News
FSCO lays out how insurers should take on usage based insurance programs
February 13, 2013 by Harmeet Singh, Online EditorThe Financial Services Commission of Ontario is looking at how to take on usage based insurance (UBI) in the province, but it’s still taking things slow before jumping into approving new programs. The regulator has been looking at UBI and…
P&C insurance workforce younger in 2012 than in 2007: report
February 13, 2013 by Canadian UnderwriterProperty and casualty insurance firms in Canada need to focus on recruiting aboriginal and internationally-trained professionals, and on flexible work arrangements to retain workers in their 30s, according to a recent report. The Insurance Institute of Canada announced Wednesday it…
Former IBAC president MacGregor joins Avec Insurance
February 13, 2013 by Canadian UnderwriterJustin MacGregor has joined Avec Insurance Managers Inc. as executive vice-president. A former executive vice president of Martin Merry and Reid Ltd., MacGregor has been both chairman and president of the Insurance Brokers Association of Canada (IBAC). In 2005-06, he…
RSA appoints new Ontario leader of Large Commercial & Specialty business
February 13, 2013 by Canadian UnderwriterProperty and casualty insurer RSA has appointed Paul Lucarelli as vice president of its Large Commercial and Specialty business in the Ontario Region. In this new role, Lucarelli will also lead the compnany’s Large Commercial and Speciality upper Mid-Market business…
Western Financial expands in Saskatchewan
February 13, 2013 by Canadian UnderwriterWestern Financial Group (Western) has announced that Melfort Agencies Ltd. has joined its network of insurance brokerages effective Feb. 1, marking Western’s 23rd location in Saskatchewan. “Joining Western Financial Group was the logical choice for me as I looked for ways to…
Car drivers mostly at fault in U.S. fatal collisions involving trucks: report
February 13, 2013 by Canadian UnderwriterThe American Trucking Associations announced Tuesday it released a report that studied cause factors of collisions in the United States causing death or serious injury involving trucks. “Almost all crashes are triggered by a particular driver error or other failure…
Saskatchewan buying reinsurance for crop losses
February 12, 2013 by Canadian UnderwriterSaskatchewan Crop Insurance Corp. announced Monday it will be purchasing private reinsurance in 2013. “In 2013, for the first time ever, private reinsurance will be purchased for the Crop Insurance Program to stabilize premiums, which will help protect producers in…
ICLR schedules seismic risk workshop in Toronto
February 12, 2013 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has scheduled Feb. 22 a workshop on reducing the risk from earthquakes. Ross Stein from the U.S. Geological Survey will be hosting the workshop, titled The Global Earthquake Model: A new approach to…
Ascent Underwriting offers privacy breach insurance in Canada through Lloyd’s affiliates
February 12, 2013 by Canadian UnderwriterAscent Underwriting, a division of Safeonline PLC, officially launched Monday its CyberPro set of insurance products, which include liability coverage for privacy breaches resulting from hacking of computer networks. “Cyberpro not only has an insuring module which covers a business…
IAG estimates Oswald claims to date at as much as $140 million
February 12, 2013 by Canadian UnderwriterInsurance Australia Group’s (IAG) Australia Direct and CGU businesses is are estimating the more than 13,700 claims received to date following ex-tropical cyclone Oswald will carry costs of $120 million to $140 million. All figures are in Australian dollars. The…
No substantial structural damage reported in recent snow storm: AIR Worldwide
February 12, 2013 by Canadian UnderwriterThere have been no reports of substantial structural damage to date despite an estimated 40 million people being affected by the Feb. 8-9 winter storm that dumped huge amounts of snow on areas stretching from New York into Canada, AIR…
SCOR Global reports strong renewals
February 11, 2013 by Canadian UnderwriterSCOR Global P&C has recorded strong renewals for the beginning of the year, with a 9% increase in gross written premiums, and an expected 1.3% improvement in technical profitability for total contracts renewed. The company is also expecting a price…