Topic
Insurance
Two tornadoes touch down in Quebec, causing more than $1 million in damage
May 28, 2012 by Canadian UnderwriterEnvironment Canada has confirmed that a “very rare” F1 tornado packing speeds of 150 km-h tore through St.-Benoit-de-Mirabel on May 28, destroying a 200-year-old historical church and causing more then $1 million in damage. Environment Canada noted this is the…
Coroner’s jury recommends mandatory automatic sprinklers in care facilities
May 28, 2012 by Canadian UnderwriterA coroner’s jury exploring a deadly fire at an Orillia, Ontario retirement home three years ago is recommending that the province make automatic sprinklers mandatory in care occupancies. The recommendation to install the sprinklers retroactively in so-called B3 facilities is…
Cunningham Lindsey deploys catastrophe response team to help handle flood claims in Thunder Bay
May 28, 2012 by Canadian UnderwriterCunningham Lindsey Canada Claims Services Ltd. has deployed a catastrophe (CAT) response team to Thunder Bay, Ontario to assist with the handling of flood claims affecting hundreds of homes and commercial buildings. Up to 20 mm of rain fell in…
Auto reforms, mild weather drive increase in quarterly earnings for The Economical Insurance Group
May 25, 2012 by Canadian UnderwriterThe Economical Insurance Group (TEIG) increased its net income by $11.9 million in 2012 Q1, the company reported. “Our first-quarter results show that Economical is continuing to produce strong profitable growth,” Karen Gavan, TEIG president and CEO, said in a…
The Dominion sees 2012 Q1 profit rise based on improved underwriting results
May 25, 2012 by Canadian UnderwriterThe Dominion earned a net income of $32.4 million in 2012 Q1, an increase over the $21.4 million for the same period in 2011. “The increase over the prior year’s first quarter is due mainly to better underwriting results,” the…
Catastrophes prompt re-examination of time and geographic limits on “occurrences” in reinsurance coverage
May 25, 2012 by Canadian UnderwriterRecent global catastrophe events have led to a re-examination of time and geographic limits in reinsurance contracts that define the “occurrence” of a single catastrophic event. Don Morrison, vice president of the Canadian office of the global reinsurance broker Guy…
Mid-sized insurers seeking scale should consider merger opportunities: PwC report
May 25, 2012 by Canadian UnderwriterMid-sized Canadian insurance companies seeking greater scale would do well to contemplate mergers and acquisitions (M&A) opportunities, states a PricewaterhouseCoopers (PwC) client newsletter. The battle for channels and scale to leverage efficiencies is such that “the only way to aggressively…
Towers Watson announces network for insurer chief risk officers
May 25, 2012 by Canadian UnderwriterChief risk officers (CROs) of property and casualty and life insurance companies in North America now have a knowledge-sharing network for peer networking, expert access and discussion of topical issues in enterprise risk management. Professional services company Towers Watson launched…
Privacy document crucial for Canadian organizations: Chubb underwriter
May 24, 2012 by Canadian UnderwriterA guideline from the federal privacy commissioner on how organizations should handle data security is a “very important document” for privacy management, says Matthew Davies, a senior underwriting specialist with Chubb Canada. The Office of the Privacy Commissioner of Canada…
Priority fires continue to burn in Kirkland Lake area
May 24, 2012 by Canadian UnderwriterForest fires in and around the northeastern Ontario communities of Kirkland Lake and Timmins remain priority fires following the recent long weekend that saw 54 new blazes confirmed. Three hundred people in the Kirkland Lake area have been evacuated. Fire…
How to park your RV in Calgary
May 24, 2012 by Canadian UnderwriterQuestionable manoeuvring of recreational vehicles (RVs) has prompted the Calgary Parking Authority (CPA) to remind everyone that there is a right way to put things in park. Spring and summer traditionally brings with it a number of complaints about how…
Recruiter in staged collision ring sentenced to three-and-a-half years in jail, ordered to pay $375,000 in restitution
May 24, 2012 by Canadian UnderwriterA man personally involved in more than 12 staged auto collisions received a three-and-a-half-year prison term and a freestanding restitution order for $375,000 for his participation in a staged collision ring. Uthayakanthan Thirunavukkarasu, also known as Max or Mano, entered…