News
Glenn Gibson named CEO of Crawford’s Canadian consulting practice
July 19, 2012 by Canadian UnderwriterCrawford & Company (NYSE: CRDA; CRDB) has announced that Glenn Gibson is leaving his role as executive vice president for global strategy, projects and development to become CEO of a consulting practice the company is building in Canada. In his…
Hackers step up their attacks against small businesses: Symantec
July 19, 2012 by Canadian UnderwriterHackers are increasing their attacks on smaller enterprises with fewer than 250 employees, Symantec Corp. (Nasdaq: SYMC) announced in its June 2012 Symantec Intelligence Report (ISTR). The report shows that 36% of all targeted attacks (58 per day) during the…
CSIO appoints Pranab Pandey as manager of standards and business process improvements
July 19, 2012 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) has appointed Pranab Pandey to the position of manager of standards and business process improvements. Pandey joins CSIO from TATA Consultancy Services, where he held various positions in project management, operations and…
FirstOnSite Restoration expands its operations to the United States
July 19, 2012 by Canadian UnderwriterFirstOnSite Restoration is expanding its operations to the United States. Currently, FirstOnSite works with U.S. clients who have property in Canada. This new initiative brings the company to American soil to serve Canadian customers who have property in the United…
Insurers identify “game-changing” opportunities in analytics
July 19, 2012 by Canadian UnderwriterInsurance companies are investing heavily in analytics and “big data” to seek competitive advantages and discover opportunities in pricing and fraud prevention, a new study has found. The research survey, commissioned by ACORD and conducted by Strategy Meets Action (SMA),…
B.C. court distinguishes between a “driver training event” and a “contest, show or race”
July 19, 2012 by Canadian UnderwriterA British Columbia court has determined the owner of a Corvette is entitled to insurance coverage after he severely damaged the car during an event the judge described as “driver training event,” as opposed to a “contest, show or race,”…
Crop hail insurance claims on the rise in Prairies
July 18, 2012 by Canadian UnderwriterCrop hail claims are off to a brisk start in Saskatchewan, based on the latest figures from the Canadian Crop Hail Association, published in the July 6, 2012 edition of the Hail Report. Companies providing hail insurance to farmers reported…
Insurance required for motor assisted scooters with pedals removed: B.C. court
July 18, 2012 by Canadian UnderwriterA British Columbia judge has dismissed appeals by a scooter rider convicted of driving without a licence or insurance, but suggests that provincial rules governing motor assisted cycles (MACs) could benefit from a review. British Columbia’s Motor Vehicle Act (MVA)…
OSFI proposes to change its basis for calculating minimum assessments
July 18, 2012 by Canadian UnderwriterCanada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is proposing to change the basis on which it calculates minimum and non-minimum assessments. OSFI has suggested using “required capital” as a proxy for how much time and…
Wildfire losses in Colorado pegged at $450 million
July 18, 2012 by Canadian UnderwriterThe most destructive wildfire season in Colorado’s history has resulted in $449.7 million in insured losses, according to an updated estimate by the Rocky Mountain Insurance Information Association (RMIIA). Together, the Waldo Canyon fire in Colorado Springs and the High…
Natural disasters “relatively moderate” so far in 2012: Munich Re
July 17, 2012 by Canadian UnderwriterInsurers experienced a fairly benign first half of the year for natural catastrophes, according to Munich Re. Overall global losses to the end of June were about $26 billion, of which roughly $12 billion was insured. The reinsurer noted that…
e-djuster completes acquisition of The Claims Network (TCN)
July 17, 2012 by Canadian Underwritere-djuster Inc., a technology solutions provider, has acquired The Claims Network (TCN), a privately held, Winnipeg-based company that offers software solutions to the property and casualty industry. e-djuster says the deal will give the company national reach and improve its…