BC village hit by violent storm, mayor declares state of emergency
There’s been another stark warning of the impact that the weather can have on communities. A violent storm ripped through the village of Interior in British Columbia over the weekend with residents forced to leave their homes. The mayor declared a state of emergency and early reports suggest that it could be as long as months before some residents are allowed back. Mayor John Ranta told Metro News that the storm began just before 4pm Saturday and within a few hours the village was devastated. Highways in the area were shut down as 26 millimetres of rain fell in a single hour and mud and water caused havoc.
Insurance sector in Nigeria offers significant opportunities
A new report suggests that the insurance sector in Nigeria offers growth potential despite the low oil prices affecting the country’s economy. The study by AM Best highlights that the new Nigerian government has created new confidence in the economy and although domestic insurers are being affected by the decline in the oil sector, foreign investment in the market is still strong with many foreign firms trying to build their profiles. The report also highlights the disparity between the growth of Nigeria’s economy over the last five years and the lack of benefit it has brought to the poorer section of the population. Insurance penetration is low and is a challenge for insurers. AM Best’s Yvette Essen commented: a distrust in financial institutions, perceived weak oversight of regulators, or even a low level of awareness regarding the benefits of insurance, are factors continuing to dampen the attractiveness of the sector to the majority of the population. Without addressing these issues or introducing innovative products and appropriate distribution methods to attract the various segments of Nigeria’s demographics, insurance will continue to be viewed as a luxury product only available and necessary to the well-off.”
Auto repair, medical costs push rates higher in Mass.
Drivers in Massachusetts are facing increased insurance premiums as the industry offsets higher costs for medical and vehicle repairs. Auto policy rates are up by around 6 per cent according to the Massachusetts Division of Insurance. The Boston Globe reports that although premiums dropped sharply after deregulation in 2008 they are now above the pre-deregulation level. Along with the rising cost of claims there are now more vehicles on the road thanks to the improving economy and insurers also suffered losses from the harsh winter weather. Some consumers will be paying less though as there are some insurers bucking the trend; Mapfre for example intends to lower rates by 1.4 per cent.
