News
Number of large claims for global power industry rising: report
October 25, 2012 by Canadian UnderwriterThe global power industry has seen an increase in the number of large insured claims over the last several years, a troubling trend as insurers may become more reluctant to write business for that industry, suggests a recent report from…
New privacy regulation requires “mature” corporate governance: Lawyers
October 25, 2012 by Canadian UnderwriterWith the increase in data flowing over electronic networks, insurance firms need to take heed to a privacy management document released earlier this year by regulators, two lawyers suggested at a recent industry event. A guidance document, titled Getting Accountability…
Insurance rate comparison website Kanetix expands mortgage-related services
October 25, 2012 by Canadian UnderwriterOnline insurance marketplace Kanetix, known for comparing auto and property insurance rates, has expanded its mortgage rate comparison services to allow Ontario consumers to lock in rates and get pre-approved online. The company has partnered with credit reporting agency Equifax,…
Willis reports net income in Q3 2012 down over same quarter last year
October 25, 2012 by Canadian UnderwriterThe modest organic growth recorded by Willis Group Holdings plc in the third quarter of 2012 was below the level hoped for, but still encouraging, notes the global insurance broker. Reported net income from continuing operations for 2012 Q3 was…
Demand for transactional risk insurance soars 35% in 12 months
October 24, 2012 by Canadian UnderwriterBusinesses around the world are increasingly buying transactional risk insurance in a bid to protect revenue and assets from the risks they face on acquisition and upon exit or sale, notes a new update from Marsh. Total policy limits for…
FSCO head optimistic about auto reform despite break at Queen’s Park
October 24, 2012 by Canadian UnderwriterAlthough the Ontario legislature is prorogued, there is still a possibility that some auto insurance reforms can be implemented, says the head of the province’s financial regulatory body. “I know there has been a lot of angst in the past…
ACE reports third quarter profit, despite heavy crop losses
October 24, 2012 by Canadian UnderwriterZurich-based insurer ACE Ltd. has reported a net income of $640 million for the third quarter of this year (ended Sept. 30), compared to a $39 million net loss last year. That’s despite crop losses of $97 million (after-tax) this…
B.C. government and Red Cross team up for better disaster response
October 24, 2012 by Canadian UnderwriterThe British Columbia government has formally teamed up with the Canadian Red Cross for better and faster emergency response in times of a major or catastrophic disaster. Emergency Management B.C., the Ministry of Health, the Ministry of Social Development and…
IBAO gives out Broker of the Year, Young Broker awards for 2012
October 24, 2012 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has awarded Peter Blodgett of Darling Insurance and Realty Ltd. its Broker of the Year Award, along with distributing several other awards during its annual convention. Its annual Awards of Excellence gala, held…
Economical Insurance’s Scott Campbell replaces Walter Leszkowicz as VP for Ontario
October 23, 2012 by Canadian UnderwriterEconomical Insurance, which recently announced it is cutting 145 positions, said Oct. 23 that its vice president for the Ontario region, Walter Leszkowicz, has left to “pursue other endeavours” while several other executives are taking on additional responsibility. In a…
North America hit hardest by increasing weather-related catastrophes: report
October 23, 2012 by Canadian UnderwriterNorth America is most affected by weather-related catastrophes, and the potential for even more disasters is increasing because of climate change, suggests a report from German reinsurer Munich Re. Worldwide, the number of catastrophes has been on the rise since…
600,000 B.C. residents take part in ShakeOut B.C.
October 23, 2012 by Canadian UnderwriterAbout 600,000 British Columbia residents spent some time under desks, dropping, covering and holding on during earthquake preparedness drill ShakeOut B.C. on Oct. 18. Provincial justice minister and attorney general Shirley Bond and education minister Don McRae were among those…