News
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…
Drought in U.S. starting to hit reinsurance industry
August 14, 2012 by Canadian UnderwriterAt least one major reinsurance company has set aside reserves to deal with future claims related to the worst drought to hit the U.S. farming sector in more than 50 years. “Based on current estimates, Munich Re anticipates a net…
Township seeks disaster assistance following “macro-burst”
August 14, 2012 by Canadian UnderwriterThe Township of Greater Madawaska is awaiting word from Ontario’s Ministry of Municipal Affairs and Housing about whether or not it will receive disaster relief assistance following a macro-burst that felled hundreds of trees, caused widespread property damage and temporarily…
Traditional D&O coverage outstripped by new risks: Willis
August 14, 2012 by Canadian UnderwriterGeneral professional liability insurance may not represent enough protection for board members and senior executives to deal with a wave of emerging exposures, notes a recently released report from Willis Group Holdings. One of the prime threats is cyber risk,…
Alberta storm results in estimated insured costs of more than $100 million
August 14, 2012 by Canadian UnderwriterThe preliminary estimate of insured damage for last month’s severe thunderstorm event in and around Edmonton is pegged at more than $100 million, Insurance Bureau of Canada (IBC) reports. Thousands of claims have been filed for damage to homes, cars…
Greater chance of above-normal hurricane season: NOAA update
August 13, 2012 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration (NOAA) is predicting that an active Atlantic hurricane season, with six named storms so far this year, will likely be joined by at least as busy a second half of 2012. An updated outlook…