Claims
Swiss Re has created what it says are the first catastrophe bond indices on the market, A.M. Best has reported, giving the market better information on returns related to risk.Richard Pennay, in the structuring department at Swiss Re Capital Markets, told A.M. Best that Swiss Re had introduced the indices to provide more transparency in […]
By Canadian Underwriter | June 29, 2007
2 min read
There is a distinction to be made between primary, excess and/or umbrella policies when other insurance policies are called upon to respond in situations when primary coverage has been exhausted, the Ontario Court of Appeal ruled recently.In McKenzie v. Dominion of Canada General Insurance Company, a policyholder, Michael McKenzie, was involved in a serious boating […]
By Canadian Underwriter | June 28, 2007
3 min read
Initial estimates by Risk Management Solutions (RMS) suggest insured losses from recent floods that continue to batter the United Kingdom could exceed 500 million [Cdn$1.06 billion]. The rainfall situation, caused by a stationary east coast depression that draws moisture from the North Sea, is similar to the Norwich flood of 1912, an RMS statement says.It […]
1 min read
B.C. over the past five years has averaged two deaths and 161 injuries in 574 crashes on Canada Day, costing ICBC and customers Cdn$4.4 million in claims costs. Year after year, speeding is the top contributing factor in all fatal collisions, B.C. Solicitor-General John Les said in a release. By simply slowing down, we can […]
By Canadian Underwriter | June 27, 2007
In cases in which insureds are not aware that their drivers licenses have been suspended, trial judges do not have discretion under s. 129 of Ontarios Insurance Act to overturn the insurers denial of auto insurance coverage, Ontario Appeal Court has ruled.In Guy Williams v. York Fire & Casualty Insurance Company, the Appeal Court effectively […]
**CLARIFICATION: The following story is an amended and clarified version of a story posted on Canadian Underwriter on June 25** The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies, and contact their insurance representative, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes […]
Catastrophe modelers must do a better job of expecting the unexpected, according to speakers at a European conference, as reported by A.M. Best.I think we need to move to this new age the Age of Recognized Uncertainty, A.M. Best quotes Peter Taylor, a project director at Lighthill Risk Network, as saying. He was speaking at […]
By Canadian Underwriter | June 26, 2007
The widespread demolition and renovation activities still under way in New Orleans after Hurricane Katrina hit in 2005 may release asbestos fibers into the air, posing a potential additional health risk, the U.S. Government and Accountability Office (GAO) wrote in a recent report.The report, conducted at the Comptroller General’s initiative, addresses the actions of the […]
By Canadian Underwriter | June 25, 2007
The Insurance Bureau of Canada (IBC) is urging Manitobans to check their homeowners policies for tornado coverage, after a weekend in which at least eight tornadoes destroyed homes and buildings across southern Manitoba.Tornadoes packing winds in excess of 400 km-h touched down in Southern Manitoba June 23-24, destroying homes, farms and blowing a number of […]
Guy Carpenter & Company, Ltd and MMC Securities Ltd. announced the completion of a multi-territory, multi-event catastrophe bond transaction.The bond will pay Brit Insurance Holdings PLC principal subsidiary, Brit Insurance Limited, up to US$200 million [approximately Cdn$214 million] in the event of a series of pre-defined severe natural catastrophes.Events covered by the transaction include US […]
By Canadian Underwriter | June 22, 2007
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