News
Five strategies for insurer success in 2012: Ernst & Young
January 10, 2012 by Canadian UnderwriterErnst & Young has identified five strategies that U.S. property and casualty insurers need to explore in 2012 to improve their chances of success.“A low premium growth environment is expected to persist through 2012, adversely affecting insurer profitability and resulting…
2011 insured losses almost 300-times higher than 2010: Aon Benfield
January 10, 2012 by Canadian UnderwriterInsured losses rising from natural catastrophes in 2011 were more than 280% higher than insured losses seen in 2010, Aon Benfield reported in its annual catastrophe study. The report, published by Impact Forecasting, shows 253 separate events generated a record…
Estate of pilot who dies in plane crash is not entitled to insurance because the pilot’s medical certificate had expired before the crash
January 10, 2012 by Canadian UnderwriterThe estate of a pilot who died when he accidentally crashed his aircraft cannot collect insurance because the deceased pilot’s medical certificate had expired more than a year before the accident, the Alberta Appeal Court has ruled.The deceased pilot’s insurance…
CFC Underwriting launches new cyber liability policy to cover the cloud
January 10, 2012 by Canadian UnderwriterLloyd’s managing general agent CFC Underwriting has launched a new cyber liability wording to cover the risks of storing data “in the cloud.” A technology and cyber liability specialist, CFC says it has identified a gap in cover for firms…
State Farm Canada raises $75,300 for Southlake Regional Health Centre
January 10, 2012 by Canadian UnderwriterState Farm Canada’s Festival of Trees for Southlake raised $75,300 for Southlake Regional Health Centre in Ontario.This represents a $20,000 increase over the proceeds collected from last year’s event.The Festival of Trees ran from Nov. 14, 2011 to Jan. 2,…
Harmonized policy on the use of credit information in underwriting will not happen: CCIR
January 9, 2012 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is currently reviewing the results of a consultation it conducted last year on credit scoring, but it doesn’t appear likely that a harmonized approach to credit scoring will be the outcome.“Frankly, there will…
CCIR to tackle P&C managing general agents and electronic commerce in 2012
January 9, 2012 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is working towards making two issues papers available in 2012.Currently, the CCIR is working on finalizing recommendations from industry consultation related to the managing general agents distribution model in the life insurance industry.…
The Dominion becomes title sponsor of TSN’s annual curling skins event
January 9, 2012 by Canadian UnderwriterTSN has announced a new multi-year curling partnership with The Dominion that will see the insurance company become the title sponsor of TSN’s annual curling skins event. Beginning January 2013, The Dominion All-Star Curling Skins Game features the top men’s…
A.M. Best maintains stable outlook for personal, reinsurance market segments; negative for commercial
January 9, 2012 by Canadian UnderwriterA.M. Best is maintaining stable outlooks for both the U.S. personal lines and reinsurance markets, but the outlook for the commercial market is negative amid catastrophes and competition. U.S. personal lines continue to benefit from solid performance in auto insurance,…
Frank Cowan Company launches Cambridge office focused on specialty lines
January 9, 2012 by Canadian UnderwriterFrank Cowan Company will open a new branch in Cambridge, Ontario that will focus on dedicated specialty lines and program business. Steve Halfpenny, vice president of specialty lines, will lead the team. He will be working with Michael Lough, vice…
Monarch Intermediaries brings ‘second opinion services’ to Canadian P&C market
January 9, 2012 by Canadian UnderwriterMonarch Intermediaries Inc. has launched a property and casualty brokerage-based program that provides employees of businesses and customers of insurers access to second opinions from WorldCare Consortium.WorldCare Consortium is composed of academic healthcare institutions, with a network of more than…
RIBO cites increasing number of fraudulent pink slips
January 6, 2012 by Canadian UnderwriterOntario’s broker regulator, the Registered Insurance Brokers of Ontario (RIBO), is reporting an increasing number of fraudulent pink slips.RIBO says brokerage names are being ‘stolen’ and used on bogus auto insurance slips. In its winter bulletin, RIBO said the frauds…