News
Marsh says rise of insurance rates slowing, predicts ‘tighter’ U.S. storm policies
December 20, 2012 by Canadian UnderwriterIn the aftermath of Hurricane Sandy, insurance carriers will be “less agreeable” to dropping property insurance rates for U.S. clients, while Canadian firms are experiencing “stable” rate changes in liability and errors and omissions insurance, according to a recent report…
Sandy, drought among billion-dollar disasters in U.S. this year
December 20, 2012 by Canadian UnderwriterThe United States saw 11 disasters that each cost over a billion dollars in losses this year, preliminary information from the National Oceanic and Atmospheric Administration (NOAA) suggests. Of those events, seven were severe weather or tornado events, and two…
New institutional fire safety regulations coming to Ontario
December 20, 2012 by Greg Meckbach, Associate EditorThe Ontario government will not re-introduce legislation mandating the retrofitting of retirement homes with fire sprinklers, but a provincial spokesperson suggested this week that the Liberals are preparing to introduce regulations to strengthen the fire code. Last September, Bill 54,…
Letter to the Editor: Independent medical examinations provide “necessary check and balance”
December 20, 2012 by Canadian UnderwriterEditor’s Note: The following letter to the editor is in response to an article that appeared on Canadian Underwriter’s website on Dec. 10, 2012: Ontario needs to crack down on independent medical examiners: Accident victims’ group It is unfortunate that “Fair…
Burns & Wilcox Canada adds new hire to its Toronto team
December 19, 2012 by Canadian UnderwriterBurns and Wilcox Canada has announced that Lalita Mohabir has joined the company as senior personal accident underwriter in the company’s Toronto office. Mohabir brings more than 26 years of industry experience to Burns and Wilcox Canada and will lead…
Natural, man-made disasters to cost insurance industry $65 billion this year: Swiss Re
December 19, 2012 by Canadian UnderwriterEconomic losses from natural catastrophes and man-made disasters will likely reach at least $140 billion (USD) this year, with total insured losses reaching $65 billion, according to preliminary estimates from a Swiss Re study. Natural catastrophes alone will contribute to…
W. R. Berkley Corp. announces new president for Berkley Canada
December 19, 2012 by Canadian UnderwriterW. R. Berkley Corp. announced Wednesday that Andrew Steen has been named president of Berkley Canada, effective Jan. 7, 2013. Steen has more than 20 years of experience in the property casualty insurance industry in Canada. He served most recently as…
Family in need receives donated vehicle
December 19, 2012 by Canadian UnderwriterA family in southwestern Ontario will have access to a vehicle thanks to CARSTAR Niagara Falls and Thorold Auto Parts. As part of the Niagara Falls-based charity, Project SHARE, a 2011 Versa was presented to a single mother and her…
Zurich estimates aggregate claims of $700 million in Sandy’s wake
December 19, 2012 by Canadian UnderwriterZurich Insurance Group announced Monday its current estimates for Superstorm Sandy are aggregate claims net of reinsurance of about US$700 million and reinstatement premiums due on reinsurance covers of approximately US$58 million. The former figure includes US$40 million related to…
York Regional Police lay 41 charges alleging false auto insurance claims, staged collisions
December 18, 2012 by Canadian UnderwriterYork Regional Police north of Toronto recently arrested and charged nine individuals in connection with alleged staged collisions. The arrests were made as a result of the second phase of Project Sideswipe , an ongoing investigation into allegedly false auto insurance…
A.M. Best revises estimate for U.S. asbestos insurance losses to $85 billion
December 18, 2012 by Canadian UnderwriterA.M. Best Company Inc. recently released a revised estimate of $85 billion, net of reinsurance, in losses due to third-party liability asbestos claims to the United States property and casualty insurance industry. Annual losses for both asbestos and environmental is…
Ontario appeal court denies Aviva Canada’s request to alter ruling
December 18, 2012 by Canadian UnderwriterThe Court of Appeal for Ontario has denied a request by Aviva Canada to “withdraw, alter or modify” its decision in Pastore v. Aviva Canada Inc. based on a Supreme Court of Canada ruling in July. In Pastore v. Aviva…