News
93% of New York, New Jersey claims from Sandy settled
April 22, 2013 by Canadian UnderwriterThe majority of claims received in New Jersey and New York following Superstorm Sandy have been settled, and estimated insured losses make the storm the third costliest in U.S. history, according to the Insurance Information Institute. Insurance regulators have reported…
Ontario regulator warns of individual selling false insurance cards
April 22, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that Bosko Kostovski is not licensed to do insurance business in the province. Police have charged Kostovski for fraud, forgery, and sale of false or invalid insurance…
AIR Worldwide launches new service for real-time climate risk analysis
April 22, 2013 by Canadian UnderwriterCatastrophe modelling firm AIR Worldwide has introduced a new service for corporations and emergency management agencies to manage and assess their risk from natural catastrophes. Dubbed Real-Time Climate Risk Analytics, the service “addresses the uncertainty in data reported in real…
Risk readiness among organizations declined last year, global survey says
April 22, 2013 by Canadian UnderwriterOrganizations worldwide are showing a decline in risk readiness, with only three industries showing the same or an improved level of preparedness for major risks, suggests a new study from Aon Risk Solutions. On average, readiness for the top 10…
RIMS Community Service Day kicks off RIMS Conference & Exhibition
April 21, 2013 by Canadian UnderwriterRIMS Community Service Day, expected to attract more than 100 risk and insurance professionals in support of the Child Care Resource Center (CCRC), kicks off the 2013 RIMS Annual Conference & Exhibition in Los Angeles later today. The Zurich-sponsored event,…
Ontario court rules against auto accident claims fund after attempt to suspend uninsured driver’s licence
April 19, 2013 by Greg Meckbach, Associate EditorAn Ontario court recently ruled against the province’s Minister of Finance when the Financial Services Commission of Ontario’s payer of last resort tried to collect money from and threatened to suspend the licence of an uninsured driver who had been…
Many consumers say businesses aren’t transparent enough about privacy risks
April 19, 2013 by Canadian UnderwriterBreaches of personal information at an organization can have a major impact on its business, with consumers reporting ceasing to do business after a breach, notes a new report from the Economist Intelligence Unit (EIU). In a global survey of…
New cat bond issuance in Q1 reached $670 million
April 19, 2013 by Canadian UnderwriterNew catastrophe bond issuance for the first quarter of the year reached $670 million, with another $1.2 billion of bonds in the process of being marketed, Aon Benfield Securities April 18. Three cat bonds closed during the quarter, according to…
Growth for global reinsurance continues, but economic challenges remain: A.M. Best
April 19, 2013 by Canadian UnderwriterThe global reinsurance market is continuing to grow, despite several economic environment challenges, rating company A.M. Best says, adding that it is holding the outlook for the segment at stable. In a new special report on the reinsurance market, the…
Sleepy drivers account for 20% of collisions: study
April 19, 2013 by Canadian UnderwriterFindings from a study by the Virginia Tech Transportation Institute suggests that 20% of collisions are the result of driver fatigue, even among those that occurred during the day. Results from the “100-car naturalistic study” go against other estimates based…
How an earthquake or sun spot could cripple Canada’s P&C industry
April 19, 2013 by Canadian UnderwriterCanadian property and casualty insurance carriers are well prepared to respond to a natural catastrophe giving rise to claims of up to $15 billion, but a disaster with insured losses of $30 billion or more will overwhelm the industry, suggests…
XL unveils environmental liability coverage for food and beverage processors
April 18, 2013 by Canadian UnderwriterXL Group plc of Dublin announced Thursday it plans to offer new insurance coverage, along with risk management services, to the Canadian and American food and beverage industry, with the aim of eliminating gaps in coverage. One new coverage will…