Claims
The United States’ past two wildfire seasons have been the most severe on record, and larger fires are expected to be more frequent, A.M. Best notes in a special report.”Annual wildfire catastrophe losses have averaged more than US$1 billion this decade after adjusting for inflation, based on figures from ISO’s Property Claim Services unit,” A.M. […]
By Canadian Underwriter | July 22, 2008
2 min read
Hurricane Elida is turning its eye towards Mexico’s west coast while Tropical Storm Bertha crawls towards Bermuda, reports the National Hurricane Center (NHC).Bertha was downgraded from hurricane to tropical storm status on July 13, as its winds had diminished to a sustained 100 km-h, reported the NHC. The storm is passing roughly 40 km north-northeast […]
By Canadian Underwriter | July 14, 2008
Scientists have measured changes in the speed of seismic waves that preceded two small earthquakes by 10 and two hours, allowing them to further develop a technique to predict future quakes, reports the Carnegie Institution for Science.”Detecting stress changes before an earthquake has been the Holy Grail in earthquake seismology for years and has motivated […]
By Canadian Underwriter | July 10, 2008
1 min read
Insured catastrophe losses in the United States for the first half of 2008 already exceed the total cat losses for 2007, according to a joint Webinar hosted by the Insurance Information Institute (III) and Munich Re Group.At this rate, 2008 catastrophe losses are on track to overtake catastrophe losses in 2006.Insurance Information Institute data indicate […]
By Canadian Underwriter | July 9, 2008
Hurricane Bertha, the first hurricane of the Atlantic season, is also the first storm in recorded history to develop so far east so early in the season, according to Storm Exchange Inc., a firm specializing in weather-related risk management.Bertha was upgraded to hurricane status on July 7, when its centre was located roughly 1,250 kilometres […]
By Canadian Underwriter | July 7, 2008
Insurers expect to pay more than Cdn$56 million to customers after storms swept through parts of Quebec on June 10, according to a survey by the Insurance Bureau of Canada. To date, more than 6,000 claims for damages to residence and personal property and 10,000 automobile claims have been filed due to the Quebec storms, […]
By Canadian Underwriter | July 2, 2008
More than 3,000 people are injured and 116 people are killed, on average, in nearly 5,000 alcohol-related crashed in British Columbia each year, according to ICBC. The public auto insurer says these stats translate into more than Cdn$140 million in claims costs each year. ICBC says its Drinking Driving CounterAttack initiative has helped reduce the […]
By Canadian Underwriter | June 25, 2008
Traditional modelling techniques will not work for emerging risks, Oxford University researcher Peter Taylor told delegates at a seminar in London, England, entitled “Catastrophe Modelling from a European Perspective.”The Reinsurance Association of America and the International Underwriting Association (IUA) of London jointly organized the seminar.Taylor’s presentation asked whether traditional cat modelling is up to the […]
By Canadian Underwriter | June 17, 2008
New forms of public-private partnerships can help governments worldwide cope financially with the increasing damage costs of natural catastrophes, according to a new report by Swiss Re. “While governments, development banks or NGOs are constantly getting better at managing disasters more actively, they are finding it more and more difficult to address the financial implications […]
By Canadian Underwriter | June 12, 2008
With the 2008 hurricane season officially underway, forecaster Tropical Storm Risk (TSR) is predicting Atlantic basin and U.S. land-falling hurricane activity in 2008 will be slightly (20%) above the long-term (1950-2007) norm. This updates the 35% above-norm prediction TSR issued on Apr. 7, 2008. “The lowering of the forecast is due to the unexpected rapid […]
By Canadian Underwriter | June 2, 2008
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