News
Losses from Tasmania bushfires close to $44 million
January 8, 2013 by Canadian UnderwriterMore than 410 claims have been received from policyholders affected by the southern Tasmanian bushfires in Australia, with losses estimated at nearly $44 million as of Tuesday, according to the Insurance Council of Australia’s preliminary data. In an Insurance Council…
Global ship losses increase in 2012, but downward trend continues
January 8, 2013 by Canadian UnderwriterTechnological improvements are expected to reduce shipping accidents that result in losses, but only when properly applied with effective training and management oversight, notes marine insurer Allianz Global Corporate Specialty (AGCS). Technological improvements such as the introduction of Electronic Chart…
Zurich launches new mobile app for commercial coverage info
January 7, 2013 by Canadian UnderwriterZurich Canada has launched a new mobile app, providing information to brokers and businesses on commercial coverages and risk management tactics. The app, available for Apple and Android smartphones and tablets, provides information on Zurich coverages by industry segment, relevant…
Typhoon Bopha, tropical storms in Asia among major December catastrophes: Aon
January 7, 2013 by Canadian UnderwriterTyphoon Bopha in the Philippines was among the major catastrophes that marked December 2012, causing $802 million in economic losses to agriculture, infrastructure and private property, Aon Benfield notes in its latest report. An additional $122 million of losses is…
A.M. Best predicts profitable 2012 for reinsurers but industry faces “unprecedented” economic uncertainty
January 7, 2013 by Canadian UnderwriterA.M. Best Co. released Monday a report that predicts reinsurance firms will make an “acceptable profit” in 2012, but suggested reinsurers will rely on underwriting profits due to low returns on investments. “A.M. Best expects that even with consideration for…
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off the west coast of southeastern Alaska on Jan. 5 triggered a tsunami warning in British Columbia that was later rescinded.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.…