News
Alberta government commits $58 million for disaster recovery after severe summer storms
October 5, 2012 by Canadian UnderwriterThe Alberta government has pledged up to $58 million for disaster recovery programs to help offset uninsurable costs from severe weather damage this past summer. The province has approved six regional programs to offset uninsurable losses including: Up to $9.4…
CNA Canada joins cargo theft fight using new information-sharing tools
October 5, 2012 by Canadian UnderwriterInsurer CNA Canada has joined a countrywide initiative to fight cargo and heavy equipment theft by using two national information-sharing systems, recently launched in Canada. CargoNet and the National Equipment Register (NER) launched in Canada last month, with several industry…
Ontario auto insurance industry could be tougher on fighting fraudulent claims: lawyer
October 4, 2012 by Harmeet Singh, Online EditorOntario’s auto insurance industry isn’t in as bad a situation as than many may think, but it should take a much tougher stance when taking on fraudulent claims, according to one Toronto lawyer. “I think with the last reforms for…
CloudInsure, Guy Carpenter partner on cloud coverage
October 4, 2012 by Canadian UnderwriterCloudInsure, a cloud insurance platform, has partnered with reinsurance intermediary Guy Carpenter & Co. to reach more primary insurers with its privacy and security liability coverage. CloudInsure, a subsidiary of Cyber Risk Partners, is designed to address liabilities in cloud…
Allied World expects $40 million in crop and catastrophe losses from U.S. drought in Q3
October 4, 2012 by Canadian UnderwriterSwitzerland-based Allied World Assurance Company expects about $40 million of crop reinsurance related losses and expenses in the third quarter of this year from severe drought conditions in the Midwestern United States. That is in addition to anticipated crop losses…
Four homes, bridge destroyed by southern Manitoba grass fires
October 4, 2012 by Canadian UnderwriterManitoba fire departments have continued to fight grass fires that began earlier in the week in the southeast part of the province, after four homes and a timber bridge were destroyed. Four homes in and around the town of…
AMF could limit insurance M&A after market concentration raises concerns
October 3, 2012 by Canadian UnderwriterThe head of Quebec’s financial regulator sees little opportunity for more merger and acquisition activity in the province’s property and casualty insurance industry, after recent moves have caused more market concentration. The consolidation level in the Quebec P&C market is…
Canadian Trucking Alliance partners with CargoNet to fight cargo theft
October 3, 2012 by Canadian UnderwriterThe Canadian Trucking Alliance has partnered with CargoNet to combat heavy cargo theft and similar crimes in Canada. CargoNet, an information-sharing system developed by Verisk Crime Analytics, launched in Canada in September. A group of CTA member carriers will now…
Ontario specialty insurance provider launches two new products
October 3, 2012 by Canadian UnderwriterSpecialty insurance provider Frank Cowan Company has launched two new programs, addressing what it calls underserved demands in the market. The Community Services and Disability Support programs respond to unique risks faced by social services workers, the Princeton, Ont.-based company…
Upgraded CSIOnet version to go live Oct. 11
October 3, 2012 by Canadian UnderwriterThe Centre for Study of Insurance Operations will update its CSIOnet virtual private network (VPN) gateway to version 7.1, which will go live on Oct. 11. CSIO has worked with carriers and broker management system (BMS) vendors to test the…
New Brunswick announces new flood mitigation plans
October 3, 2012 by Canadian UnderwriterThe province of New Brunswick has announced flood mitigation plans, including spending up to $8 million on relocation and flood-proofing in the Perth-Andover and Tobique First Nation regions. Environment and Local Government Minister Bruce Fitch had recently announced interim mitigation…
Alberta broker moving to “eco-office”
October 2, 2012 by Canadian UnderwriterAlberta independent commercial broker Robinson Insurance Brokers Ltd. has announced it will move to a new “eco-office” in Edmonton on Nov. 1. The new office is solar-powered, using a 3.4kWh Photovoltaic roof system, and uses low-wattage electronics, the company explained…