Claims
A catastrophe insurance pool bolstered by taxpayers may be the best bet for US consumers, according to Allstate Corp.Natural and manmade disasters from hurricanes to flooding and explosions and even terrorism are inevitable yet the US private insurance system is vulnerable and most consumers do not know how to respond to disaster. In order to […]
By Canadian Underwriter | August 26, 2005
1 min read
The series of thunderstorms and tornadoes that recently hit southern Ontario will cost over $100-million in claims, according to the Insurance Bureau of Canada (IBC).Mark Yakabuski, vice president federal affairs and Ontario, IBC, says already 5,200 homeowner insurance claims and 700 automobile insurance claims have been made in just the Greater Toronto Area. Over 300 […]
By Canadian Underwriter | August 24, 2005
The 12th depression of the Atlantic hurricane season recently gained strength en route from Nassau, Bahamas to southeastern Florida reaching 39 mph upgrading it to Tropical Storm Katrina.According to the U.S. National Hurricane Center forecast, the storm is expected to cut across the Florida peninsula and into the northern Gulf of Mexico within about five […]
Approximately 4,500 homeowners, 50 businesses and 500 vehicle owners are in the process of sending their insurance adjusters claims as a result of the torrential storms that recently swept across the greater Toronto area from Oshawa to Brampton, ON with the most damage occurring just north of Highway 401.The Insurance Bureau of Canada says the […]
By Canadian Underwriter | August 23, 2005
The four recent airline crashes that occurred in Canada, Italy, Venezuela and Greece, have put August on the map as the worst month for airline losses in more than three years, according to Aon Corp. The value of the most expensive insured hull the Air France Airbus crash at Toronto Pearson International Airport (all passengers […]
By Canadian Underwriter | August 22, 2005
A series of storms, including two tornadoes, recently wreaked havoc on southern Ontario destroying homes, flipping cars, downing power lines and more. Environment Canada reports the F-2 (a “Strong” rating on the Fujita scale) tornadoes traveled with winds ranging between 180 and 240 km/hr, cutting a 300m wide perimeter of destruction per tornado.In response to […]
The U.S. Securities Exchange Commission recently served MBIA Inc. with a “Wells” notice in lieu of the retroactive reinsurance the bond insurer had purchased to cover its losses.As a result of its actions to cover losses resulting from its guarantee of bonds issued by Allegheny Health, Education and Research Foundation, MBIA may face a civil […]
U.S. district courts saw a decrease of 79% in the number of tort trials concluded between 1985 and 2003, according to a recent U.S. Department of Justice’s Bureau of Justice Statistics report.The report states that 768 tort casesprimarily personal injurywere decided in U.S. district court trials in 2003 compared with 3,604 in 1985."The growing use […]
By Canadian Underwriter | August 19, 2005
More than 11 million litres of liquid manure recently spilled into Black River in the northern area of New York initially posing a concern to Kingston, ON city officials.President and CEO of Utilities Kingston Jim Keech says he is monitoring the spill and is confident that it will not reach Kingston. The spill was caused […]
A record number of tropical storms may result from the 2005 North Atlantic hurricane season, according to Tropical Storm Risk (TRS) – led by University College London’s Benfield Hazard Research Centre.Approximately 22 tropical storms, TSR reports, may form in the Atlantic basin throughout this years hurricane season. Further to their prediction, TSR says half of […]
By Canadian Underwriter | August 15, 2005
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