News
Winmar opens new location in Victoria, B.C.
January 13, 2012 by Canadian UnderwriterWinmar Franchise Corporation, a nationwide franchisee network of property restoration specialists, is opening a new location in Victoria, B.C.Winmar Victoria is located at 340 Mary St. Its owner, Andrew Edwards, has been successfully operating Winmar Vancouver for the past five…
New insurance registrations in Bermuda increased 50% in 2011: Bermuda Monetary Authority
January 13, 2012 by Canadian UnderwriterThe Bermuda Monetary Authority (BMA) is reporting a 50% year-on-year increase in new insurance registrations for Bermuda.Fifty-four new insurers registered with the BMA in 2011, compared to 36 new registrations in 2010.“The 2011 increase included the majority of classes in…
Hard market in Canadian P&C industry is not likely in 2012: CEO
January 12, 2012 by Canadian UnderwriterA hard market cycle will not likely happen in Canada’s property and casualty insurance industry in 2012, according to Philip Cook, president and CEO of Omega Insurance Holdings.Hard insurance markets are characterized by reduced capacity for insurers, resulting in higher…
Social media could be used to focus protests against the insurance industry
January 12, 2012 by Canadian UnderwriterSocial media could be used to harm the Canada’s property and casualty industry as much as help it, according to Philip Cook, president and CEO of Omega Insurance Holdings.Specifically, Cook referred to the power of social media to mobilize public…
FSCO cautions consumers of Freedom Insurance Company
January 12, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that Freedom Insurance Company is not licensed to do insurance business in Ontario.“If consumers purchase insurance from insurers that are not licensed in the province, they are not protected under…
Heavy cold or flu put drivers at greater risk of crashes
January 12, 2012 by Canadian UnderwriterMotorists affected by a heavy cold or flu suffer a major loss of concentration when behind the wheel, putting themselves and users at risk, according to research by U.K. insurer Young Marmalade.Young Marmalade carried out the research in association with…
U.S. property/casualty industry in early stages of hard market: III
January 12, 2012 by Canadian UnderwriterExperts in the U.S. property and casualty industry believe the worst of the financial crisis is over and that the industry is now in the early stages of a hard market, reported the Insurance Information Institute (III).The III surveyed 40…
Insurers must beware of “cold spots” as well as peak exposures: Guy Carpenter report
January 11, 2012 by Canadian UnderwriterThe global re/insurance industry is realizing the emerging volatility of “cold spots” – exposures that surprised insurers in 2011 because they were not considered to be risky areas in the past.Reinsurance industry Guy Carpenter flagged the emerging theme of “cold…
Social networks could become an insurance distribution channel in two years: Gartner research
January 11, 2012 by Canadian UnderwriterWhat if social networks such as Facebook, Myspace or Google+ were to become an insurance channel unto themselves in the next two years?Juergen Weiss, a research director at Gartner, a technology research firm, said this kind of development could be…
Socio-economic global risks eclipse environmental risks in 2012: WEF
January 11, 2012 by Canadian UnderwriterPerceived socio-economic global risks surpassed environmental risks when experts and industry leaders from around the world were asked to rank the most pressing risks of the coming decade, according to the World Economic Forum’s Global Risks 2012.Based on a survey…
National Brokers Insurance Services receives WEConnect certification
January 11, 2012 by Canadian UnderwriterNational Brokers Insurance Services Inc. has received certification from WEConnect Canada.WEConnect Canada certifies businesses that are at least 51% owned, managed and controlled by women. It connects them with the growing corporate and public sector demand for diverse supplies, a…
Operation Red Nose sees 16% increase in 2011 holiday season
January 11, 2012 by Canadian UnderwriterThe 2011 Operation Red Nose (ORN) program in Ontario saw an increase of more than 15% in the total number of kilometres driven over 2010. And yet, there were zero collisions, zero injuries and zero fatalities in all participating areas…