US tornadoes at 8-year high
February saw the highest number of tornadoes in the US since 2008 according to a new report from
Aon Benfield. Storms including tornadoes hit the Plains, Midwest, Southeast, Mid-Atlantic and Northeast and Virginia was hit by the state’s strongest twister ever.
Combined economic losses in the U.S. – which also includes damage resulting from heavy snow and ice – are expected to top USD1.0 billion. The insurance industry was poised to see losses reach well into the hundreds of millions of dollars.
Additionally, a magnitude-5.1 tremor in the U.S. state of Oklahoma caused minor damage. The USGS cited the event was likely the third-strongest earthquake ever recorded in Oklahoma.
Elsewhere, Fiji was hit by Tropical Cyclone Winston with economic losses of around U$470 million and the impact to insurers estimated at $47 million. There was also a $175 million economic loss for the UK from two windstorms; and earthquakes in New Zealand and Taiwan.
Telematics rejected by drivers
Drivers in Nova Scotia are skeptical about installing so-called ‘black box’ technology, or telematics, in their vehicles. A report from OTC Insurance and the Insurance Bureau of Canada has found a low rate of customers willing to install the technology despite the chance to save up to 25 per cent on their auto insurance premiums.
"We've been advertising quite heavily on the radio and seems like people are very leery about having this device in their vehicle for the insurance companies to look at," OTC Insurance vice-president Christine Gaudreau told CBC News.
While Nova Scotia may be a tough sell for telematics, the Insurance Bureau of Canada said that there is a better take-up of the tech in other parts of Canada, notably Ontario and Quebec.
Hub International acquires BenefitsMart
Global insurance brokerage Hub International has acquired the assets of BenefitsMart for an undisclosed sum. BenefitsMart specializes in employee benefits and provides a full range of services to its clients including insurance, compliance, wellness, and benefits administration. It’s founder and president Jean Russell will join Hub New England. Hub says that it is committed to growth through acquisitions to expand its geographical and industry capabilities.
