News
Spring flood risk for Manitoba lower than 2011, moderately higher than last year
February 28, 2013 by Canadian UnderwriterThe spring flood outlook for this year in Manitoba is moderately higher than last year, but significantly lower than 2011, which had the greatest amount of flooding in the province’s history in terms of scope and duration. According to Manitoba’s…
The Guarantee offers corporate clients privacy breach training through IDT911
February 28, 2013 by Canadian UnderwriterThe Guarantee Company of North America announced Thursday a partnership with Scottsdale, Ariz.-based IDT911 Inc., whose services include privacy breach consulting. The Guarantee is now offering several privacy risk services to its corporate policyholders though IDT911, such as helping victims…
IBC, FSCO remind consumers how to report auto insurance scams as Fraud Prevention Month kicks off
February 28, 2013 by Canadian UnderwriterThe Insurance Bureau of Canada and Financial Services Commission of Ontario kicked off Fraud Prevention Month on Thursday by reminding consumers of how to report insurance fraud, especially in auto insurance in the province. Fraud Prevention Month runs through March…
Ontario MPP says constituents ignored when complaining about poor state of major northern road
February 27, 2013 by Canadian UnderwriterAn Ontario New Democratic Party politician complained this week about the state of the major road between Timmins and Sudbury, contending winter driving in the area has become high risk. France Gelinas, the NDP member of provincial parliament for Nickel…
B.C. condo owners lawsuit over Travelers home warranty going to trial
February 27, 2013 by Canadian UnderwriterA British Columbia court this week denied an application by a group of condo owners suing the Travelers Guarantee Company of Canada over a new home warranty to get a summary determination on a question of what the warranty actually…
Restoration companies, travel insurance provider and brokerage make 50 Best Managed Companies list
February 27, 2013 by Canadian UnderwriterSeveral companies in the property and casualty industry have made Deloitte’s list of Canada’s 50 Best Managed Companies, including those in the restoration field and a brokerage company, while others requalified on the list for a consecutive year. Companies compete…
Urbanization, growing population density increasing U.S. tornado exposure: Lloyd’s
February 27, 2013 by Canadian UnderwriterThe increasing density of mobile homes and greater urbanization in parts of the United States vulnerable to tornadoes is leading to greater losses, both in terms of economic damages and lives lost, notes a new report from Lloyd’s. The U.S.…
Insurers using mobile, social media to tackle customer retention problems
February 27, 2013 by Canadian UnderwriterCustomer loyalty in the insurance industry is at risk, one report says, as only 30% of those included in a recent global survey reporting positive experiences with their insurers. On average, only one in three customers across 30 countries…
Average auto collision repair costs will increase: report
February 27, 2013 by Canadian UnderwriterSoftware maker Mitchell International Inc. released Tuesday predictions for the property and casualty insurance and automotive repair industries, forecasting lower prices for recycled parts, an overall increase in the cost to repair damaged vehicles and an increased demand for cloud…
Ontario court rules for insurers in Onex D&O liability case
February 26, 2013 by Greg Meckbach, Associate EditorThe Ontario Court of Appeal this week ruled in favour of several insurance companies in dismissing an appeal, from Toronto private equity firm Onex Corp., of a ruling from a lower court ordering American Home Insurance to pay $15 million…
Concern for some environmental issues down, but up for climate change: report
February 26, 2013 by Canadian UnderwriterConcern for climate change is up globally from where it was a decade ago, but overall concern for other environmental issues has reached a 20-year low, notes a new report based on a multi-country survey. The GlobeScan Radar annual tracking…
New York, New Jersey order new measures to speed up Sandy claims disputes
February 26, 2013 by Canadian UnderwriterNew York and New Jersey, two of the U.S. states majorly affected by last fall’s Superstorm Sandy, have each launched new efforts to speed up claims dispute settlement. In New York, a new regulation reduces the amount of time an…