 […]

2 min read

RMS calls for more U.S. landfall hurricanes over next five years

Despite the “docile” hurricane season in 2006, increased hurricane activity and landfall is likely to continue in 2007 and beyond, according to catastrophe modeler Risk Management Solutions (RMS).RMS is reaffirming its five-year outlook of increased storm risk after presenting a range of statistical models to a panel of seven leading hurricane scientists for review, A.M. […]

2 min read

2006 kind to Bermuda reinsurers, Fitch says

Bermuda-based reinsurers saw their their 2006 net income soar and their combined operating ratios (COR) plummet and after a relatively mild hurricane season, according to a recent report by Fitch Ratings.Fitch noted the Bermuda reinsurers tend to derive most of their premium revenue from U.S.-based risks. Given the sharply lower catastrophe-related losses in the U.S. […]

1 min read

What’s New: In Brief (November 20, 2006)

ICBC has established a special 1-800 phone number for customers submitting vehicle claims resulting from recent storms in B.C. that resulted in boil-water advisories for Vancouver and left hundreds of thousands of area residents without power. ICBC is encouraging customers to call 1-866-566-7199 if their vehicle has been damaged as the result of wind or […]

1 min read

Vancouver residents receive boil-water advisory

Residents of Vancouver, North Shore and Burnaby, B.C., are under a boil-water advisory because recent rainstorms have muddied the Lower Mainland’s water distribution system.”At the recommendation of the Medical Health Officers, the boil water advisory is lifted for all areas except Vancouver, North Shore and Burnaby,” the GVRD medical health department said in a Nov. […]

2 min read