News
FSCO too involved in auto insurance price setting, says PC critic
March 12, 2013 by Harmeet Singh, Online EditorAllowing auto insurers to change their rates faster, without going through the current steps mandated under the Financial Services Commission of Ontario, would go a long way in fixing the province’s flawed system, the PC Party’s auto reform critic says.…
FSCO nears halfway point of mediation backlog pilot initiative
March 12, 2013 by Harmeet Singh, Online EditorThe Financial Services Commission of Ontario is reaching the midway point of a six-month pilot aimed at streamlining part of its mediation process and saving mediators’ time. Effective Jan. 2, the pilot program allows the parties involved in mediation who…
Higher prices across all account sizes for standard commercial lines in U.S.: Towers Watson
March 12, 2013 by Canadian UnderwriterCommercial insurance prices in aggregate increased by almost 7% for 2012 Q4 in the United States, with price increases observed across all account sizes for standard commercial lines, notes a new survey from Towers Watson. The company’s most recent Commercial…
Zurich announces five-year alliance with Red Cross for flood resilience program
March 11, 2013 by Canadian UnderwriterZurich Insurance Group has announced a five-year partnership with the International Federation of Red Cross and Red Crescent Societies (IFRC), with the company putting 21 million Swiss francs (roughly $22.7 million) into the alliance. The partnership is part of Zurich’s…
Bermuda insurers will cover more than $2.5 billion of Sandy claims
March 11, 2013 by Canadian UnderwriterBermuda insurers will cover more than $2.5 billion of claims resulting from last fall’s Hurricane Sandym the Association of Bermuda Insurers and Reinsurers (ABIR) said late last week. Loss estimates from the storm are around $18 billion, with about half…
U.S. insurers, regulators urged to prepare for climate change: Ceres
March 11, 2013 by Canadian UnderwriterAlmost half of the United States insurers taking part in a Ceres survey say the effect of current extreme weather events on operations, revenue and profitability is a motivator of action on climate change. “The exposure of the company’s operations,…
Aon Benfield forecasting arm introduces new cat scenario models
March 11, 2013 by Canadian UnderwriterImpact Forecasting, the catastrophe model development arm of Aon Benfield, announced Monday several new scenario models to generate loss estimates for specific historical or hypothetical events, including storm surge from last fall’s Hurricane Sandy. The massive flooding in Thailand in…
Court rules against Insurance Corporation of B.C. in fatal truck collision
March 11, 2013 by Canadian UnderwriterA British Columbia court last week ruled against the provincial government’s auto insurance provider, which was sued by a commercial client whose accident claim was denied. In a decision released March 5, Madam Justice Lauri Ann Fenlon ruled that Streeper…
Insurance Institute for Highway Safety announces Honda Civic first small car to be awarded Top Safety Pick
March 8, 2013 by Canadian UnderwriterThe Insurance Institute for Highway Safety announced Thursday five additional vehicles have earned the Top Safety Pick+ award and Honda Motor Co.’s Civic is the first small vehicle to attain the designation. To be named a Top Safety Pick+, a…
People often the weak security link for Canadian firms: report
March 8, 2013 by Canadian UnderwriterMany security leaders at Canadian firms say they fear that not knowing about a cyber breach doesn’t mean one hasn’t occurred, leading to concerns around brand reputation, notes a new report from Telus and the Rotman School of Management at…
Towers Watson, Vodafone launch telematics program, with AIG signed up for pilot
March 8, 2013 by Canadian UnderwriterMobile communications company Vodafone and Towers Watson have launched a telematics program, aimed at speeding up the development of usage based insurance offerings outside of North America. United Kingdom insurance company AIG Europe Limited, part of the international group AIG,…
UN organizations among those hosting meeting on drought policy
March 8, 2013 by Canadian UnderwriterInstitutions that are part of the United Nations, along with partners including the World Meteorological Organization (WMO), will be hosting a meeting on national drought policy in Geneva this month, in an effort to combat the effects of what has…