Topic
Insurance
Ontario broker regulator cautions about use of filters in online quoting services
March 24, 2011 by Canadian UnderwriterBrokers need to make sure they are not using technology as a means to sidestep regulatory obligations, particularly with regard to the use of filters in online quoting services, the president of the Registered Insurance Brokers Association of Ontario (RIBO),…
Economic growth a main reason for the escalation of insured natural catastrophe losses since 1970: Allianz
March 24, 2011 by Canadian UnderwriterEconomic growth in high-risk areas has contributed to the average annual cost of insured claims from natural catastrophes increasing eight-fold since 1970, according to an Allianz report, Natural Catastrophes on the rise?The report notes average insured claims costs related to…
Crawford Cares campaign reaches new record donation to WICC
March 24, 2011 by Canadian UnderwriterCrawford & Company (Canada) Inc.’s 2010 Crawford Cares campaign raised more than $111,000 for the Women in Insurance Cancer Crusade (WICC), a new record for the company’s annual campaign. Crawford Cares has raised more than $450,000 for WICC since the…
Munich Re estimate $2.1 billion loss from Japan earthquake and tsunami
March 24, 2011 by Canadian UnderwriterMunich Re estimates its losses resulting from the earthquake and tsunami in Japan will total approximately 1.5 billion euros (approximately $2.1 billion). As a result, the reinsurer will not hit its 2011 profit target of 2.4 billion euros (approximately $3.3…
Corrected Item: Ontario high court ruling in Shoeless Joe’s v. Insurance Portfolio
March 24, 2011 by Canadian UnderwriterCorrection/Clarification/Apology This is an updated, corrected and amended version of a story that appeared in Canadian Underwriter‘s online news on Mar. 9, 2011. The article reported on an Ontario Court of Appeal decision in the case Shoeless Joe’s v. Insurance…
US commercial lines remain flat for eight consecutive quarter
March 24, 2011 by Canadian UnderwriterCommercial insurance prices in the United States were relatively flat for the eighth consecutive quarter, while accident-year loss ratios deteriorated relative to the same period in the prior 12 months, according to Towers Watson. Commercial insurance prices, in aggregate, declined…
Government’s budget includes plans for regulatory framework on P&C demutualizations
March 23, 2011 by Canadian UnderwriterThe federal government’s proposed budget, introduced on Mar. 22, 2011, confirmed the government was working on a regulatory framework that would allow property and casualty insurance companies to demutualize.As of press time, the budget was widely anticipated to be defeated,…
Compounding of catastrophes in Q1 likely to cause hardening of global property rates: Aon
March 23, 2011 by Canadian UnderwriterJapan’s recent earthquake and tsunami, combined with recent natural catastrophes in Australia and New Zealand in 2011 Q1, are likely to cause considerable pricing tension in the global property market, said Andrew Laing, property and casualty brokering team leader for…
IBC urges consumers to learn how to identify insurance fraud
March 23, 2011 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) estimates insurance fraud to be a multi-million-dollar business in Ontario, contributing to the high cost of auto insurance in the province. IBC recognized Fraud Prevention Month in March, by urging consumers to take the…
British Columbia conducts tsunami drill
March 23, 2011 by Canadian UnderwriterBritish Columbia’s emergency officials ran a drill to see how the province would fare if a large-scale tsunami struck the West Coast. The exercise, dubbed Pacifex11, was run through the West Coast and Alaska Tsunami Warning Center on the morning…
RSA “big on…” new ad campaign
March 23, 2011 by Canadian UnderwriterFresh off its completed acquisition of GCAN Insurance, RSA Canada has launched a new advertising campaign, We’re big on…, which highlights the company’s strengthened position in the commercial lines space.RSA Canada says its new ad campaign, launched on Mar. 23,…
RSA Canada undertakes ‘Climate Week’ in support of Earth Hour
March 22, 2011 by Canadian UnderwriterRSA Canada announced its support for the World Wildlife Fund (WWF)’s Earth Hour 2011, an international ‘lights out’ event taking place form 8:30 pm to 9:30 pm on Mar. 26.During the event, businesses and homeowners are encouraged to turn off…