News

A bill extending the National Flood Insurance Program for another year passed the House of Representatives yesterday and was sent to the White House.

A total of 725 weather events between January and September this year have caused insured losses of $18 billion and indicate a probable link between the increasing weather extremes and climate change, Munich Re said.

The increasing frequency of low severity, rare weather events is impacting underwriting results for property and casualty insurers in the U.S., and the phenomenon is credit negative for insurers, Moody's said in its Weekly Credit Report.

A federal judge in New York has denied a request by American International Group (AIG) to have a securities fraud class action lawsuit against it dismissed.

Canada's highest risk management honor was presented by the Risk and Insurance Management Society Inc. (RIMS) Ontario Chapter to Tina Gardiner, manager of insurance and risk at The Regional Municipality of York.

Tropical Storm Matthew struck Central America twice over the weekend, but the good news for the U.S. is that the now unnamed storm system is not expected to reemerge into the Gulf of Mexico where it could intensify.