News
Insurance execs call on governments for better flood risk information
June 26, 2013 by Greg Meckbach, Associate EditorAs Albertans deal with flood losses possibly exceeding the costs of the 2011 Slave Lake fires, insurance executives are calling on governments to provide better information to the Canadian industry. “This is going to be very catastrophic,” Patrick Lundy, president…
Federal government requires pipeline companies to have $1 billion for damage response
June 26, 2013 by Canadian UnderwriterThe Canadian government has announced new requirements for companies operating major crude oil pipelines, including a $1 billion capability to respond to spills or other damage. Natural Resources Minister Joe Oliver also announced Wednesday a requirement for companies to appoint…
Cat model for U.S. hurricanes certified by Florida organization
June 26, 2013 by Canadian UnderwriterAIR Worldwide has announced that its hurricane model for the United States has been certified by a Florida body. The Florida Commission on Hurricane Loss Projection Methodology certifies models used by insurers for developing residential and commercial property rate filings…
Maryland city ranks No. 1 on insurer’s list of safest places to live in U.S.
June 26, 2013 by Canadian UnderwriterBethesda, Md. has maintained its top spot on an annual list of large communities in the United States ranked on their safety and security. Grand Rapids, Mich. and Pittsburgh also made the top three in the large communities category of…
Global premiums written grew 2.4% in 2012: Swiss Re study
June 26, 2013 by Canadian UnderwriterGlobal premium for the non-life insurance sector grew 2.6% last year, and premium growth is likely to improve further in the near term, according to the latest sigma study from Swiss Re. Overall, total global premiums written increased to $4.61…
State Farm’s lightning-related claims cost more than $200 million last year
June 26, 2013 by Canadian UnderwriterWith the start of peak lightning season, State Farm calls lightning one of nature’s most underestimated dangers, reporting that it paid more than $200 million in related insurance claims across North America last year. Citing data compiled by Environment Canada,…
Global market for commercial insurance brokers set for rapid growth
June 25, 2013 by Canadian UnderwriterThe global market for commercial non-life insurance brokers is set for strong growth up to 2016, led by rapid growth in emerging markets, according to research firm Finaccord. Commercial non-life insurance markets for brokers outside of Europe and North America…
Africa, South Asia to be hit hard by warming global temperature over next decade
June 25, 2013 by Canadian UnderwriterAfrica and Asia will be the hardest hit by possible warming global temperatures, especially coastal cities more vulnerable to violent storms, according to a newly-released report from the World Bank Group. A global temperature rise of 2°C in the next…
Saskatchewan government approves auto insurance rate increase
June 25, 2013 by Canadian UnderwriterThe Saskatchewan government has approved a rate increase for auto insurance in the province, effective at the end of August. The government has approved a 1.03% overall increase to Saskatchewan Auto Fund rates, along with rate rebalancing, and a 1.23%…
Manitoba government creates new rules for vehicle repair shops
June 25, 2013 by Canadian UnderwriterThe Manitoba government has created new rules for vehicle repair work, in a move it says will strengthen consumer protection. The rules, effective July 1, are meant to protect Manitobans from unauthorized repairs, repairs that cost more than the estimate,…
Bangladesh factory collapse highlights major risks facing retail sector: Marsh
June 25, 2013 by Canadian UnderwriterThe garment factory collapse in Bangladesh in April, which killed more than 1,100 people, highlights the major impact that poor labour conditions can have on organizations’ reputations and supply chains, notes a new report from Marsh. On April 24, the…
A third of Fortune 500 execs fall for phishing attempts
June 25, 2013 by Canadian UnderwriterAn average of one-third of Fortune 500 corporate executives are falling for phishing attacks, suggests a security awareness and training company in the United States. Actual simulated phishing attack results show that C-level executives may be most likely to take…