Topic
Insurance
2008 is second-costliest year for global catastrophes
December 18, 2008 by Canadian UnderwriterGlobal catastrophes in 2008 cost insurers US$50 billion, making it the second-costliest year ever in terms of insured losses, according to a forthcoming Swiss Re sigma study.More than 238,000 people lost their lives to natural catastrophes and man-made disasters this…
What’s New: In Brief (December 18, 2008)
December 18, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is reminding consumers that if thieves break into a vehicle and steal some of its contents, two insurance claims will need to be filed.The auto policy covers damage to the vehicle, while the…
Willis survey suggsts financial lines insurance will become a hot commodity
December 18, 2008 by Canadian UnderwriterA recent Willis Group Holdings survey suggests liability insurance for financial loss will be a hot commodity in the near future.Willis’ Financial and Executive Risks (FINEX) division surveyed 40 delegates attending Willis’ quarterly Financial Institutions seminar. Sixty-six per cent of…
New small cars earn good safety marks for frontal crashes, but not in side or rear crash testing
December 18, 2008 by Canadian UnderwriterMost new small cars now earn good ratings in frontal crash tests but not when it comes to side and rear crashes, according to a report by the Insurance Institute for Highway Safety (IIHS). The IIHS recently completed front, side…
Luxury Audis, aging Dodge Neons make IBC’s 2008 Top 10 stolen vehicles list
December 17, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC)’s 2008 list of the Top 10 most frequently stolen vehicles in Canada includes the appearance of luxury Audis and aging Dodge Neons, reflecting two motivations for auto theft — export and parts. Luxury vehicles…
Wireless tracking advocated as means to supplement immobilizers in the reduction of car theft
December 17, 2008 by Canadian UnderwriterWhen it comes to anti-theft devices for automobiles, immobilizers aren’t the only game in town, says a Montreal-headquartered company that sells wireless tracking devices and vehicle recovery systems. Noting that IBC-approved immobilizers have not, when used as the sole method…
Kingsway takes initiatives to cut costs by $20 million
December 17, 2008 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) has announced a number of initiatives in an effort to reduce costs by approximately $20 million.The actions include reducing staff, freezing salaries, eliminating bonuses (except for exceptional performance) and reducing corporate overhead, according to…
IAIS ponders early warning/ early reaction mechanism for reinsured catastrophes
December 17, 2008 by Canadian UnderwriterThe International Association of Insurance Supervisors (IAIS) and specifically the Reinsurance Transparency Group (RTG) are considering an early warning/early reaction mechanism for reinsured major catastrophes, especially catastrophes that span multiple jurisdictions.IAIS’s Global Reinsurance Market Report (GRMR) 2008 notes that some…
Saskatchewan regulator orders car warranty telemarketer to cease and desist
December 16, 2008 by Canadian UnderwriterThe Saskatchewan Financial Services Commission (SFSC) has issued a cease-and-desist order to an unlicensed automobile warranty service that was telemarketing consumers in Saskatchewan.The SFSC’s allegations have not been proven in court.According to the SFSC, World Wide Warranty, Inc., also known…
Airline insurance hardening, despite benign loss environment
December 16, 2008 by Canadian UnderwriterThe airline insurance market is showing sure signs of hardening, with premiums increasing 16% through the month of November, despite the fact that the line has not experienced any significant recent losses, reports Willis Group Holdings.In its report, Airline Insurance…
What’s New: In Brief (December 16, 2008)
December 16, 2008 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) and The Co-operators are poised to unveil on Dec. 17 the third “safer living home” to be built in Canada.The house, which replaces a home that was previously destroyed by fire, has been…
What’s New: In Brief (December 16, 2008)
December 16, 2008 by Canadian UnderwriterNorm Angrove has been appointed senior manager of value-added programs with PPG Automotive Refinish. Angrove will be responsible for marketing the CertifiedFirst and MVP programs in North America effective Jan. 1, 2009.He will lead the strategic direction of CertifiedFirst in…