News
Manitoba government urges homeowners to use subsidy for basement flood mitigation
April 15, 2013 by Canadian UnderwriterThe Manitoba government is encouraging homeowners in the province to take advantage of a subsidized program to reduce the risk of basement flooding. The Municipal Sewer Backup Subsidy program came into effect in 2011 and is now offered by 22…
Forest fire season begins in New Brunswick
April 15, 2013 by Canadian UnderwriterForest fire season in New Brunswick began Monday, and the provincial government is urging residents to take precautions to make sure fires aren’t “carelessly ignited.” Last year, 344 fires burned 362 hectares of forest land in New Brunswick, according to…
NOAA predicts mixed drought outlook for U.S.
April 15, 2013 by Canadian UnderwriterNearly a year after the United States Corn Belt had its driest June-July in 75 years, a U.S. think tank says moderate or exceptional drought covered more than half the continental U.S. last week. Meanwhile, the National Weather Service is…
Fracking “not significant” in causing earthquakes: U.K. research
April 15, 2013 by Canadian UnderwriterResearch out of the United Kingdom that considered hundreds of thousands of hydraulic fracturing operations indicates these produced only a handful earthquakes that could be felt on the surface, but that the fracking process has the potential to reactivate dormant…
No damage expected after two small quakes felt in B.C., Quebec
April 15, 2013 by Canadian UnderwriterTwo small earthquakes were felt in Canada early this week, off the coast of British Columbia and in Quebec, although no damage is expected. On Sunday, shortly after 3 pm PDT, a 4.5-magnitude quake was lightly felt in Skidegate, a…
ACE Group launches new agriculture P&C business
April 12, 2013 by Canadian UnderwriterACE Group announced Thursday that it has formed an agriculture property and casualty business, reflecting the integration of two recent acquisitions. Dubbed ACE Agribusiness, the new business is comprised of Penn Millers Insurance Company, which ACE acquired in 2011, and…
Modest returns on equity for private passenger auto insurers over last two years: IBC
April 12, 2013 by Canadian UnderwriterPrivate passenger auto insurers saw marginal net returns in 2012 and 2011 after recovering from a severe loss situation prior to the 2010 auto reforms, Insurance Bureau of Canada (IBC) reports. IBC commissioned J.S. Cheng & Partners Inc. (JSCP) and…
Over-inflated charges for assistive devices costing insurance industry
April 12, 2013 by Laura Kupcis, Editor, Claims CanadaImplementing standing pricing for assistive devices could save the insurance industry a substantial amount of money, suggests Constable Glen Morash of the Major Fraud Bureau with Peel Regional Police. Morash was speaking at ISB Canada’s ISB-U Education Series event, in…
FSCO posts superintendent’s report on insurance for 2011
April 12, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario posted the Superintendent’s Report on Insurance for 2011 this week, summarizing some key figures for the property and casualty and life insurance companies that operate in the province. In 2011, more than half (52.1%)…
Consumer group releases recommendations to fix B.C. public auto insurer
April 12, 2013 by Canadian UnderwriterThe Consumers’ Association of Canada’s British Columbia branch has released a new report that includes 15 recommendations for improving how the government runs the province’s public auto insurer. The Insurance Corporation of British Columbia (ICBC) has become a “cash cow,”…
Insurance Institute to offer new course for Saskatchewan auto restricted licensing
April 12, 2013 by Canadian UnderwriterThe Insurance Institute has announced a new course for auto insurance professionals in Saskatchewan on new restricted auto licensing requirements in the province. The new Saskatchewan Automobile Restricted Licensing Agent course is launching in Regina on May 11. The two-day…
Willis Group partners with tech firm for new loss prevention offering
April 12, 2013 by Canadian UnderwriterGlobal insurance broker and risk advisor Willis Group has partnered with Presage Group, a technology firm that providers Enterprise Behavioral Risk Management (EBRM) tools, to offer loss prevention services to its clients. EBRM looks at what drives behavior and actions,…