Segment
Risk Management
Alberta offers new hog price insurance program
July 19, 2011 by Canadian UnderwriterAlberta’s Agriculture Financial Services Corporation (AFSC) is offering a new Hog Price Insurance Program (HPIP) designed to protect hog producers against an unpredicted decline in Alberta hog prices over a defined time period. Delivered by AFSC, HPIP is part of…
Insurers should consider a blackout provision as an excluded peril after court decision in Caneast: lawyer
July 19, 2011 by Canadian UnderwriterThe Ontario Court of Appeal’s decision in Caneast Foods Limited v. Lombard General Insurance Company of Canada demonstrates the limitations on insurers that attempt to use catch-all exclusions in insurance policies, according to Hartley Lefton of McMillan LLP.In a paper…
Ontario wildfires burn through northwest part of province
July 18, 2011 by Canadian UnderwriterOntario has designated the province’s northwest area a restricted fire zone after more than 100 wildfires spread throughout the area.As of July 18, 103 active fires were burning in the northern part of Ontario. Twenty new fires started on July…
Changes to Alberta Insurance Act to come into effect on July 1, 2012
July 18, 2011 by Canadian UnderwriterAlberta’s department of finance and enterprise has outlined changes to the Alberta Insurance Act that will go into effect on July 1, 2012.Legislative amendments to the act include the following:•Legislation will require statutory conditions to be incorporated into multi-peril property…
Market still abundantly capitalized, despite record 2011 Q1 losses
July 18, 2011 by Canadian UnderwriterThe insurance market is still abundantly capitalized, keeping a hard market at bay despite record cat losses in the first half of 2011, said Brian C. Elowe, Marsh’s managing director of global risk management.Elowe was as a panel member during…
Despite reports of widespread misuse of social networks at work, nearly 50% of businesses still don’t have a social network policy: survey
July 15, 2011 by Canadian UnderwriterNearly half of businesses do not have social media and networking policies in place, despite the fact that 76% use social networking for business purposes and many report abuse or misuse of social networks.These findings come from an informal survey…
RIMS officially an accredited standards development organization
July 15, 2011 by Canadian UnderwriterThe American National Standards Institute (ANSI) has approved the Risk and Insurance Management Society (RIMS) as an accredited standards development organization.This status enables RIMS to take a lead role in shaping and developing risk management standards, a RIMS release says.…
RSA completes acquisition of travel distributor etfs
July 15, 2011 by Canadian UnderwriterRSA Travel Insurance Inc./Assurance Voyage RSA inc. (RSA Travel), part of RSA Canada, has completed its acquisition of the business assets and insurance expertise of travel distributor etfs and the etfs trademark. “We are delighted to welcome etfs into the…
Chartis Canada introduces coverage for construction delay to due to unexpected archaeological discoveries
July 14, 2011 by Canadian UnderwriterChartis Insurance Company of Canada has launched a product offering first party coverage for expenses and construction completion delay resulting from the unexpected discovery of heritage resources at a construction site.Heritage Resources is available as an endorsement to Chartis Canada’s…
EQECAT shakes up its Canada quake model
July 13, 2011 by Canadian UnderwriterEQECAT is launching an updated version of its Canada quake model in July. The model, part of EQECAT’s WORLDCATenterprise platform, will feature the following key aspects:• Consistent results across the U.S. border: the use of identical definitions for events affecting…
Quebec and France sign mutual recognition agreement
July 13, 2011 by Canadian UnderwriterQuebec’s insurance regulator has inked a deal with France’s insurance regulator to facilitate mobility of insurance and securities professionals between Quebec and France. “This mutual recognition of professional qualifications will benefit individuals from Quebec and France who wish to pursue…
2011 already the costliest year on record: Munich Re
July 12, 2011 by Canadian UnderwriterThe $265 billion in economic losses due to catastrophes in the first half of 2011 make it the highest loss year on record, exceeding $220 billion for the devastating year of 2005 as a whole, reports Munich Re.The loss amount…