News
NOAA forecasts ‘active or extremely active’ 2013 Atlantic hurricane season
May 23, 2013 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration issued its Atlantic hurricane season outlook Thursday, predicting an active or extremely active storm season this year. For the six-month season, which begins June 1, the NOAA’s Climate Prediction Center said there is a…
Ontario brokers urge young drivers to stay sober this summer, as impaired driving incidents increase
May 23, 2013 by Canadian UnderwriterMore than 90,000 impaired driving incidents were reported by police in 2011 in Canada, up by roughly 3,000 over the year prior, the Insurance Brokers Association of Ontario noted this week as part of an ongoing safety campaign aimed especially…
Washington, D.C., Virginia Beach risky road trip destinations based on crash data
May 23, 2013 by Canadian UnderwriterWashington, D.C. and Virginia Beach are among the riskier summer road trip destinations based on auto collision data, according to analysis from Erie Insurance. The Pennsylvania-based insurer looked at 10 popular vacation destinations and ranked them in terms of crash…
Net income drops, direct written premiums rise at Desjardins General
May 23, 2013 by Canadian UnderwriterDesjardins General Insurance Group announced Thursday its financial results for the three months ending March 31, reporting net income of $25.4 million on direct written premiums of $482.4 million. The Levis, Quebec-based property and casualty carrier said first quarter net…
Mobile device use among insurance carriers for customer service tasks growing
May 23, 2013 by Canadian UnderwriterSmartphone and tablet use among global insurance carriers for providing customer service has increased over the past few years, according to survey results from FirstBest Systems. The survey, a follow-up to a similar survey in 2011, included 55 responses representing…
Environment Canada confirms tornado in Ontario
May 22, 2013 by Canadian UnderwriterEnvironment Canada confirmed Wednesday that a tornado occurred in Ontario, the second of the season. On Tuesday at 3 p.m. ET, a tornado occurred near Glenarm, Ont., a small community in the City of Kawartha Lakes, Environment Canada confirmed in…
Travelers launches new customized commercial property, liability coverage in Canada
May 22, 2013 by Canadian UnderwriterTravelers Insurance Company of Canada announced Wednesday it has launched IndustryEdge, which includes custom coverage for several industries, including restaurants, hotels, wineries and metal products manufacturers. The Canadian products, which target mid-sized firms, are modeled after those of its New…
Consumers find insurer websites easy for policy services, challenging when shopping for coverage: report
May 22, 2013 by Canadian UnderwriterAuto insurance customers find it easier to use insurance company websites to service their existing policies rather than for shopping around for coverage, according to results from a recent U.S. study by J.D. Power and Associates. The study asked customers…
Estimated property replacement value from Oklahoma tornado more than $2 billion: AIR
May 22, 2013 by Canadian UnderwriterPreliminary damage estimates from a tornado that devastated Moore, Oklahoma place replacement value of properties between $2.2 billion and $6.4 billion, according to AIR Worldwide. The replacement value is dependent on the buffer zone around the track of the tornado…
IME companies must focus on client service, diversify in face of regulatory changes
May 22, 2013 by Canadian UnderwriterOngoing regulatory reform, particularly related to Ontario auto insurance, along with general industry consolidation, means Canadian independent medical evaluation companies must diversify their offerings and continue working with stakeholders, a new whitepaper from Cira Medical Services argues. Reforms in 2010…
Travelers to get hurricane loss protection until 2016 through $300 million cat bond issue
May 22, 2013 by Canadian UnderwriterLong Point Re III Ltd. has issued US$300 million worth of three-year cat bonds to provide The Travelers Companies Inc. with protection from hurricane losses in the northeastern United States. Travelers had earlier reported US$669 million in after-tax catastrophe losses…
P&C industry loss reserve position stable: Conning
May 21, 2013 by Canadian UnderwriterThe U.S. property and casualty insurance industry released in excess of US$10.5 billion in reserves in 2012 but the industry loss position is either stable or improved from 2011, according to a report released this week by Conning & Company.…