Claims

Possible F3 tornado touches down in Saskatchewan

A possible F3 tornado touched down just outside of Raymore, Saskatchewan on July 3, reports Environment Canada.Raymore is southeast of Saskatoon.Initial assessments from photos and videos of the damage suggest the tornado was a strong F2 or a weak F3, an Environment Canada release says.The majority of the damage reported occurred on the Kawacatoose First […]

By Canadian Underwriter | July 5, 2010

1 min read

Claims

Major losses in Q1 fail to stem softening of reinsurance market

Major property losses in 2010 Q1, originating from the Chile earthquake and storms in Australia, have had little impact on pricing in the global reinsurance market, reports Willis Re.There has been no general market move towards increased pricing in property catastrophe lines, Willis Re found in its 1st View Report for the June 1, 2010 […]

By Canadian Underwriter | July 5, 2010

1 min read

Claims

Timing, location and strength of Hurricane Alex portends busy season: AIR Worldwide

Hurricane Alex, the first hurricane in the 2010 season, is now a spent force, having done about $200-million worth of insured damage in Mexico, according to modeler AIR Worldwide.The Category 2 hurricane has dissipated into a storm system that is expected to dump an extra two to four inches of rain on southern Texas, the […]

By Canadian Underwriter | July 2, 2010

1 min read

Claims

Risk Management (July 01, 2010)

CHANCE OF ‘THE BIG ONE’ HITTING B.C. OVER NEXT 50 YEARS IS 10-15% There is a 10-15% of a mega-earthquake hitting the northern segment of the Cascadia Subduction Zone at some point during the next 50 years, according to research from Oregon State University. The northern segment of the Cascadia Subduction Zone covers an area […]

June 30, 2010

1 min read

Estimated $85 million in claims from Leamington, Ontario tornado

The Leamington tornado generated 4,750 home, commercial and auto claims totaling an estimated $85 million, a preliminary report finds. The majority of the claims were for homes, the Insurance Bureau of Canada says, based on data from PCS Canada. The F1 tornado in touched down in Essex County, along the shore of Lake Erie, southwest […]

1 min read

Hurricane Alex tracking to miss Gulf of Mexico’s BP oil spill, hit southern Texas

Hurricane Alex is expected to make landfall in southern Texas and northern Mexico on July 1, possibly as a Category 2 storm, reports the National Hurricane Center.Alex is the first hurricane of the 2010 season, and the first to occur in the Atlantic in June since 1995, said Guy Carpenter. While the storm is forecast […]

1 min read

OSFI undertakes second study of proposed minimum capital test

The Office of the Superintendent of Financial Institutions (OSFI) is undertaking a second quantitative impact study of its new minimum capital test, based on companies’ positions at year-end 2009.The second QIS is intended to test proposed changes to the Minimum Continuing Capital and Surplus Requirements (MCCSR) concerning market risks. Similar to the first QIS, conducted […]

1 min read

Intact funds climate change adaptation research

Intact Financial Corporation and the University of Waterloo are launching a research project aimed at identifying initiatives and action plans to ensure better adaptation to the potential consequences of climate change. The three-year project, Climate Change Adaptation Project: Canada, is being funded in full by a grant from Intact Foundation.The research project will identify the […]

1 min read

Saskatchewan’s RID program encourages reporting of impaired drivers

Saskatchewan’s new Report Impaired Drivers (RID) program has resulted in Saskatoon Police Services laying 45 impaired driving charges, according to Saskatchewan’s government insurer. The program was launched in March 2010. Since then, police have responded to close to 750 calls reporting suspected impaired drivers. “The response to the RID program has been outstanding,” June Draude, […]

1 min read