Topic
Insurance
CRU Adjusters promotes Glenn Smith as VP of Operations
March 22, 2011 CRU - Catastrophe Response UnitKyle Winston, President of CRU Adjusters, is pleased to announce the promotion of Glenn Smith, our Director of Training, to Vice-President of Operations for CRU Adjusters. Glenn will continue to focus on the development and expansion of the Canadian marketplace,…
Swiss Re estimates it will pay out $1.2 billion in claims losses from Japanese earthquake, tsunami
March 21, 2011 by Canadian UnderwriterSwiss Re estimates pre-tax claims costs of $1.2 billion as a result of damage caused by the March 2011 earthquake and tsunami in Japan. The reinsurer noted its estimate is subject to a “high degree of uncertainty” since the event…
Canadian researchers develop first permanent anti-fog coating for glass
March 21, 2011 by Canadian UnderwriterCanadian researchers have announced the development of the first permanent anti-fog treatment that might be applied in the future to car windshields.Led by Professor Gatean Laroche, Laval University researchers published their findings in the journal Applied Materials and Interfaces. The…
New multi-peril, revenue-based insurance coverage available for farmers
March 21, 2011 by Canadian UnderwriterGlobal Ag Risk Solutions, working with Lombard Canada Ltd., is offering a private, multi-peril, revenue-based risk management solution available to about 400 Western Canadian farmers.Independent of all government programs, the solution provides guaranteed revenue above a farmer’s input costs (seed,…
MPI beefs up its personal injury benefits package
March 21, 2011 by Canadian UnderwriterMPI is retroactively enhancing its benefits package for victims of auto crashes. The enhancements, expected to cost about $40 million, will include:• enhanced coverage for extraordinary expenses for leisure and recreational activities. For example, MPI would pay for a specialized…
RMS estimates up to $300 billion economic losses from Japan ‘super cat’ event
March 21, 2011 by Canadian UnderwriterRMS estimates the economic losses resulting from the March 11 Tohoku earthquake and tsunami in Japan will range between $200 and $300 billion. The quake and tsunami “is a complex ‘super cat’ event, where the final costs will not only…
Consumer can seek class action certification, despite contract fine print: Supreme Court
March 18, 2011 by Canadian UnderwriterThe Supreme Court of Canada has ruled that a B.C. woman can still launch a class action lawsuit against her cellphone provider, even though the fine print of her contract had a clause that waived her right to sue.In Seidel…
TIRF to study graduated licence programs with parental involvement components
March 18, 2011 by Canadian UnderwriterThe Ottawa-based Traffic Injury Research Foundation (TIRF) will study the effectiveness of graduated driver licensing programs that incorporate parental involvement.TIRF is teaming up with Data Nexus Inc. and the Texas Transportation Institute to conduct the study. The study is scheduled…
Soft characteristics of energy market likely to diminish: Willis
March 18, 2011 by Canadian UnderwriterThe energy market will likely see the “softening dynamic” slow or come to a halt following the Japan earthquake and tsunami, Willis said in its Energy Market Report.“For example, some insurers have issued statements that they will not be offering…
IBAO cautions property owners of spring melt
March 18, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) are reminding consumers to take the necessary precautions to protect their homes and belongings from water damage during the spring melt.The combination of the melting snow and the influx of precipitation over the…
Reinsurance market has robust capital to absorb quake and tsunami losses: RAA
March 18, 2011 by Canadian UnderwriterThe reinsurance industry is prepared to absorb Japan earthquake and tsunami losses, said the Reinsurance Association of America (RAA).With a capital position that stood at $470 billion at the end of 2010 Q3, the global reinsurance industry once again stands…
Diversification and divestiture key to meeting Solvency II capital requirements: Guy Carpenter
March 17, 2011 by Canadian UnderwriterSmall and mid-size firms, the most vulnerable to Solvency II’s heightened capital requirements, may consider diversification and divestiture to lessen the impact of capital charges, reports Guy Carpenter.Increasing reliance on reinsurance is an obvious solution to meeting additional capital requirements,…