News
Storm Sandy affects Allstate’s fourth quarter earnings
February 7, 2013 by Canadian UnderwriterThe Allstate Corp. released Wednesday financial results for the three months and full year ending Dec. 31, recording net income of $2.3 billion on revenues of $33.3 billion in 2012. All figures are in U.S. dollars. Net income for the…
How adjusters can handle staged collisions
February 7, 2013 by Greg Meckbach, Associate EditorStaged collisions can be very lucrative for fraudsters managing treatment centres, an Insurance Bureau of Canada official says. IBC has evidence that some clinics whose owners or managers are involved in organized crime are paying co-conspirators $2,000 to $3,000 for…
Truck tailgate theft up in the U.S.: report
February 7, 2013 by Canadian UnderwriterIn a first-time report, the National Insurance Crime Bureau in the United States has reported that from 2006 to 2012, there were more than 1,300 claims related to tailgate theft from pickup trucks. Between Jan. 1, 2006 and Sept. 30,…
Recent developments helping auto fraud-fighting efforts in Ontario
February 7, 2013 by Angela Stelmakowich, EditorInsurers should be heartened by some recent decisions around auto fraud, perhaps signalling a shift from what some may have been viewed as a pro-claimant bent at the Financial Services Commission of Ontario (FSCO), one lawyer says. “There have been…
Munich Re posts $4.3 billion profit for 2012, satisfied with renewals
February 6, 2013 by Canadian UnderwriterGlobal reinsurance giant Munich Re has posted a profit of €3.2 billion ($4.3 billion) for 2012, up from €0.71 billion in 2011, saying it is satisfied with its renewals going into this year. For 2012, the company posted an operating…
Half of employees think taking company IP when leaving their job is okay: survey
February 6, 2013 by Canadian UnderwriterHalf of employees who left or lost their jobs last year took confidential data with them when the departed, with 40% planning to use that data in their new job, findings from a new global survey suggest. The report from…
Intact reports net income of $587 million for 2012
February 6, 2013 by Canadian UnderwriterIntact Financial Corp., Canada’s largest provider of property and casualty insurance, has reported a jump in its earnings for the last quarter of 2012, as well as for the entire year compared to 2011 results. The company reported Wednesday a…
Claims managers must remember importance of customer service, good faith
February 6, 2013 by Greg Meckbach, Associate EditorCarriers may deny claims on occasion, but speakers at a conference Tuesday advised claims professionals to never forget their first job is to provide customer service business and to take heed to judges’ rulings on what constitutes good faith. “It’s…
Industry could see more M&A activity this year, outlook report says
February 5, 2013 by Canadian UnderwriterThe Canadian insurance industry could see more merger and acquisition activity in 2013, in part because of continuing low investment returns, suggests a new outlook report from Aon Risk Solutions. Overall, the market will remain stable in 2013, and insurers…
Professional education allows for more career success, better customer service: poll
February 5, 2013 by Canadian UnderwriterA majority of Canadians believe keeping up with professional education helps most people in their careers and allows insurance professionals to deliver better service, suggests findings from a new poll commissioned by the Insurance Institute of Canada. Results from the…
Dynamic risk management needed to address mining’s threat landscape: Willis
February 5, 2013 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings plc advises that more dynamic risk management will be necessary to answer an unprecedented threat landscape in the mining industry. Its report, Mining Market Review, highlights key challenges facing the global mining industry in…
Marine risk experts invited to bid on federal hazardous materials spill preparedness study
February 5, 2013 by Canadian UnderwriterThe federal government announced Monday it is looking for a contractor with expertise in marine risk to conduct a risk assessment on spills, from ships and oil handling facilities, of hazardous substances in Canadian waters. “The completion of this pan-Canadian…