News
FSCO updates auto insurance health claim forms
October 11, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario is about to implement more changes to the Health Claims for Auto Insurance (HCAI) System, with new versions of certain forms mandatory as of next month. The changes, previously announced in June, will apply…
Economic losses from natural hazards amount to $3.5 trillion
October 11, 2012 by Canadian UnderwriterThe Government of Japan and the World Bank have called on national governments to foster a culture of prevention by integrating disaster risk management in development policy and investment programs to meet economic losses from natural hazards that now amount…
Losses from catastrophes drop year-over-year in first half of 2012 for American P&C firms
October 10, 2012 by Canadian UnderwriterNet income after taxes increased while net losses and loss adjustment expenses (LAEE) decreased year-over-year for American non-government property and casualty insurance firms, due in part to a reduction in losses from catastrophes for the first six months of 2012,…
Net income up, loss ratios down for Canadian insurance firms for first six months
October 10, 2012 by Canadian UnderwriterFinancial results for the Canadian property and casualty insurance sector improved year-over-year during the first six months of 2012, according to industry experts. Net income for the industry increased 57.5% (to $2.100 billion during the first six months of 2012…
Study indicates average cost of data breach increases to $3.7 million
October 10, 2012 by Canadian UnderwriterLegal damages accounted for the majority of the $3.7 million average cost per data breach that occurred between 2009 and 2011, notes a new whitepaper from NetDiligence, based in Philadelphia. Cyber Liability & Data Breach Insurance Claims: A Study of…
Montreal area earthquake should serve as a “wake-up call”
October 10, 2012 by Canadian UnderwriterThe 4.5-magnitude earthquake that occurred near Montreal just after midnight is unlikely to cause serious damage, but reinforces the region’s vulnerability, according to one industry expert. “I don’t think we should see this as any kind of omen of a…
Competing via social media is about customer experience
October 9, 2012 by Canadian UnderwriterFor insurance professionals looking to gain a competitive edge and stand out via social media, touting their products on Twitter isn’t enough. “In our mind, the next battlefield will be around customer experience,” said Sylvie Paquette, president and COO of…
More Canadians think emergency response teams should use social media: survey
October 9, 2012 by Canadian UnderwriterMore than half of Canadians think fire and police departments should be using social networking tools for emergency response and most would sign up for electronic alerts during an emergency, a new poll commissioned by the Canadian Red Cross suggests.…
IBAC chairman Dale Rempel passes away
October 9, 2012 by Canadian UnderwriterThe Insurance Brokers Association of Canada has announced its chariman, Dale Rempel, has passed away. The organization released this statement: “It is with great sadness that the Insurance Brokers Association of Canada announces the passing of its Chairman, Mr. Dale…
RSA Canada appoints Tony Hayes vice president of sales and marketing
October 9, 2012 by Canadian UnderwriterProperty and casualty insurer RSA Canada has appointed Tony Hayes as its new vice president of sales and marketing, effective immediately. He was previously responsible for the national sales strategy for the insurer’s personal and commercial insurance portfolios. In his…
Economic losses from September floods in Asia more than $7.5 billion: Aon
October 5, 2012 by Canadian UnderwriterSeasonal monsoon rains leading to major flooding in Asia this September caused about $7.5 billion in economic losses, reinsurance company Aon Benfield noted in its monthly Global Catastrophe Recap report. Much of that loss was in China, where flooding caused…
XL Foods admits food safety protocols were lacking after beef recall expands again
October 5, 2012 by Canadian UnderwriterXL Foods, the producer involved in a major beef product recall, has said it takes full responsibility for its facilities and the food there, and will work to improve plant standards. In an Oct. 4 statement published by several media…