Industry
Reinsurer Munich Re expects largely stable rates for contracts up for renewal in January 2013, while Swiss Re and Hannover Re predict moderate price increases for the same timeframe. The three companies announced their outlooks during the reinsurance industry’s annual conference in Monte Carlo, which runs until Sept. 13. Munich Re’s outlook also applies to […]
By Canadian Underwriter | September 10, 2012
2 min read
Claims
A 200-hectare wildfire in the central Okanagan area of British Columbia has forced about 1,550 people from their homes. Three homes in the District of Peachland and one abandoned home in the Central Okanagan West electoral area have been lost as a result of the Trepanier forest fire and numerous outbuildings have also been impacted, […]
1 min read
More than 740,000 properties in 13 states across the western United States. fall into the high risk category for wildfire damage, representing a total property value estimate at over $136 billion, according to information and analytics service firm CoreLogic. The firm assigns a numeric risk score ranging from one to 100 for susceptibility to wildfire, […]
Zurich Canada recently launched a single insurance solution for various levels of government, educational institutions and health care facilities. Known as Public Sector Solution, the product is designed to provide a full range of coverages for all public entities across Canada, including provinces, cities, towns, townships, counties, school boards, colleges, universities and hospitals. “When we […]
Atlantic Canada is expecting strong winds and heavy rainfall as tropical storm Leslie will reach Newfoundland by Sept. 11, according to the Canadian Hurricane Centre. “The likelihood of Leslie’s centre making landfall somewhere in Newfoundland is looking almost certain now,” the Halifax-based centre reports. The storm’s effects will reach 800km in diameter, creating difficulty in […]
insPRESS
Keep your browser open to this page for auto-updated Twitter content feed, live from the 2012 RIMS Canada Conference in Saskatoon – taking place September 9-12, 2012: Tweets about “#RIMScc2012” //
By Canadian Underwriter magazine | September 7, 2012
Ontario’s Court of Appeal has ruled in favour of Certas Direct Insurance Company in a decade-long dispute over accident benefits, opting to set aside a divisional court order on the interpretation of the limitation period under the Insurance Act. Gordyukova v. Certas Direct Insurance Company sets aside the court order and restores an earlier order […]
By Canadian Underwriter | September 7, 2012
Western Financial Group announced its acquisition of Orion Insurance Brokers Ltd. in Winnipeg on Sept. 7. Western, based in High River, Alberta, will add Orion’s Transcona office to its existing Winnipeg locations. Founded in 1993, Orion was purchased in 2008 and joined the P.M.C. group of brokerages. Its Transcona office will now be under the […]
Despite floods having more economic impact than any other natural catastrophe, their impact continues to be underestimated, Swiss Re reports. In its latest report, Flood – an underestimated risk: Inspect, inform, insure, Swiss Re notes that insured flood losses have increased from between US$1 billion and US$2 billion in 1970, to US$15 billion in 2011. […]
Two reports show that capital market instruments such as catastrophe bonds, insurance-linked securities and collateralized quota-share agreements (sidecars) are growing in popularity, but may hit a saturation point for investors. Fitch Ratings said that these risk transfer structures represent an increasingly viable alternative to the use of traditional reinsurance. “However to the extent that hardening […]
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