Insured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional services for the Insurance Bureau of Canada (IBC).With 19 insurers reporting preliminary claims figures, Bremness […]
By Canadian Underwriter | July 20, 2004
1 min read
The Insurance Bureau of Canada (IBC) is urging homeowners affected by the Peterborough, Ontario floods to check their insurance coverage with their insurer or representative as soon as possible to see if they are covered for sewer back-up. While flooding or water seepage is generally not covered, policies may contain coverage for sewer back-up. No […]
By Canadian Underwriter | July 18, 2004
1 min read
(Note change in last two paragraphs.)While claims figures are not yet available for flooding and hail damage in the Edmonton area this past weekend, the storms are likely to prove costly for insurers, says Jim Rivait, vice president of the Prairie region for the Insurance Bureau of Canada (IBC). Rivait notes the weekend weather damage […]
By Canadian Underwriter | July 15, 2004
2 min read
Adjusters have already made their way to Peterborough, Ontario, where flooding has left the city in a state of emergency. While no damage figures are yet available, the city faces massive clean-up as basements flooded and roads washed away in heavy rainfall Thursday.Some areas saw rainfall as high as 230 mm, and the storm watch […]
By Canadian Underwriter | July 15, 2004
1 min read
With the future of the Terrorism Risk Insurance Act (TRIA) currently being debated by U.S. legislators, the American Academy of Actuaries (AAA) says the insurance industry will not be prepared to assume the risk if TRIA is not renewed beyond its December 31, 2005 deadline.In its report, “P/C Terrorism Insurance Coverage: Where do we go […]
By Canadian Underwriter | July 14, 2004
2 min read
Even as some countries prepare to comply with the Kyoto Protocol, new research suggests greenhouse gas emissions are on the rise, and the global warming impact of these emissions will surely cause more intense weather events for insurers to deal with.The report “Climate Change 2004”, by Prof. Bill McGuire, director of Benfield Hazard Research Centre, […]
By Canadian Underwriter | July 13, 2004
2 min read
The Women in Insurance Cancer Crusade is hitting the track, the horse track that is, with a “Night at the Races” planned for Wednesday, September 1. The evening of fine dining and thoroughbred racing is slated for Toronto’s Woodbine racetrack, with proceeds from the $150 ticket price going to battle cancer. For more information, visit […]
By Canadian Underwriter | July 12, 2004
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Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked reduction on the US$5.1 billion loss insurers incurred for the same period in 2003, and […]
By Canadian Underwriter | July 8, 2004
1 min read
The Insurance Bureau of Canada (IBC) is calling on homeowners in B.C. to confirm their insurance coverage as the risk of forest fires intensifies. Insurers paid out more than $200 million in fire-related claims last year when uncontrollable forest fires devastated several communities in the province.The IBC notes that there are currently over 300 active […]
By Canadian Underwriter | July 8, 2004
1 min read
A new report published by the Institute for Catastrophic Loss Reduction shows Ontario residents remain unprepared for an emergency on the scale of last summer’s blackout, or worse.The report, written by Dr. Brenda Murphy of Wilfrid Laurier University, and funded by ICLR as well as the University of Western Ontario, finds that while many Ontario […]
By Canadian Underwriter | July 7, 2004
2 min read