Topic
Insurance
Flooding, sea level rise among city’s greatest projected risks
August 21, 2012 by Canadian UnderwriterA risk assessment of local climate change events for Victoria, British Columbia as projected to 2050 indicates flooding and sea level rise are among the greatest risks. “The projected impacts of most climate change-related events were determined to, individually, have…
Celent report focuses on Software as a Service (SaaS) case study
August 21, 2012 by Canadian UnderwriterSoftware as a Service (SaaS) has gained interest in the insurance world recently, with a growing number of insurance companies considering the SaaS model for core insurance systems, notes a new report from Celent. Two years ago, Legal & General…
RSA Simplifies Document Access with Brovada
August 21, 2012 Brovada Technologies Inc.Toronto, ON – August 21, 2012 – RSA Canada has chosen Brovada’s NexCenter to provide single-sign-on capability to its EZ-Docs Self Service tool for brokers. This functionality will allow brokers who are registered for EZ-Docs to access their on-line documents…
U.S. can expect hurricane loss of $10 billion once every four years
August 21, 2012 by Canadian UnderwriterTwenty-eight hurricanes that wreaked havoc on the United States in years past would likely produce insured losses reaching or exceeding $10 billion if they struck today, suggests a new study by Karen Clark & Company (KCC). The research concludes the…
Fitch Ratings issues forecast on U.S. p&c industry
August 21, 2012 by Canadian UnderwriterProperty and casualty insurers in the United States are expected to post better underwriting results this year as firmer pricing patterns spread across the industry, notes a new report from Fitch Rating Service. “Fitch estimates that 2012’s underwriting results will…
Risk assessment key to address anti-corruption risk exposure
August 20, 2012 by Canadian UnderwriterCanadian companies operating abroad would be well-advised to conduct comprehensive risk assessments to guard against anti-corruption risk exposure, recommends a recent post by John Boscariol on Lexology. “Canadian companies operating abroad can face particularly high anti-corruption risk exposure depending on…
ICBC receives approval for 11.2% rate hike
August 20, 2012 by Canadian UnderwriterThe British Columbia Utilities Commission, “after considering the evidence and arguments of all parties,” has given the green light to an 11.2% rate hike for universal compulsory automobile insurance in the province for 2012. The approval of the double-digit increase…
Insurance fraud in U.S. a $30-billion problem: Deloitte
August 20, 2012 by Canadian UnderwriterProperty and casualty insurers need to adopt a multi-pronged approach to combat a growing fraud problem in the United States, notes a recent report from Deloitte. The report, A Call to Action: Identifying Strategies to Win the War Against Insurance…
Towers Watson survey highlights investment risk for insurers
August 20, 2012 by Canadian UnderwriterA recent survey of 16 equity analysts by Towers Watson discovered that the property and casualty insurance industry should take a “moderate degree of investment risk” in current economic conditions to bolster returns. The poll, which was designed to gather…
Federal government funds flood prevention measures
August 17, 2012 by Canadian UnderwriterA new national program designed to reduce the impact of natural disasters is providing money to provinces that invest in flood-mitigation strategies. Manitoba, Saskatchewan and Quebec will initially receive funding from the program, which is a three-year, $99.2-million commitment from…
Insurer has duty to defend claimants for any claims by co-defendant
August 17, 2012 by Canadian UnderwriterA British Columbia court has dismissed an appeal by Royal & Sun Alliance Insurance Company of Canada that a homeowner’s insurance policy excludes a bodily injury claim, ruling the insurer has a duty to defend and indemnify several claimants for…
Home inspections can help prevent dealing with the unexpected
August 17, 2012 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) recently issued a notice about the importance of arranging a home inspection before a property sale is finalized. For peace of mind and financial health, IBAO recommends having home inspections for both resale…