Claims
The Insurance Bureau of Canada (IBC) is calling on Canadian municipal, provincial and federal governments to improve urban infrastructure so as to mitigate property damage caused by storms in an age of climate change.The Insurance Bureau of Canada will insist in the months to come that governments launch an extensive effort to rebuild the basic […]
By Canadian Underwriter | November 14, 2007
1 min read
As TRIA teeters on the brink of expiration at years end, AIR Worldwide Corporation has launched its updated U.S. terrorism model.The release of the new model incorporates the results of two years of research into the effects of a conventional bomb blast in complex urban environments, an AIR release says.Because urban density can have a […]
By Canadian Underwriter | November 13, 2007
Climatologists are warning that the recent wildfires in California may be a result of climate change and a taste of things to come, reports Lloyds.Models are suggesting the North American west coast is experiencing longer-term precipitation patterns several wet years in a row, followed by several that are drier than normal, Ronald Neilson, a professor […]
By Canadian Underwriter | November 7, 2007
Echelon General Insurance Company has renovated its place in cyberspace and launched a newly redesigned Web site.Key features of the new site include easy navigation tools, information about the companys latest personal lines offerings (for example, new product offerings in Alberta and Ontario include collector vehicle insurance and recreational vehicle insurance) and a new resource […]
By Canadian Underwriter | November 5, 2007
Just one month after the Ontario government introduced a tough new, anti-street-racing law, more than 1,000 motorists have been charged under the act, the Metro newspaper in Toronto has reported.The new law introduces harsh penalties such as license suspension or the potential impoundment of a vehicle for a week if motorists are caught traveling more […]
2 min read
The severity of the insured losses from the 2007 California wildfires will not likely have a significant impact on the earnings of U.S. property and casualty insurers rated by Moodys.These wildfires have the potential to be the costliest wildfires in history, and they are in the running as the largest catastrophe event impacting U.S. carriers […]
By Canadian Underwriter | October 31, 2007
SHIP agents are increasingly faced with attempts to obtain delivery of cargo using forged emails, according to the International Transport Intermediaries Club (ITIC). “Fraud in shipping is endemic, cargoes are valuable, and it has never been easier to forge documents, electronic communications, bills of lading, etc, the ITIC notes in a statement. Carriers and their […]
By Canadian Underwriter | October 25, 2007
Wildfires ravaging large swathes of Southern California are likely to cost insurers between US$900 million and US$1.6 billion, making them among the most expensive in the region’s history, according to Risk Management Solutions (RMS).Of the 23 fires, the Witch Fire in San Diego has caused the most property damage so far and is likely to […]
FM Global clients will collectively be credited with an estimated US$380 million when policies are renewed in 2008. The credit is largely due to effective loss prevention efforts on the part of policyholders, which resulted in the companys excellent operating performance, FM Global said in a press release. Since 2001, FM Global has credited nearly […]
By Canadian Underwriter | October 24, 2007
United Kingdom insurers are welcoming a decision by the United Kingdoms highest court, The House of Lords, which found that the existence of asbestos-related pleural plaques is not grounds for compensation by insurers.The House of Lords also ruled that a psychiatric ailment caused by worrying about pleural plaques is not sufficient to justify a demand […]
By Canadian Underwriter | October 22, 2007
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