Topic
Insurance
Earthquakes in Chile, New Zealand account for biggest loss in 2010: Guy Carp
December 22, 2010 by Canadian UnderwriterEarthquakes in Chile and New Zealand – which cost the re/insurance industry $8 billion and $4 billion, respectively – were the largest sources of loss this year, according to Guy Carpenter & Company. Eight catastrophes caused insured losses of more…
Hub International Canada West to acquire certain Phoenix Insurance Group operations in Alberta
December 21, 2010 by Canadian UnderwriterHub International Canada West (Hub Canada West) has signed letters of intent to acquire certain operations of the Phoenix Insurance Group (Phoenix), a cluster partnership of various Alberta-based firms. Hub said it expects to acquire the Grande Prairie operations of…
Insurer cites joint and several liability as a factor in Essex County’s 41.7% 2011 municipal insurance renewal
December 21, 2010 by Canadian UnderwriterEssex County in Ontario saw its 2011 municipal insurance renewal increase by 41.7% over 2010.The municipality’s insurer attributed the premium increase to higher liability claims costs, including larger damage awards, higher legal defence costs, more class actions, the impact of…
Chubb brings luxury auto coverage to Alberta
December 21, 2010 by Canadian UnderwriterChubb Insurance Company of Canada will launch its higher-end automotive insurance policy in Alberta on Jan. 12, 2011.The Chubb Masterpiece auto insurance package, designed for luxury car owners, includes coverage for: original replacement parts; liberal loss-of-use provisions, with up to…
RIMS announces its 2011 board of directors
December 21, 2010 by Canadian UnderwriterScott B. Clark will serve as the president of the Risk and Insurance Management Society (RIMS) in 2011. Clark served as RIMS secretary in 2010 and has been a member of the RIMS board since 2000. He is a founder…
US P&C industry sees improved net income on investment gains: ISO
December 21, 2010 by Canadian UnderwriterPrivate U.S. property/casualty insurers’ net income after taxes rose to $26.7 billion through the first nine months of 2010, up from $16.4 billion through the same period of 2009, according to Insurance Services Office (ISO).The figures are consolidated estimates for…
DNA testing at the top of MPI’s list of Top 5 frauds in 2010
December 20, 2010 by Canadian UnderwriterDNA testing, CSI-style, ferreted out a fraud scheme in which a Manitoba driver vehemently denied crashing his car, causing his airbag to deploy.The attempted fraud made the top of Manitoba Public Insurance (MPI)’s Top 5 frauds of 2010.The vehicle owner…
Hub International acquires assets of Leeds Insurance Brokers
December 20, 2010 by Canadian UnderwriterHub International Limited (Hub) has acquired the assets of Leeds Insurance Brokers Inc. (Leeds), a Toronto, Ontario-based insurance brokerage firm. Terms of the acquisition were not disclosed. The Leeds operations will become part of HKMB Hub International Limited (HKMB Hub).…
First Dimension Engineering changes name to Rochon
December 20, 2010 by Canadian UnderwriterFirst Dimension Engineering, which has been operating as a Division of Rochon Engineering for the past five years, is now officially changing its name to Rochon Engineering.“It’s not a new company, we’re just adopting our corporate name,” Rochon Engineering announced…
Canadians are risk-averse: RSA study
December 20, 2010 by Canadian UnderwriterThe rising cost of living, climate change and damage to the natural environment are the Top 3 risks keeping Canadians awake at night, according to a global RSA survey.Rounding out the Top 5 risks that concerned Canadians were cancer and…
Battered New Brunswick facing more bad weather
December 20, 2010 by Canadian UnderwriterAlready battered by flooding in Fredericton and the southwestern part of the province, New Brunswick is in for more severe weather, warns Environment Canada.A major low-pressure system south of Nova Scotia will bring a mix of precipitation and strong winds…
Chinese flooding causes $52-billion loss, only 1%-2% of which is insured
December 20, 2010 by Canadian UnderwriterFlooding in China during the summer of 2010 – the worst since 1998 – resulted in an estimated $52-billion economic loss, but insured losses are only approximately 1% or 2% of that total, Guy Carpenter reports.Twenty-five rivers in China flooded…