News
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…
Barbara White new branch manager for Crawford
July 17, 2012 by Canadian UnderwriterBarbara White has been named the new manager of Crawford & Company (Canada) Inc.’s Thunder Bay branch. White has more than three decades of experience in the property and casualty industry. Having joined Crawford in 1997, she has held numerous…
Insurance premium discounts offered in the U.S. for ozone disinfection
July 16, 2012 by Canadian UnderwriterFood industry companies that choose to use ozone disinfection could see insurance premium discounts of as much as 15%. The discounts would apply to food contamination and products recall coverage. Eco-Safe Systems USA Inc. — manufacturer of a patent-pending system…
MPI’s profit decreases in 2012 Q1 based on higher claims costs
July 16, 2012 by Canadian UnderwriterHigher claims costs contributed to Manitoba Public Insurance (MPI) witnessing a reduction in net income for 2012 Q1. Net income was $30.1 million for the three months ending May 2012, down $10.9 million from the $44.2 million for the same…
Man in default of auto accident judgments cannot challenge their validity in follow-up actions to recoup amounts: court
July 16, 2012 by Canadian UnderwriterA man in default of two court judgments ordering him to pay a total of $80,000 in damages to two injury victims in a 1992 auto accident is not entitled to challenge the validity of those judgments in subsequent actions…