Topic
Insurance
Township seeks disaster assistance following “macro-burst”
August 14, 2012 by Canadian UnderwriterThe Township of Greater Madawaska is awaiting word from Ontario’s Ministry of Municipal Affairs and Housing about whether or not it will receive disaster relief assistance following a macro-burst that felled hundreds of trees, caused widespread property damage and temporarily…
Traditional D&O coverage outstripped by new risks: Willis
August 14, 2012 by Canadian UnderwriterGeneral professional liability insurance may not represent enough protection for board members and senior executives to deal with a wave of emerging exposures, notes a recently released report from Willis Group Holdings. One of the prime threats is cyber risk,…
Alberta storm results in estimated insured costs of more than $100 million
August 14, 2012 by Canadian UnderwriterThe preliminary estimate of insured damage for last month’s severe thunderstorm event in and around Edmonton is pegged at more than $100 million, Insurance Bureau of Canada (IBC) reports. Thousands of claims have been filed for damage to homes, cars…
Crawford & Company (Canada) Inc. Assisting with Claims Surge After Inclement Weather Hits Quebec and Alberta
August 14, 2012 Crawford & Company (Canada) Inc.On August 11th, torrential downpour and thunderstorms caused flooding in Quebec’s Lanaudière region, the lower Laurentians, Laval, the South Shore and other areas. The storm, which Environment Canada confirmed as a microburst early Saturday evening, left more than 25,000 homes…
Greater chance of above-normal hurricane season: NOAA update
August 13, 2012 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration (NOAA) is predicting that an active Atlantic hurricane season, with six named storms so far this year, will likely be joined by at least as busy a second half of 2012. An updated outlook…
60-day time limit for mediation elapsed: FSCO
August 13, 2012 by Canadian UnderwriterA director’s delegate for the Financial Services Commission of Ontario (FSCO) has upheld an arbitrator’s conclusion that mediation was deemed to have failed because it did not occur within 60 days of the application being filed with FSCO. In State…
Companies not using insurance to protect against cyber risk: Chubb
August 13, 2012 by Canadian UnderwriterMore than 70% of public companies in North America have an incident response plan for an electronic security breach, yet 57% of those firms do not include cyber liability insurance as part of that plan, notes a new risk survey…
Frank Cowan Company chooses Guidewire for claims management solution
August 13, 2012 by Canadian UnderwriterSpecialty Canadian insurer Frank Cowan Company has selected Guidewire ClaimCenter as its new claims management system. With the new system, Frank Cowan Company expects to reduce claims cycle times, improve data analytics and reporting capabilities and readily make system changes…
Desjardins’ P&C segment posts $47 million in surplus earnings in 2012 Q2
August 10, 2012 by Canadian UnderwriterIncreased net premiums and improved claims experience helped Desjardins Group’s property and casualty insurance segment post $47 million in surplus earnings before member dividends in 2012 Q2. The total represents a $24-million increase, or 104.3% higher, than surplus earnings before…
EGI Financial Holdings takes loss in 2012 Q2, cites claims in previously cancelled niche products division programs
August 10, 2012 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) has reported a net operating loss of $1 million for 2012 Q2, which the company attributed to “a $5.3-million (pre-tax) impact from cancelled programs in the niche products division.” The result compares to a…
Hannover Re reports “very good” first-half 2012 results
August 10, 2012 by Canadian UnderwriterHannover Re reported a “very good” result in the first half of 2012, citing an operating profit of EUR597.2 million, compared to EUR248.9 million over the first half of last year. Group net income improved by a substantial 85.5% to…
York Regional Police lay 142 charges in alleged auto fraud scheme called “Project Sideswipe”
August 10, 2012 by Canadian UnderwriterForty-six suspects have been charged in connection with an alleged auto fraud scheme called Project Sideswipe involving staged collisions and suspected false medical billings in Ontario. One hundred and forty-two charges have been laid to date, including conspiracy to commit…