Topic
Insurance
November 2011 windstorms in Alberta cause $200-million worth of insured damage
December 22, 2011 by Canadian UnderwriterEstimated insured damage caused by windstorms that hit southern Alberta in November amounts to at least $200 million, Insurance Bureau of Canada (IBC) reports, citing a preliminary estimate reported by Property Claim Services Canada (PCS-Canada).Data collected by PCS-Canada, a service…
U.S. P&C industry sees underwriting losses swell to $30.5 billion: A.M. Best
December 22, 2011 by Canadian UnderwriterThe U.S. property and casualty industry’s net income plunged to $12.8 billion for the nine months ended Sept. 30, 2011, down from the net income of $33.0 billion for the same period of 2010, according to A.M. Best’s ‘Best’s Special…
“Two-speed” global insurance market amidst cat losses and plentiful capacity: Marsh
December 22, 2011 by Canadian UnderwriterCapacity in the global insurance market remains plentiful and across the board rate rises are not being seen, despite record insured catastrophe losses of more than $100 billion in 2011, Marsh reported. In its ‘Global Insurance Market Quarterly Briefing: Q4…
Supply chain risk coverage and availability “inadequate”: FERMA
December 21, 2011 by Canadian UnderwriterEuropean risk managers generally believe coverage and capacity for supply chain risks is insufficient, according to a survey by the Federation of European Risk Management Associations (FERMA). The majority of the 153 respondents were FERMA members in the manufacturing sector.…
Health care practitioners also a target of health claim fraud: FSCO
December 21, 2011 by Canadian UnderwriterInsurers aren’t the only targets in fraudulent health care claims, health care practitioners are also being targeted, warned the Financial Services Commission of Ontario (FSCO) in a bulletin.FSCO describes a common scenario in which clinic owners/operators and others in the…
Self-incriminating evidence at insured’s civil trial discovery cannot be used at insured’s criminal trial
December 21, 2011 by Canadian UnderwriterAn Ontario Court of Appeal decision in R. v. Nedelcu has provided a “strong message” that self-incriminating evidence given during an examination for discovery at an insured’s civil trial cannot be introduced at the insured’s criminal trial concerning the same…
B.C. government requires insurers to be members of General Insurance OmbudService (GIO)
December 21, 2011 by Canadian UnderwriterThe Government of B.C. has passed regulations under the Insurance Act requiring companies transacting home, auto and business insurance – with the exception of ICBC and mutual companies – to be members of the General Insurance OmbudService (GIO) The regulations…
Former RIBO president Toots (Elsie) Everley honoured with 2011 Ontario Senior Achievement Award
December 21, 2011 by Canadian UnderwriterToots (Elsie) Everley, former RIBO president and IBAO territory director, is a recipient of the 2011 Ontario Senior Achievement Award.The award recognizes and honours outstanding seniors who, after age 65, have made significant contributions to their communities. The outstanding voluntary…
Less than 10% of Canadian executives use fraud detection software: SAS
December 20, 2011 by Canadian UnderwriterA vast majority (83%) of Canadian executives said fraud prevention and detection is a priority for their organizations, but only 9% of those surveyed said they have business analytics software designed to help detect fraud running all the time, according…
Law Society of B.C. expands lawyers’ professional indemnity coverage to respond to “bad cheque” scams
December 20, 2011 by Canadian UnderwriterThe Law Society of B.C. (LSBC) has broadened the scope of lawyers’ professional indemnity coverage to respond to trust fund shortfalls resulting from various forms of “bad cheque” scams.Typically, the scams involve between $200,000 and $350,000, with one matrimonial scam…
Premium growth in emerging markets is strong, but low profitability poses a challenge: Swiss Re sigma study
December 20, 2011 by Canadian UnderwriterPremium growth in emerging markets such as Asia and Latin America has expanded about 11 times as much over the past decade as premium growth in mature markets, according to the latest Swiss Re sigma publication.Insurance premiums in emerging markets…
Munich Re and SCOR estimate insured losses from Thai floods
December 20, 2011 by Canadian UnderwriterMunich Re and SCOR have estimated their respective losses from the Thai floods to be EUR 500 million (roughly Cdn$674 million), net before tax, and EUR 140 million (roughly Cdn$188.5 million), net of retrocession and before tax.In view of the…