News
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…
Insurers, brokers struggle with connectivity issues despite technology advancements
March 8, 2013 by Canadian UnderwriterBoston consulting firm Strategy Meets Action released this week the results of a recent survey of property and casualty insurance firms, suggesting that despite technologies linking the computer systems of brokers and agents with those of carriers, many workers are…
Fraud detection software a good investment – if claims staff know how to use it
March 7, 2013 by Greg Meckbach, Associate EditorInsurance carriers are starting to invest in analytics software to detect fraud, but what’s even more important is having claims staff who are good at using it, educating policy makers and preventing fraudsters from buying policies in the first place,…
Drought events increasing, but still an underestimated risk: Munich Re
March 7, 2013 by Canadian UnderwriterDroughts are increasingly becoming one of the most destructive of natural catastrophes worldwide, with the number of loss-producing droughts doubling since the 1980s, but it remains an underestimated risk, notes a new report from Munich Re. Still, droughts remain an…
Intact remains full partner in IBAC’s Broker Identity Program
March 7, 2013 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) has announced that Intact Insurance has maintained its support of the Broker Identity Program (BIP) at the Full Partner level, IBAC’s branding program aimed at conveying the value of the broker channel. The…