Industry
The Institute for Catastrophic Loss Reduction (ICLR) has scheduled Feb. 22 a workshop on reducing the risk from earthquakes. Ross Stein from the U.S. Geological Survey will be hosting the workshop, titled The Global Earthquake Model: A new approach to calculate, manage, understand and reduce seismic risk worldwide. It is the first of ICLR’s 2013 series […]
By Canadian Underwriter | February 12, 2013
1 min read
Ascent Underwriting, a division of Safeonline PLC, officially launched Monday its CyberPro set of insurance products, which include liability coverage for privacy breaches resulting from hacking of computer networks. “Cyberpro not only has an insuring module which covers a business interruption, the network interruption and the data breach, but also would include the security and […]
2 min read
Insurance Australia Group’s (IAG) Australia Direct and CGU businesses is are estimating the more than 13,700 claims received to date following ex-tropical cyclone Oswald will carry costs of $120 million to $140 million. All figures are in Australian dollars. The number of claims is based on those received as of Feb. 11, notes a statement […]
3 min read
There have been no reports of substantial structural damage to date despite an estimated 40 million people being affected by the Feb. 8-9 winter storm that dumped huge amounts of snow on areas stretching from New York into Canada, AIR Worldwide reports. The fierce storm from New York 500 miles ( 800 km) north to […]
SCOR Global P&C has recorded strong renewals for the beginning of the year, with a 9% increase in gross written premiums, and an expected 1.3% improvement in technical profitability for total contracts renewed. The company is also expecting a price rise of 1.9% net of general inflation. 2.3 billion euros of premiums were up […]
By Canadian Underwriter | February 11, 2013
More than 60% of insurers in the United States are embracing mobile technology for policyholders or agents and brokers, suggests new survey results from research firm Novarica. The report, Mobile in Insurance Beyond Personal Lines: Current Trends and Expectations, is based on a survey of 79 insurer CIOs who are members of the Novarica Insurance […]
London-based ACE Group is adding to its growing global portfolio by announcing last week that the company has started underwriting offshore and onshore energy risks through Syndicate 2488 at Lloyd’s of London. The multi-line property and casualty insurer will write offshore risks on a global basis and write onshore risks on a global basis, excluding […]
Claims adjusters dealing with residential fuel oil spills should think twice before allowing anyone to move a tank and should always keep a damaged tank for evidence, speakers at a recent conference suggested. “They get really mad and yell at you if you touch that tank,” Vas Kanellos said of Ontario’s Technical Standards Safety Authority, […]
By Canadian Underwriter | February 8, 2013
The outlook for the property and casualty industry in the United States for this year is generally stable, although the commercial lines segment has retained a negative outlook, says a new special report from rating agency A.M. Best. Last year was generally uneventful in terms of catastrophes until Oct. 29, when Hurricane Sandy made landfall […]
Insurance professionals need to bear in mind catastrophe models are imperfect, and should account for factors such as a concentration of exposures, location of critical suppliers and the time since the last catastrophe occurred in an area, brokerage firm Lockton stated in a recent report. “Recognize models will always be wrong and there will always […]
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