News
Federal government funds flood prevention measures
August 17, 2012 by Canadian UnderwriterA new national program designed to reduce the impact of natural disasters is providing money to provinces that invest in flood-mitigation strategies. Manitoba, Saskatchewan and Quebec will initially receive funding from the program, which is a three-year, $99.2-million commitment from…
Insurer has duty to defend claimants for any claims by co-defendant
August 17, 2012 by Canadian UnderwriterA British Columbia court has dismissed an appeal by Royal & Sun Alliance Insurance Company of Canada that a homeowner’s insurance policy excludes a bodily injury claim, ruling the insurer has a duty to defend and indemnify several claimants for…
Home inspections can help prevent dealing with the unexpected
August 17, 2012 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) recently issued a notice about the importance of arranging a home inspection before a property sale is finalized. For peace of mind and financial health, IBAO recommends having home inspections for both resale…
Zurich Insurance Group reports strong second-quarter results
August 17, 2012 by Canadian UnderwriterZurich Insurance Group recorded $1.1 billion in business operating profit during the second quarter of 2012, pushing its profit for the first half of the year to $2.5 billion. Net after tax income to June 30 was $2.2 billion, while…
Cost-cutting key to ICBC review recommendations
August 16, 2012 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) will cut management positions in line with a provincial review released Aug. 16. The review contains 24 recommendations, including several that will see ICBC better aligned with government’s priority of cost containment, notes…
Wildfires in Russia bring hazy conditions to B.C.
August 16, 2012 by Canadian UnderwriterSmoke from wildfires burning in Russia are contributing to hazy conditions throughout most of British Columbia, notes an alert from the province’s Wildfire Management Branch. Generalized smoke was being reported on Aug. 16 in Port Alberni, Pemberton, the Fraser Valley…
OSFI looking at changes to earthquake guideline for insurers
August 16, 2012 by Canadian UnderwriterCanada’s federal financial services regulator is proposing revisions to how property and casualty insurers measure and manage earthquake exposure. The Office of the Superintendent of Financial Institutions (OSFI) says the changes to Guideline B-9, Earthquake Exposure Sound Practices are designed…
Munich Re posts solid results for mid-year
August 16, 2012 by Canadian UnderwriterA strong second quarter pushed Munich Re’s consolidated profit to €1.59 billion ($1.9 billion) for the six months to June 30, putting the company well on the way to surpassing its full-year target of €2.5 billion ($2.9 billion). Consolidated profit…
Calgary windstorm generates a flood of calls for assistance
August 15, 2012 by Canadian UnderwriterCalgary firefighters received more than 130 calls for assistance during and after a severe windstorm on Aug. 14, just two days after the city was pummelled by golf ball-sized hail stones. The fire department responded to downed power lines and…
Not all U.K. van drivers using their sat-nav systems
August 15, 2012 by Canadian UnderwriterA survey by Swinton Vans indicates van drivers in the United Kingdom are having second thoughts about relying on their satellite navigation (sat nav) systems, with one in five respondents opting to get from A to B on their own.…
Aviva experiments with mobile telematics in the U.K.
August 15, 2012 by Canadian UnderwriterAviva, the U.K.’s second largest insurer, is trying out technology that uses customers’ smart phones to track their driving habits and adjust their rates accordingly. Drivers with the company using Android phones are invited to download the Aviva Rate My…
U.S. crash tests show weaknesses in luxury cars
August 15, 2012 by Canadian UnderwriterOnly three of 11 mid-size luxury or near-luxury cars earned good or acceptable ratings in “small overlap” frontal crash tests based on recent testing by the Insurance Institute for Highway Safety (IIHS). The Acura TL and Volvo S60 received good…