News
U.S. commercial insurance rates continue hardening trend: MarketScout
June 8, 2012 by Canadian UnderwriterInsurance rates for businesses are still firming in the United States, with premiums increasing on average by 4% in May compared to the same month last year, according to an electronic insurance exchange and market reporting firm. MarketScout recently reported…
Capacity plentiful for June 1 reinsurance renewals: Guy Carpenter
June 7, 2012 by Canadian UnderwriterA comparatively benign year so far for natural disasters has bolstered the capital levels of reinsurers, allowing for “moderate pricing trends” in mid-year reinsurance renewals, according to a recent report by reinsurance broker Guy Carpenter. “Relatively light catastrophe loss activity…
Lawyer files class-action lawsuit against Thunder Bay for flooding
June 7, 2012 by Canadian UnderwriterThe city of Thunder Bay is the target of a class-action lawsuit by a law firm alleging that recent flooding in the region was foreseeable and predictable. Watkins Law Professional Corporation filed the lawsuit on behalf of city residents hit…
Plaintiff sues too quickly to determine the presence of a serious and permanent impairment: court
June 7, 2012 by Canadian UnderwriterThe Ontario Superior Court has found that a plaintiff injured in an auto accident “rushed” to trial before full recovery from two shoulder surgeries and therefore has not met the threshold for a permanent serious impairment. In Iannarella v. Corbett,…
Economical launches Straight Through Processing
June 7, 2012 by Canadian UnderwriterThe Economical Insurance Group has announced its “Straight Through Processing,” allowing brokers to begin and issue new business or make policy changes in real-time using Power Broker, Applied Systems TAM and and SigXP broker management systems. “These enhancements bring us…
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…