News
Earthquake off Alaska spurs tsunami warning for coastal B.C., later cancelled
January 7, 2013 by Canadian UnderwriterA 7.5 magnitude earthquake off the west coast of southeastern Alaska on Jan. 5 triggered a tsunami warning in British Columbia that was later rescinded. Although the West Coast Alaska Tsunami Warning Center issued advisory and warning notices for coastal…
U.S. crop insurers face worst results in 25 years: A.M. Best
January 4, 2013 by Canadian UnderwriterU.S. crop insurers are facing “the worst underwriting results” since 1988, according to ratings firm A.M. Best Co., due in part to the ongoing drought. Oldwick, N.J.-based A.M. Best estimated in a recent report that gross underwriting losses as of…
Impaired driving charges during holidays up in Ontario, down in B.C.
January 4, 2013 by Canadian UnderwriterThe Ontario Provincial Police (OPP) has reported that charges for impaired driving laid as part of its 2012 holiday traffic safety campaign was the highest it has been when compared to the last eight campaigns (since 2005). As part of…
More than 200 impaired drivers charged during Saskatchewan holiday safety blitz
January 4, 2013 by Canadian UnderwriterDuring a month-long “Operation Overdrive” traffic safety blitz, law and traffic enforcement officers in Saskatchewan checked more than 8,600 vehicles and issued more than 2,400 tickets, more than 200 of which were for impaired driving, Saskatchewan Government Insurance (SGI) said Friday. …
Retrospective feature on Ice Storm ’98 available on ICLR website
January 4, 2013 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has released on its website a retrospective of the Eastern Canadian ice storm of 1998 to commemorate the 15th anniversary of what is the costliest insured natural catastrophe in Canadian history. The ice…
Insurance Institute for Highway Safety names top safety pick vehicles
January 4, 2013 by Canadian UnderwriterThe Insurance Institute for Highway Safety announced that 13 vehicles were recently awarded its Top Safety Pick+ award, which went to 2013 automobiles with high scores in IIHS tests. To be named a Top Safety Pick+, the vehicles must be…
Reinsurance industry seeing selective rate firming: Aspen Re
January 3, 2013 by Canadian UnderwriterThe reinsurance industry is benefiting from rate improvement post-Hurricane Sandy and is seeing evidence of selective rate firming, especially in the United States, James Few, CEO of Bermuda-based Aspen Re, said during a reinsurance renewal conference call on Jan. 1.…
Administrative monetary penalties for Ontario insurance industry now in force
January 3, 2013 by Canadian UnderwriterThe ability for the Financial Services Commission of Ontario (FSCO) to impose administrative monetary penalties (AMPs) in the province’s insurance sector went into force New Years Day, a long-considered move that has been applauded by some within the industry. In…
CAA Ontario installs Guidewire InsuranceSuite for auto, property policies
January 3, 2013 by Canadian UnderwriterThe Canadian Automobile Association Insurance Company (Ontario) has installed Guidewire Software Inc.’s InsuranceSuite software for its personal auto and property lines of business, the company announced. Foster City, Calif.-based Guidewire recently announced that as of Dec. 1, all 40 retail…
Majority of 2012 global natural catastrophe losses in the U.S.: Munich Re
January 3, 2013 by Canadian UnderwriterThe United States saw a higher proportion of global natural catastrophes than usual in 2012, with 90% of all insured losses worldwide attributed to the U.S., mainly due to weather-related events, major reinsurer Munich Re noted Thursday. In 2012, natural…
Extreme weather demands rethinking U.K. farm policy: union
January 3, 2013 by Canadian UnderwriterExtreme weather that produced everything from droughts to floods globally exacted a high toll on farmers and the food supply chain in 2012 and demands that the British government rethink its country’s farm policy, argues the head of the National…
Reinsurance rates stable at January renewal: Willis Re
January 2, 2013 by Canadian UnderwriterAfter a relatively quiet 2012 in terms of natural catastrophe losses, most reinsurers are not facing any material impact and remain within their annual catastrophe budgets, suggests a new report from Willis Re. Natural catastrophe losses for 2012 are estimated…