Segment
Claims
Italian earthquake causes $6.25 billion in economic losses: Aon Benfield
June 11, 2012 by Canadian UnderwriterEarthquakes that devastated northern parts of Italy caused $6.25 billion in total economic losses, but the insured damages are still being tabulated, notes a recent catastrophe report from Aon Benfield. “The Italian earthquakes resulted in the largest natural disaster loss…
Allstate writes $10,000 cheque in support of Thunder Bay residents affected by flooding
June 8, 2012 by Canadian UnderwriterAllstate Insurance Company of Canada today presented The Salvation Army with a $10,000 cheque in support of efforts to assist residents affected by flooding in Thunder Bay, Ontario. “This is a difficult time for the community, and we wanted to…
Capacity plentiful for June 1 reinsurance renewals: Guy Carpenter
June 7, 2012 by Canadian UnderwriterA comparatively benign year so far for natural disasters has bolstered the capital levels of reinsurers, allowing for “moderate pricing trends” in mid-year reinsurance renewals, according to a recent report by reinsurance broker Guy Carpenter. “Relatively light catastrophe loss activity…
Lawyer files class-action lawsuit against Thunder Bay for flooding
June 7, 2012 by Canadian UnderwriterThe city of Thunder Bay is the target of a class-action lawsuit by a law firm alleging that recent flooding in the region was foreseeable and predictable. Watkins Law Professional Corporation filed the lawsuit on behalf of city residents hit…
Plaintiff sues too quickly to determine the presence of a serious and permanent impairment: court
June 7, 2012 by Canadian UnderwriterThe Ontario Superior Court has found that a plaintiff injured in an auto accident “rushed” to trial before full recovery from two shoulder surgeries and therefore has not met the threshold for a permanent serious impairment. In Iannarella v. Corbett,…
Economical launches Straight Through Processing
June 7, 2012 by Canadian UnderwriterThe Economical Insurance Group has announced its “Straight Through Processing,” allowing brokers to begin and issue new business or make policy changes in real-time using Power Broker, Applied Systems TAM and and SigXP broker management systems. “These enhancements bring us…
Environment Canada reports two twisters touch down near Taber, Alberta
June 7, 2012 by Canadian UnderwriterEnvironment Canada reports two tornadoes touched down near Taber, Alberta, almost three hours southeast of Calgary, as part of a storm system passing through Alberta on June 7. There were no reports of injuries and a few barns were reported…
Consumers indicate fast claims processing is most valued when dealing with insurers
June 6, 2012 by Canadian UnderwriterCanadian consumers identified fast claims processing as the most-valued feature when dealing with insurance companies, note new findings from InsurEye Inc. To get a fix on what consumers value most in their insurance providers, the study analyzes 600-plus consumer reviews…
New Marsh product covers cloud computing
June 6, 2012 by Canadian UnderwriterMarsh has introduced an insurance product to help companies manage the risks associated with cloud computing. Called CloudProtect, the endorsement protects against first-party losses stemming from a cloud service provider’s failure. The customized risk transfer solution was developed “in conjunction…
ICBC uses social media to solicit public input about rate-setting proposals
June 6, 2012 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is getting social about gathering customer and stakeholder feedback on how it sets basic insurance coverage. Twitter was employed from 11:30 am to 2 pm on June 6 to allow the public to…
Tort judgment and costs in building fire can be apportioned between co-defendants
June 5, 2012 by Canadian UnderwriterAn Ontario court has ruled that a tort judgment and third-party costs arising from a building fire claim can be apportioned between a building owner and a property manager despite the fact the two parties defended the claim against them…
Desjardins to focus on Ontario, Montreal following positive 2012 Q1 results
June 5, 2012 by Canadian UnderwriterDesjardins General Insurance Group’s loss ratio of 63.6% in 2012 Q1 was 2.3% lower than the first three months of 2011, largely the result of oft-cited favourable weather conditions and continued improvement in Ontario’s auto insurance market. “With the Ontario…