News
Wildfire risk to western U.S. property pegged at $136 billion
September 10, 2012 by Canadian UnderwriterMore than 740,000 properties in 13 states across the western United States. fall into the high risk category for wildfire damage, representing a total property value estimate at over $136 billion, according to information and analytics service firm CoreLogic. The…
Zurich introduces insurance product for public sector
September 10, 2012 by Canadian UnderwriterZurich Canada recently launched a single insurance solution for various levels of government, educational institutions and health care facilities. Known as Public Sector Solution, the product is designed to provide a full range of coverages for all public entities across…
Tropical storm Leslie to reach Newfoundland with 100km/hour winds
September 10, 2012 by Canadian UnderwriterAtlantic Canada is expecting strong winds and heavy rainfall as tropical storm Leslie will reach Newfoundland by Sept. 11, according to the Canadian Hurricane Centre. “The likelihood of Leslie’s centre making landfall somewhere in Newfoundland is looking almost certain now,”…
Appeal Court restores ruling by FSCO director’s delegate
September 7, 2012 by Canadian UnderwriterOntario’s Court of Appeal has ruled in favour of Certas Direct Insurance Company in a decade-long dispute over accident benefits, opting to set aside a divisional court order on the interpretation of the limitation period under the Insurance Act. Gordyukova…
Western Financial Group acquires Winnipeg’s Orion Insurance Brokers
September 7, 2012 by Canadian UnderwriterWestern Financial Group announced its acquisition of Orion Insurance Brokers Ltd. in Winnipeg on Sept. 7. Western, based in High River, Alberta, will add Orion’s Transcona office to its existing Winnipeg locations. Founded in 1993, Orion was purchased in 2008…
Risk of floods underestimated despite related losses doubling in last decade: Swiss Re
September 7, 2012 by Canadian UnderwriterDespite floods having more economic impact than any other natural catastrophe, their impact continues to be underestimated, Swiss Re reports. In its latest report, Flood – an underestimated risk: Inspect, inform, insure, Swiss Re notes that insured flood losses have…
Capital markets present increasing alternative to reinsurance
September 7, 2012 by Canadian UnderwriterTwo reports show that capital market instruments such as catastrophe bonds, insurance-linked securities and collateralized quota-share agreements (sidecars) are growing in popularity, but may hit a saturation point for investors. Fitch Ratings said that these risk transfer structures represent an…
IBC launches rain barrel study in PEI, aiming to reduce water damage
September 7, 2012 by Canadian UnderwriterInsurance Bureau of Canada has launched the first Atlantic Region study of rain barrel use to avoid water damage, after a similar project earlier this year in Ontario. Beginning Sept. 7, in Stratford, PEI, IBC is providing 1,000 homes with…
Reinsurance market shows resiliency, underwriting remains key
September 6, 2012 by Canadian UnderwriterReinsurance companies would be well-advised to continue to focus on solid underwriting to weather uncertainties and adapt to changes. Companies “really need to remain focused on their underwriting,” Gale Guerra, a senior financial analyst at A.M. Best Company, told attendees…
Tredd Insurance Brokers acquires H.E. Hunt & Associates
September 6, 2012 by Canadian UnderwriterToronto’s Tredd Insurance Brokers Ltd. has announced the purchase of H.E. Hunt & Associated Ltd. Insurance Brokers. H.E. Hunt, based in Calgary, is now a wholly owned subsidiary of Tredd, but will continue to operate under its previous name. The…
Canadian P&C outlook stable to year-end: A.M. Best
September 6, 2012 by Canadian UnderwriterThe outlook for the Canadian property and casualty market for the remainder of 2012 is stable, with a low level of change to companies’ ratings, notes a senior financial analyst with A.M. Best Company. This is despite economic uncertainty in…
Low interest rates a drag on investment returns for insurance industry
September 6, 2012 by Canadian UnderwriterThe low interest rate environment and declining investment returns are putting stress on the insurance industry and having a significant impact on re/insurers, Kurt Karl, chief economist for Swiss Re, noted in a blog post on Sept. 5. “The vulnerability…