News
Toronto street tops worst roads list for Ontario
June 18, 2013 by Canadian UnderwriterToronto roads took four of the 10 spots on CAA’s Worst Roads List, with Dufferin Street making the list for the seventh time in total. That street was also voted worst in Ontario for the second year in a row,…
April storm in New Zealand caused $36 million in insured damage
June 18, 2013 by Canadian UnderwriterA storm that hit New Zealand in late April has caused more than $36 million in insured damage, the Insurance Council of New Zealand reported Tuesday. “This was one of the most damaging storm events in the past five years…
U.S. insurance execs acknowledge need to modernize core systems
June 18, 2013 by Canadian UnderwriterTwo-thirds of the approximately 200 insurance executives taking part in a survey earlier this month say they are dealing with aging legacy systems, a situation that SAP AG suggests is a prevailing hindrance to reaching new markets and managing the…
New Solvency II proposals won’t settle disputes on capital levels: Fitch
June 17, 2013 by Canadian UnderwriterThe European Insurance and Occupational Pensions Authority (EIOPA) has released its recommendations on “long-term guarantee products” in the Solvency II regime, but one firm says the proposals aren’t enough to cool disputes between insurers and regulators. Last Friday, the EIOPA…
Hannover Re estimates Europe flood loss of above 100 million euros
June 17, 2013 by Canadian UnderwriterWhile it’s still too early to have a precise estimate of insured losses from flooding in central Europe, Hannover Re said it estimates its net loss could exceed 100 million euros. However, its losses should remain “significantly below” 200 million…
Ontario appeal court rejects bid to force carriers to cover asbestos claims
June 17, 2013 by Canadian UnderwriterThe Ontario Court of Appeal last week ruled in favour of seven insurance carriers who had written liability policies between 1969 and 1980 for Goodyear Canada Inc., whose U.S. parent is facing asbestos-related lawsuits. Goodyear Canada wants those carriers to…
European insurers well-positioned to take on flood losses
June 17, 2013 by Canadian UnderwriterWhile the total impact of major flooding in central Europe is unclear as the situation develops, ratings firm A.M. Best says it expects economic losses to “far exceed” insured losses. In its early analysis of the floods, the firm said…
Results for Shipowners’ Club show growth, suggest long-term stability
June 17, 2013 by Canadian UnderwriterThe Shipowners’ Club saw a 5.8% increase in gross premiums for the year ended Feb. 20, 2013, achieved through organic growth despite continuing difficult economic conditions and an increasingly competitive market, the company noted in releasing its Annual Report 2013…
Colorado wildfire mostly contained after reaching 15,000 acres
June 17, 2013 by Canadian UnderwriterWildfires fed by unseasonably warm temperatures, windy conditions and powerful winds that pushed one blaze toward densely populated subdivisions of Colorado Springs on June 13 prompted the evacuation of thousands of people in the state, catastrophe modelling firm AIR Worldwide…
Insurance industry lacks gender diversity across leadership roles: study
June 14, 2013 by Canadian UnderwriterThe insurance industry lacks gender diversity across all levels of leadership, despite having a high number of women employed in the field, suggests a new study out of the United States. For the study, primary author Mike Angelina, executive director…
Insurers must prepare for talent issues, tech ‘megatrends’
June 14, 2013 by Canadian UnderwriterInsurance companies may not be prepared for several “megatrends” that will become more crucial in the next five years, including changes sprouting from social media and talent issues, according to a new report from Towers Watson. In a survey of…
Brokerage found negligent in connection with rejected home workshop fire claim
June 14, 2013 by Canadian UnderwriterA Nova Scotia Court has ruled that a brokerage that was sued by a home policyholder with an unsuccessful fire claim was negligent and breached the standard of care required in the insurance industry. Paul Keizer’s garage near Wolfville, N.S.…