News
Recruiter in staged collision ring sentenced to three-and-a-half years in jail, ordered to pay $375,000 in restitution
May 24, 2012 by Canadian UnderwriterA man personally involved in more than 12 staged auto collisions received a three-and-a-half-year prison term and a freestanding restitution order for $375,000 for his participation in a staged collision ring. Uthayakanthan Thirunavukkarasu, also known as Max or Mano, entered…
NDP bill would ban territory as auto insurance rating factor
May 23, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) is urging Ontario MPPs to vote down an NDP private member’s bill that would ban the use of territory as a rating factor in auto insurance. Any reduction in premiums for constituents in some areas…
Hurricane season to mirror normal averages: Forecast
May 23, 2012 by Canadian UnderwriterThe 2012 Atlantic hurricane season should be close to long-term norms, although the U.S. is “overdue” for a major landfall strike, notes a study released today by Tropical Storm Risk (TSR). The climatological research group, which is backed by Aon…
Reshuffling of market share anticipated: Intact’s Gagnon
May 23, 2012 by Canadian UnderwriterIntact Financial Corporation president Louis Gagnon repeated his prediction that about 25% of the existing property and casualty insurance market share will change hands in the next five to 10 years. “There will be a reshuffle of a quarter of…
RSA places global specialty business into three divisions
May 23, 2012 by Canadian UnderwriterRSA has re-organized its international specialty business into three key divisions, as it seeks to connect brokers and customers who are seeking global expertise and capacity. As of June 1, the U.K.-based insurer’s regional specialty business will be organized according…
Employers increasingly held liable for crashes involving employees’ use of cellphones while driving: U.S. report
May 22, 2012 by Canadian UnderwriterU.S. corporations are increasingly being held liable for crashes involving employees using their cellphones while driving, signalling the need for companies to ban cellphone use while behind the wheel, a recent National Safety Council (NSC) study says. Appendix B of…
U.S. storm-chasers seek first-hand information about tornadoes
May 22, 2012 by Canadian UnderwriterA multinational, multi-university group of scientists and crew are taking part in a six-week experience to track the most violent tornadoes on the prairies and in the midwest United States. The Radar Observations of Tornadoes and Thunderstorms Experiment [ROTATE] hopes…
Slave Lake, Alberta fire may not be the last of its kind: expert
May 22, 2012 by Canadian UnderwriterAlberta’s fire season last year, which included more than $700 million in insured damages in Slave Lake, may not be the last of its kind. “The 2011 fire season may well be the forerunner of future fire seasons,” wildlife behaviour…
OSFI monitoring international regulators’ dialogue on appointing board directors, chief risk officers
May 22, 2012 by Canadian UnderwriterCanada’s solvency regulator is monitoring the dialogue among international supervisors about how much of a role regulators should play in deciding who can be the director and chief risk officer of a financial institution. Speaking to the International Institute of…
Manitoba requiring liability insurance as part of proposed groundwater requirements
May 22, 2012 by Canadian UnderwriterNew rules proposed in May would replace Manitoba’s almost 50-year-old groundwater regulations as part of the provincial strategy to better protect the 25% of Manitobans who rely on well water, conservation and water stewardship minister Gord Mackintosh has announced. The…
FM Global to use AIR CLASIC/2TM catastrophe modelling software
May 22, 2012 by Canadian UnderwriterFM Global has licensed AIR Worldwide’s CLASIC/2TM catastrophe modelling software to support its catastrophe risk management activities. One of the world’s largest commercial property insurers, FM Global will use the software to model highly complex wind and earthquake exposures at…
Western Financial Group acquires Victoria-based insurance brokerage
May 18, 2012 by Canadian UnderwriterWestern Financial Group has completed its first acquisition in British Columbia’s capital with the purchase of Hodges & Company Insurance Services Ltd. “After establishing Western in other parts of the province, it is truly exciting to see our name in…