News
Heavy rains still a threat as Hurricane Barbara weakens to tropical depression in Mexico
May 30, 2013 by Canadian UnderwriterHeavy rains and flooding remained a threat Thursday morning after Hurricane Barbara made landfall on the southern Pacific coast of Mexico late Wednesday. In a public advisory Thursday morning, the National Hurricane Center out of the United States said the…
Economical reduces 143 positions as part of ongoing business transformation plan
May 29, 2013 by Canadian UnderwriterEconomical Insurance announced Wednesday it is eliminating 143 positions across all of its offices, as part of its ongoing “business transformation program.” The organizational restructuring of information technology at the Waterloo, Ont.-based insurer is now complete, while “business and process…
Alberta getting hit hardest by severe weather: IBC
May 29, 2013 by Canadian UnderwriterIncreasingly severe weather is jeopardizing lives, property and livelihoods across Canada, with Alberta getting hit the hardest, according to Don Forgeron, president and CEO of Insurance Bureau of Canada. Forgeron was speaking to an audience of Cagary business and government…
Ontario judge orders part of defence statements be removed in case against auto insurance agents
May 29, 2013 by Canadian UnderwriterAn Ontario court has ordered that two paragraphs be expunged from a statement of defence filed by Allstate agents being sued by a policyholder who alleges they failed to advise him of the option of purchasing more than $1 million…
Most U.K. businesses unprepared for terrorism threats: study
May 29, 2013 by Canadian UnderwriterThe majority of British businesses may not be implementing basic security practices, leaving them unprepared for potential terrorist attacks, suggests a recent analysis of survey results. More than half (54%) of businesses included in a survey by research firm YouGov…
Settled claims in wake of New Zealand quakes surpass $7 billion
May 29, 2013 by Canadian UnderwriterInsurers in New Zealand have reached claims settlements amounting to more than $500 million over the past three months, bringing the total injected into the Canterbury recovery to $7.23 billion. Canterbury residential homeowners and commercial business owners witnessed damage from…
NY regulator requires insurers to provide information on their cyber security policies
May 29, 2013 by Canadian UnderwriterThe New York government is asking some insurers that operate in the state what steps they take to protect their clients and themselves from cyber threats. On Tuesday, the Department of Financial Services (DFS) sent “308 letters” to large insurance…
Demand for cyber risk insurance likely to increase, but pricing it’s a challenge: report
May 28, 2013 by Canadian UnderwriterWhile there is potential for growth in the cyber insurance market, pricing strategies and the evolving nature of cyber risk make effective underwriting a challenge, notes a new report from rating agency A.M. Best. In the past three or four…
New product created to fill gaps in coverage following a terrorist attack
May 28, 2013 by Canadian UnderwriterAs a means to meet the increased demand for a product that responds to heightened risk exposure associated with high profile events, Ironshore International is launching what it says is a customized, comprehensive insurance solution. The SecurEvent policy was launched…
ICLR seminar to look at hurricanes in Canadian context
May 28, 2013 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction will be hosting a workshop on hurricanes in the Canadian context, including an outlook for this year’s Atlantic hurricane season, as part of its ongoing monthly education series. The June 14 presentation will include…
Major growth potential for insurance sector in Middle East, North Africa: report
May 28, 2013 by Canadian UnderwriterThe insurance industry can play an important role in economic development in the Middle East and North Africa region, but despite growth potential, many challenges remain, notes a new report from Zurich Insurance Group. The MENA region has some of…
Boiler Inspection and Insurance Co. combines equipment breakdown, data compromise coverage in one package
May 28, 2013 by Canadian UnderwriterThe Boiler Inspection and Insurance Company of Canada announced Tuesday it is combining equipment breakdown insurance with coverage for data compromise and identity recovery in one policy, known as All Systems Go Plus. The company said brokers are able to…