News
Fairfax’s 2011 net earnings tumble
February 17, 2012 by Canadian UnderwriterFairfax 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…
ICBC should not have offered biometrics technology to help police ID Vancouver Stanley Cup rioters: B.C. privacy commissioner
February 17, 2012 by Canadian UnderwriterB.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…
UK flood model best-suited for Canadian market, US the worst: ICLR
February 16, 2012 by Canadian UnderwriterOf 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…
IBAO revamps its vision and mission statements
February 16, 2012 by Canadian UnderwriterThe 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 provides perks for new drivers who show signs of improvement
February 16, 2012 by Canadian UnderwriterSGI 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…
2011 Honshu earthquake has increased the chance of a large earthquake hitting Kanto Plain area, encompassing Tokyo, over the next 30 years: AIR
February 16, 2012 by Canadian UnderwriterThe 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, Niagara police lay 500 charges in connection with investigation of alleged chop shop operation
February 16, 2012 by Canadian UnderwriterToronto 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…
Online surveillance legislation latest development in ever-evolving cyber liability risks
February 15, 2012 by Canadian UnderwriterRecent 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,…
Severity of collision losses in Canada decreasing: Mitchell
February 15, 2012 by Canadian UnderwriterThe 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…
US casualty and auto severity serve as warning signs for Canadian underwriters
February 15, 2012 by Canadian UnderwriterCanadian 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…
Giffin Koerth announces new hire in its Casualty Group
February 15, 2012 by Canadian UnderwriterDavid Porter has joined Giffin Koerth’s Casualty Group. Porter holds a bachelor of engineering science degree in mechanical engineering from the University of Western Ontario, as well as 10 years of relevant experience, a Giffin Koerth release says. Also, Matthew…
Zurich board of directors proposes name change to reflect emphasis on insurance
February 15, 2012 by Canadian UnderwriterZurich Financial Services Group announced that its board of directors will propose a name change at its Annual General Meeting (AGM) of shareholders on March 29, 2012. The change in moniker will reflect the fact that the company has “streamlined…