News
Projected costs of Manitoba floods to exceed $800 million
December 16, 2011 by Canadian UnderwriterThe projected costs of widespread flooding in Manitoba this past spring will be $815 million, according to the government of Manitoba’s quarterly financial report. By the end of the second quarter, $437 million had been spent on the spring flood.…
U.S. commercial soft market cycle “broken”: MarketScout
December 16, 2011 by Canadian UnderwriterFor the first time in more than six years, the U.S. composite commercial market has seen an average rate increase, signalling the end of the soft market, according to MarketScout. Jumbo accounts, those worth more than $1 million, are the…
Quebec’s insurance regulator, insurers team up to simplify province’s auto policies
December 16, 2011 by Canadian UnderwriterQuebec’s insurance regulator is teaming up with the province’s auto insurance companies to simplify the province’s auto insurance policies.Autorité des marchés financiers (AMF) and Groupement des assureurs automobiles du Québec (GAA) announced on Dec. 16 that they have begun the…
A.M. Best puts Aviva plc ratings under review based on sovereign debt crisis
December 15, 2011 by Canadian UnderwriterBased on the eurozone sovereign debt crisis, A.M. Best Europe Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) for the non-operating holding company Aviva plc and its subsidiary companies, but has placed the ratings under…
Reprise of 1811-12 earthquakes in New Madrid, Missouri would cause up to $50 billion in insured losses today: RMS
December 15, 2011 by Canadian UnderwriterReprise of 1811-12 earthquakes in New Madrid, Missouri would cause up to $50 Billion in insured losses today: RMS Marking the 200-year anniversary of a series of Magnitude 7 or greater earthquakes that occurred over a 54-day period along the…
Russell Brownlee appointed representative on traffic safety committee
December 15, 2011 by Canadian UnderwriterRussell Brownlee of Giffin Koerth has been appointed as the CEO’s representative to the Ontario Provincial Standards (OPS) Traffic Safety Committee. The OPS Traffic Safety Committee is responsible for standards related to traffic safety such as attenuators, delineation, pavement markings,…
Strone appoints Stephen Coombs as director of Ontario sales
December 15, 2011 by Canadian UnderwriterStephen Coombs has been appointed director of Ontario sales of Strone, which has provided emergency and restoration services to the insurance industry since 1987. Strone has 13 branches throughout Ontario and one in Montreal. Coombs has played an integral part…
2011 ranks behind 2005 as second-most expensive year for insurance industry: Swiss Re
December 15, 2011 by Canadian UnderwriterThis year will go on record as the most expensive year for the global insurance industry, second only to 2005, according to Swiss Re’s sigma records. Given roughly $108 billion in insured catastrophe losses in 2011, this year is thus…
RCMP investigates link between data breach at ICBC and series of arsons and shootings
December 15, 2011 by Canadian UnderwriterThe RCMP has linked a data breach at the ICBC with a series of arsons and shootings since September 2011 that have targeted approximately 13 people linked to the Justice Institute of British Columbia (JIBC).No one has been physically harmed…
2009 Toyota Venza tops list of cars stolen in Canada
December 14, 2011 by Canadian UnderwriterThe 2009 Toyota Venza has trumped the 2000 Honda Civic SiR as the most frequently stolen vehicle in Canada in 2011, reports the Insurance Bureau of Canada (IBC). Also, many of the stolen vehicles are showing up in the local…
Rick Orr takes the helm as IBAO president
December 14, 2011 by Canadian UnderwriterRick Orr has been elected as the Insurance Brokers Association of Ontario (IBAO)’s 69th president. He was officially inducted at the IBAO Convention in October, and will formally assume his role as president on Jan.1, 2012.Orr is the co-owner of…
XL Group add three new staff members to Toronto team
December 14, 2011 by Canadian UnderwriterXL Group is growing its presence in Toronto with three new additions to its North America Property & Casualty insurance team.The new hires include Betty Bingler, vice president of sales and marketing; Melissa Plaxton, senior underwriter for excess casualty; and…