Live Insurance News

Insurance news from Toronto shows Co-operators lost over $37 million to flood

October 28, 2013October 26, 2013 Julie Campbell

The insurer has revealed its latest data, including a massive loss last quarter from the flooding in July. The massive flooding that swept through Toronto, Canada, this July is making insurance news headlines once more as Co-operators General Insurance Company has now reported that it experienced a loss of $37.9 million as a result of that one sudden event. The flooding came on out of the blue as a result of an unexpected and exceptionally heavy rain storm. The insurance news was considerable at the time, but now it has…

Homeowners insurance funds set aside by TD to overcome struggles

August 2, 2013July 31, 2013 Julie Campbell

The insurer has put $290 million aside in after tax reserves to help to support its unit following the sudden storm events. Toronto Dominion Bank (TD) has announced that it has decided to put aside $292 million in after tax reserves in order to help to support its struggling business and homeowners insurance business. This underscores the trouble that the unit has seen following a growing number issues regarding litigation and claims. The announcement for supporting its business and homeowners insurance arm comes at a time during which the government…

Flash floods in Canada put pressure on insurance industry

July 16, 2013July 13, 2013 S.Vagus

Insurance industry sees spat of floods in Canada Toronto, Canada’s largest city and the provincial capital of Ontario, has fallen victim to devastating flash floods that could have a prominent impact on the insurance industry. Catastrophe modeling firm AIR Worldwide has released a new report concerning the flash floods and the impact that have had on the city. The report notes that in a matter of hours, powerful storms produced more than 4 inches of rainfall on July 8th, leading to unexpected flooding in many parts of the city. Flood…