Claims
Insurance Bureau of Canada (IBC) is calling on Canadian governments to review critical infrastructure to ensure the country is better able to deal with severe weather events in the future.IBC president and CEO Mark Yakabuski has called on all governments to work together to:reinforce/improve infrastructure;strengthen building codes and build in climatic design values;consider sweeping land […]
By Canadian Underwriter | January 22, 2008
1 min read
Swiss Re’s voluntary initiative to become greenhouse neutral, “COyou2 reduce and gain,” completed its first year and more than 400 staff members around the world participated.The program offers Swiss Re staff financial incentives to reduce greenhouse gas emissions. The subsidized investments vary between regions, but 130 staff 116 of them in the United States received […]
By Canadian Underwriter | January 21, 2008
The British Insurance Brokers’ Association (BIBA) is encouraging the UK government “to appoint one single body with the authority to take responsibility for the risk of flooding,” as well as to co-ordinate discussions with various stakeholders to reduce the risk of flood damages in the future. “The UK is one of the few member states […]
By Canadian Underwriter | January 17, 2008
2 min read
Ontario should learn from the experience in Vancouver, where installation of residential sprinkler systems contained roughly 90% of fires, and reduced average property damage to a fraction of the average fire loss per unsprinkled incident (Cdn$1,065 from Cdn$13,937), Toronto fire chief William A. Stewart told the Insurance Brokers of Toronto Region luncheon. More than 300 […]
By Canadian Underwriter | January 16, 2008
Property and casualty insurers in the United States are expected to pay US$6.5 billion to homeowners and business for property losses from 23 catastrophes in 2007, according to preliminary analysis by ISO’s property claim services (PCS) unit. This is the eighth-lowest cost and the seventh-lowest frequency in a decade, the ISO reports in a release. […]
By Canadian Underwriter | January 14, 2008
A recurrence of the 1998 Ice Storm today would result in total insured losses of between US$1 billion and US$3 billion potentially twice the US$1.3-billion cost incurred in 1998, according to a retrospective report by Risk Management Solutions (RMS).RMS released the report on the 10th anniversary of the storm that devastated portions of Ontario, Quebec […]
By Canadian Underwriter | January 10, 2008
Another year of comparatively mild losses for the reinsurance market in 2007 means “any remaining post-loss caution from previous years is rapidly dwindling,” according to a report, ‘Changing the Game,’ published by Benfield, an independent reinsurance and risk intermediary. The report finds property catastrophe rates at the January 2008 renewals are continuing to decline. “Risk-adjusted […]
This year holds the highest levels of political and economic uncertainty for a decade, with systemic financial risk topping the list of greatest threats, according to the World Economic Forum’s report, Global Risks 2008.Diversification of risk may have strengthened stability in good times, but systemic financial risk remains acute, researchers warn. Changes in the financial […]
By Canadian Underwriter | January 8, 2008
By focussing on the 2004 and 2005 hurricane seasons, risk models may overestimate the probabilities of both U.S. landfall risk and potential insured losses, new research from AIR Worldwide says.”By only focusing on the 2004 and 2005 seasons, it is easy to forget every hurricane season is unique and actual landfall activity is a function […]
By Canadian Underwriter | January 7, 2008
The Insurance Bureau of Canada has called for the formation of an ongoing working group between the insurance industry and the government of British Columbia to ensure residents of B.C. are protected as best as possible against an earthquake. Two strong earthquakes on Jan. 5 shook the area just south of the Queen Charlotte Islands, […]
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