News
B.C. and federal governments form committee to coordinate the handling of Japanese tsunami debris
March 27, 2012 by Canadian UnderwriterA Japanese fishing trawler floating off the B.C. coast is among the first verified objects of debris that has reached Canada following the 2011 Tohoku earthquake and tsunami. In Canada, the Tsunami Debris Coordinating Committee co-chaired by provincial and federal…
Canadian auto dealers launch three class actions lawsuits alleging price-fixing of auto parts
March 27, 2012 by Canadian UnderwriterThree class action lawsuits have been launched in the Ontario Superior Court of Justice seeking more than $700 million in damages on behalf of Canadian auto dealers over alleged price fixing on parts used in the manufacture of automobiles. The…
RIBO cautions brokers about sales incentives
March 26, 2012 by Canadian UnderwriterOntario’s broker self-regulator has witnessed enough of an increase in inducements and sales incentives to issue a bulletin to brokerage principals throughout the province. The Registered Insurance Brokers of Ontario (RIBO) sent the notice last month. “We are seeing a…
New Brunswick flood damage pegged at $25 million
March 26, 2012 by Canadian UnderwriterUnusually warm spring weather triggered ice jams that resulted in severe flooding along the St. John River in western New Brunswick. Early damage estimates are $25 million. A state of emergency was declared in Perth-Andover on Mar. 23, with approximately…
Thunderstorm damage losses are supplanting hurricane damage losses in the United States
March 26, 2012 by Canadian UnderwriterThe perpetrator of natural catastrophe losses in the United States appears to be changing, with severe thunderstorm losses supplanting hurricane losses as the chief culprit. Overall, natural Natural catastrophe events in the United States are definitely on the upswing, with…
Disaster discussion should be on G20 agenda: Willis
March 26, 2012 by Canadian UnderwriterClimate change and disaster risks should be regular touch points for discussion among world leaders gathering at G20 summits, according to Rowan Douglas, chief executive of Willis Re Analytics. Douglas told a major scientific conference in London, United Kingdom that…
CSN Collision & Glass adds Jack Schultz Auto Body
March 26, 2012 by Canadian UnderwriterCSN Collision & Glass is expanding further into Western Canada, adding Jack Schultz Auto Body from Prince George, British Columbia. Lee J. Leslie is the general manager of Jack Schultz Auto Body-CSN, which has been in existence for more than…
FM Global reports increased premium base in 2011, posts catastrophe-induced 121% combined ratio
March 26, 2012 by Canadian UnderwriterBusiness property insurer FM Global increased its premium base in 2011, helping to offset record-high net losses incurred from disasters in 2011. FM Global reported $5.1 billion of gross premium in 2011, an increase of 5.4%. In addition, it reported…
B.C. smoke alarm campaign proposes required fire alarm tests to renew insurance
March 23, 2012 by Canadian UnderwriterB.C. Minister of Justice and Attorney General Shirley Bond and the president of the Fire Chiefs’ Association of B.C., Surrey Fire Chief Len Garis, have launched a smoke alarm campaign that includes a proposal linking annual insurance renewals to fire…
New York Senate passes three bills aimed to stamp out auto fraud
March 23, 2012 by Canadian UnderwriterThe New York Senate has passed three bills intended to help combat auto fraud. One bill creates the crimes of staging a motor vehicle accident in the first, second and third degrees. Specifically it prohibits acting as a passenger or…
Canadians have misplaced confidence in their water infrastructure: RBC study
March 23, 2012 by Canadian UnderwriterCanadians may have a misplaced confidence in the quality of their water infrastructure, according to the fifth annual RBC Canadian Water Attitudes Study. In a sample of more than 2,428 adult Canadians, about 80% of respondents reported feeling no need…
Insurance Council of B.C. concerned about “secondary” products
March 23, 2012 by Canadian UnderwriterAutomobile dealerships in British Columbia may face more stringent educational and licensing requirements in selling “secondary automobile insurance products,” according to the Insurance Council of British Columbia. Dealerships in the province have been allowed to market secondary products, such as…