News
Newfoundland appeal court rules insurer doesn’t have duty to defend in ATV accident case
May 31, 2013 by Canadian UnderwriterThe Newfoundland and Labrador Court of Appeal recently ruled that The Dominion General Insurance Company of Canada does not have a duty to defend a homeowner policyholder who is being sued in connection with an all-terrain vehicle accident. However, The…
4.2 million U.S. homes at risk of hurricane storm surge: report
May 31, 2013 by Canadian UnderwriterMore than four million United States homes, with a combined value of over $1 trillion, are at risk of hurricane storm surge damage, according to a new report from analytics firm CoreLogic. The firm estimates that 4.2 million single-family home…
NICB, Oklahoma insurance department work to prevent fraud as 23,000 claims filed in state after tornado
May 31, 2013 by Canadian UnderwriterThe National Insurance Crime Bureau is working with Oklahoma’s state insurance agency to educate residents about fraud, after about 23,000 claims have been filed following devastating tornadoes and storm events earlier this month. The Oklahoma Insurance Department, which oversees the…
P&C industry well-positioned to take on 2013 hurricane season: Fitch
May 31, 2013 by Canadian UnderwriterThe insurance and reinsurance market has enough capacity available to withstand potential hurricane-related losses in the United States this year, according to Fitch Ratings. In the eighth edition of the firm’s annual hurricane season desk reference, Fitch said that pricing…
EQECAT deal with RMS aims to improve translation of exposures between different cat models
May 31, 2013 by Canadian UnderwriterEQECAT Inc. announced Thursday it has “finalized an agreement to share exposure data schemas” with Newark, Calif.-based Risk Management Solutions Inc. Oakland, Calif.-based EQECAT’s catastrophe modeling software is designed to quantify risk from events such as earthquakes, hurricanes, floods, tornados,…
Canadians unprepared for the effects of severe weather: poll
May 31, 2013 by Canadian UnderwriterThe majority of Canadians are not prepared for the effects of severe weather, according to a national poll conducted by Pollara. Only 8% of respondents believe Canadians in general are very actively preparing for severe weather. Similar numbers say this…
Marsh expands Captive Solutions operations in Halifax
May 30, 2013 by Canadian UnderwriterGlobal insurance broking and risk management firm Marsh has announced plans to expand its Captive Solutions Group operations in Halifax, including hiring more employees over the next five years. The Captive Solutions division provides consulting, design and management services to…
B.C. judge quashes order requiring insurer to review all credit score consent forms obtained since 2004
May 30, 2013 by Canadian UnderwriterA British Columbia court ruled last week in favour of Economical Mutual Insurance Company when it set aside orders from the province’s Information and Privacy Commissioner that would have required the carrier and its brokers to review all credit score…
Manitoba announces flood control infrastructure projects estimated at $250 million
May 30, 2013 by Canadian UnderwriterThe Manitoba government has announced flood control infrastructure projects estimated at about $250 million to help protect the areas around Lake St. Martin and Lake Manitoba. Funding for the projects will come from the government’s “Manitoba Building and Renewal Plan.”…
Marsh Canada offers clients access to cargo theft analytic tools
May 30, 2013 by Canadian UnderwriterMarsh Canada is the latest company to join the CargoNet and National Equipment Register (NER), efforts aimed at preventing cargo and heavy equipment theft and improving theft recovery rates. Marsh’s clients will now have access to CargoNet and NER’s data…
Arrests made in west-end Toronto alleged staged auto-collision
May 30, 2013 by Canadian UnderwriterFour individuals have been arrested and charged after they allegedly participated in a staged auto collision in the city of Toronto’s west-end. The alleged staged collision involved two vehicles in January 2012 at an intersection in the Etobicoke district of…
IBC denounces Ontario NDP auto insurance statements as ‘irresponsible’
May 30, 2013 by Canadian UnderwriterWhile the Ontario New Democratic Party complains some vehicle owners are seeing their premiums rise by as much as 30%, the Insurance Bureau of Canada denies carriers are raising rates in anticipation of mandated decreases. The minority Liberal government’s budget…