The recurrence of major floods in parts of Western and European are shifting from 1-in-100 year events to 1-in-50 year events, according to Evo Banovshy, director the risk management group at Intermap. Banovshy presented Intermap, a company that collects radar…
The Co-operators General Insurance Company reported a net income of $150.3 million in 2011, an increase from its net income of $72.7 million reported in 2010. “Significant improvements year over year can be attributed to favourable claims experience in the…
Fairfax Financial Holdings Limited (TSX: FFH; FFH.U) reported net earnings of $45.1 million for 2011, marking a sharp drop from 2010’s net earnings of $335.8 million. Fairfax cited weak underwriting results, primarily arising from an “unprecedented” severity of large catastrophe…
B.C.’s privacy commissioner says the Insurance Corporation of B.C. (ICBC) should not have offered up its facial recognition technology last year to help police identify participants in the June 2011 Stanley Cup riots. “With respect to ICBC’s offer to assist…
Of the existing models for flood insurance, the UK has the model best suited for the Canadian market and the US the least, said Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR). Kovacs spoke as a…
The Insurance Brokers Association of Ontario (IBAO) is unveiling its new vision and mission statements. IBAO’s board of directors developed the statements as part of their 2012-2014 Strategic Plan. The new IBAO vision statement is as follows: “IBAO is the…
SGI is providing incentives for ‘learner’ drivers for improving their driving skills. All learner drivers are asked to log their in-car hours. SGI recommends that learner drivers log a minimum of 36 hours under various driving conditions over their nine-month…
The Magnitude-9 Honshu earthquake that struck Japan on Mar. 11, 2011 has transferred stress to neighboring faults underlying Kanto Plain, a 17,000-square-kilomtre area that includes Tokyo and five other large prefectures, and Sagami Trough, where a Magnitude 7.9 earthquake struck…
Toronto and Niagara Regional Police have laid more than 500 charges against five men in connection with an investigation of an alleged chop shop operation. The charges follow a joint forces investigation first launched in 2009 involving the Toronto Police…
Recent legislation tabled in the House of Commons on Feb. 14, would allow law enforcement to monitor consumers’ telecommunications and Internet usage and reminds underwriters that the area of cyber liability is constantly evolving and far reaching, said Lynn Oldfield,…
The severity of collision losses in Canada decreased $165 in 2011 Q4 to $3,145, according to Mitchell’s ‘Industry Trends Report Q1 2012.’ In 2011 Q4, the average initial gross Canadian appraisal value for comprehensive coverage estimates processed through Mitchell’s servers…
Canadian underwriters need to beware of increasing severity of claims within the U.S. casualty and auto lines, as the potential exists for “leakage” that could hit Canadian insurers’ books, said Lynn Oldfield, president and CEO of Chartis. Oldfield offered the…