News
Growth for global reinsurance continues, but economic challenges remain: A.M. Best
April 19, 2013 by Canadian UnderwriterThe global reinsurance market is continuing to grow, despite several economic environment challenges, rating company A.M. Best says, adding that it is holding the outlook for the segment at stable. In a new special report on the reinsurance market, the…
Sleepy drivers account for 20% of collisions: study
April 19, 2013 by Canadian UnderwriterFindings from a study by the Virginia Tech Transportation Institute suggests that 20% of collisions are the result of driver fatigue, even among those that occurred during the day. Results from the “100-car naturalistic study” go against other estimates based…
How an earthquake or sun spot could cripple Canada’s P&C industry
April 19, 2013 by Canadian UnderwriterCanadian property and casualty insurance carriers are well prepared to respond to a natural catastrophe giving rise to claims of up to $15 billion, but a disaster with insured losses of $30 billion or more will overwhelm the industry, suggests…
XL unveils environmental liability coverage for food and beverage processors
April 18, 2013 by Canadian UnderwriterXL Group plc of Dublin announced Thursday it plans to offer new insurance coverage, along with risk management services, to the Canadian and American food and beverage industry, with the aim of eliminating gaps in coverage. One new coverage will…
Allstate reports cat losses of $359 million for first quarter
April 18, 2013 by Canadian UnderwriterThe Allstate Corp. announced Wednesday that its estimated catastrophe losses for the first quarter of this year is $359 million before taxes. After taxes, that estimate is $233 million for the first quarter, the company said. For March, the company…
Wind and hail caused $3.9 billion in damage last year: State Farm
April 18, 2013 by Canadian UnderwriterHail and wind damage in North America last year accounted for more than $3.9 billion in property damage, according to statistics from insurance giant State Farm. In Canada, there were more than 3,000 claims reported in the provinces where State…
New Brunswick premier appoints new acting ombudsman
April 18, 2013 by Canadian UnderwriterNew Brunswick has a new acting ombudsman, just two days after the province’s consumer advocate for insurance argued in its annual report that its duties should remain separate from the ombudsman’s office. New Brunswick’s premier David Alward announced Thursday that…
Saskatchewan increases access to driver training for First Nations students
April 18, 2013 by Canadian UnderwriterAll students who attend on-reserve high schools in Saskatchewan will have access to driver education, the provincial government announced this week. The announcement follows the release of the Joint Task Force on Improvement Education and Employment Outcomes for First Nations…
P&C industry must meet promise to consumers, despite growing complexity of regulatory environment: IBC president
April 18, 2013 by Canadian UnderwriterCanada’s property and casualty industry needs to be innovative, but the regulatory enviornment must not grow so complex that it jeopardizes the promise to protect Canadians and pay claims, Don Forgeron, president and CEO of the Insurance Bureau of Canada…
ORSA leads naturally to setting an organization’s risk appetite
April 18, 2013 by Canadian UnderwriterThere is a lot to gain by executing on a good Own Risk and Solvency Assessment (ORSA) framework, Louis Durocher, senior vice president and chief actuary for Aviva Canada Inc., suggested during a symposium this week. The ORSA approach, which…
Global insurance rates continue to firm: Marsh
April 17, 2013 by Canadian UnderwriterGlobal insurance rates continued to firm on average in the first quarter of 2013, following a trend established over the previous 18 months, according to figures released in Marsh’s latest Global Insurance Market Quarterly Briefing. Many parts of the world…
Many Canadians aren’t confident businesses are protecting their personal information
April 17, 2013 by Canadian UnderwriterMany Canadians are not very confident about their ability to protect personal information when using new technologies, and want organizations to inform them of how they use such information, results from a poll by the Office of the Privacy Commissioner…