News
CSIO recognizes three-company collaboration for linking broker-carrier systems
May 31, 2012 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) has recognized a three-company collaboration that is helping brokers do their jobs more efficiently. At its annual meeting on May 29, CSIO president Catherine Smola presented the technology award for the innovative…
Ontario Appeal Court orders new trial in vehicle accident case because trial judge’s comments show bias
May 31, 2012 by Canadian UnderwriterThe Ontario Court of Appeal has ordered a new trial between a plaintiff injured in a winter road accident and the defendant municipalities because the judge’s comments during the trial raised a reasonable expectation of bias. In Lloyd v. Bush,…
OSFI expects P&C insurers to start looking at earthquake exposures on a national basis
May 31, 2012 by Canadian UnderwriterCanada’s federal solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is advising property and casualty insurers to be prepared to start looking at their earthquake risk exposures on a national basis. OSFI assistant superintendent Mark Zelmer outlined…
Rainstorm flooding in Montreal has a return period of 1 in 100 years: Environment Canada
May 30, 2012 by Canadian UnderwriterEnvironment Canada reports the rains that flooded Montreal and overwhelmed the city’s sewer system on May 29 had a return period of 1 in 100 years. Environment Canada spokesman André Cantin said 47 mm of rain in total fell during…
Thunder Bay flooding overwhelms sewage treatment facility
May 30, 2012 by Canadian UnderwriterThunder Bay has declared a state of emergency after a rainstorm on May 26-27 unleashed 91 mm on the city in 18 hours, flooding the city’s sewage treatment facility. Seventy-one millimetres fell in the city over a little less than…
EQECAT revises Italian earthquake damage estimates due to aftershocks
May 30, 2012 by Canadian UnderwriterRisk modeling firm EQECAT has increased its estimate of damages from Italy’s May 20 Magnitude 6.0 earthquake to between $375 million and $875 million because of recent aftershocks that hit the Emilia-Romagna region May 29. The two aftershocks, which affected…
Canada’s climate change likely greater than global average: IBC research
May 30, 2012 by Canadian UnderwriterCanada will be on the front lines of temperature changes associated with global warming, with much warmer winters and warmer summers, according to a new research report commissioned by the Insurance Bureau of Canada (IBC). Key findings of the report,…
Boozing while barbequing no garden party
May 29, 2012 by Canadian UnderwriterSummer is barbeque season, but research by More Th>n insurance in the United Kingdom shows that basic precautions may fall by the wayside during these sometimes-boozy affairs. One in four barbequing Brits have set charcoal ablaze while under the influence,…
Growth top concern for insurer CEOs: Munich Re survey
May 29, 2012 by Canadian UnderwriterA poll of 76 insurer senior executives by Munich Reinsurance America Inc. shows that keeping and increasing business is the number one issue facing property and casualty insurance companies. Almost half of the respondents (47%) to Munich Re’s CEO Roundtable…
Sarina Visram joins CSIO as manager of member relations
May 29, 2012 by Canadian UnderwriterSarina Visram has been named manager of member relations and communications for the Centre for Study of Insurance Operations (CSIO). In her new role, Visram will work to develop and implement programs and activities that improve membership engagement and promote…
Installing monitoring system can reduce home insurance premium
May 29, 2012 by Canadian UnderwriterOntario homeowners could see a reduction in home insurance premiums as part of a partnership between Allstate Insurance Company of Canada and Rogers. In markets where Smart Home Monitoring from Rogers is available, Allstate Canada customers who install the system…
Natural disasters cost Canadian manufacturers billions of dollars in lost production
May 28, 2012 by Canadian UnderwriterCanadian manufacturers experienced somewhere between $3 billion to $5 billion in lost production as a result of natural disasters such as Japan and Thailand in 2011, Jayson Myers, president and CEO of Canadian Manufacturers & Exporters, said during a webinar…