News
Environment Canada reports two twisters touch down near Taber, Alberta
June 7, 2012 by Canadian UnderwriterEnvironment Canada reports two tornadoes touched down near Taber, Alberta, almost three hours southeast of Calgary, as part of a storm system passing through Alberta on June 7. There were no reports of injuries and a few barns were reported…
SCM integrates its two IMEs, rebrands the new unit Cira Medical Services Inc.
June 6, 2012 by Canadian UnderwriterTwo of Canada’s independent medical evaluation (IME) companies have come together to become Cira Medical Services Inc. The rebranded company offers the combined strengths of the client-focused operations, Riverfront Medical Services and Medisys IMA. “We felt that the best way…
Consumers indicate fast claims processing is most valued when dealing with insurers
June 6, 2012 by Canadian UnderwriterCanadian consumers identified fast claims processing as the most-valued feature when dealing with insurance companies, note new findings from InsurEye Inc. To get a fix on what consumers value most in their insurance providers, the study analyzes 600-plus consumer reviews…
New Marsh product covers cloud computing
June 6, 2012 by Canadian UnderwriterMarsh has introduced an insurance product to help companies manage the risks associated with cloud computing. Called CloudProtect, the endorsement protects against first-party losses stemming from a cloud service provider’s failure. The customized risk transfer solution was developed “in conjunction…
A.M. Best affirms Aviva Canada’s ‘A’ rating, but continues to monitor executive changes at parent company
June 6, 2012 by Canadian UnderwriterA.M. Best Co. has confirmed the financial strength ratings of A (Excellent) and issuer credit ratings (ICR) of “a+” of Aviva Insurance Company of Canada and its affiliates. The ratings remain under review in light of the recent executive changes…
ICBC uses social media to solicit public input about rate-setting proposals
June 6, 2012 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is getting social about gathering customer and stakeholder feedback on how it sets basic insurance coverage. Twitter was employed from 11:30 am to 2 pm on June 6 to allow the public to…
RSA agrees to acquire L’Union Canadienne from Co-operators for $150 million
June 6, 2012 by Canadian UnderwriterRSA Canada has agreed to acquire L’Union Canadienne, a Quebec-based intermediated P&C insurer, from its parent company Co-operators General Insurance Company (CGIC) for $150 million, pending regulatory approval, and other standard closing adjustments and conditions. “This is an exciting day…
International regulator emphasizes “non-traditional” risk for insurers
June 5, 2012 by Canadian UnderwriterThe International Association of Insurance Supervisors (IAIS) is targeting risky, non-traditional activities of large insurance companies that may pose a threat to the global economy. “The potential for systemic risk within the insurance sector needs to be considered where insurers…
Tort judgment and costs in building fire can be apportioned between co-defendants
June 5, 2012 by Canadian UnderwriterAn Ontario court has ruled that a tort judgment and third-party costs arising from a building fire claim can be apportioned between a building owner and a property manager despite the fact the two parties defended the claim against them…
FSCO warns of mail scam using Aviva Canada logo
June 5, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is telling consumers to be on the alert for a mail scam that is using the Aviva Canada logo, address and name. Designed to look like they have come from a law firm…
Desjardins to focus on Ontario, Montreal following positive 2012 Q1 results
June 5, 2012 by Canadian UnderwriterDesjardins General Insurance Group’s loss ratio of 63.6% in 2012 Q1 was 2.3% lower than the first three months of 2011, largely the result of oft-cited favourable weather conditions and continued improvement in Ontario’s auto insurance market. “With the Ontario…
Applied Systems acquires Compu-Quote
June 5, 2012 by Canadian UnderwriterBroker management software provider Applied Systems Inc. has acquired Compu-Quote Inc., a Canadian provider of comparative insurance rating solutions. Applied Systems announced the sale on June 5 after closing the deal on June 1. Terms of the agreement were not…