News
Carnival lists $851 million in insurance recoverables
April 4, 2012 by Canadian UnderwriterCruise line operator Carnival Corporation posted $851 million in insurance recoverables in a filing for first-quarter 2012 results with the U.S. Securities and Exchange Commission (SEC). Carnival, which reported a loss of $139 million in the quarter, said “substantially all”…
Voluntary code on credit scoring not working: IBAO
April 4, 2012 by Canadian UnderwriterThe use of credit scoring for personal property insurance continues to result in consumer misunderstanding and unfairness in the marketplace, Ontario’s broker association said at an Apr. 4 press conference in Toronto. In a poll commissioned by the Insurance Brokers…
New Zealand earthquake insurance bill over $16 billion
April 4, 2012 by Canadian UnderwriterInsurance companies are prepared to pay $4 billion (NZ$5 billion) in 2012 for last year’s Canterbury earthquakes and another $12.2 billion in 2013, according to the Insurance Council of New Zealand. The council said the bulk of the liabilities for…
FSCO warns that “Royal Insurance” is not licensed to do business in Ontario
April 4, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that “Royal Insurance” is not licensed to do insurance business in Ontario. The company is not affiliated or associated with Royal & Sun Alliance Insurance Company of Canada, an insurance…
Medicine Hat, Alberta insurance agent agrees to pay $70,000 for his role in insider trading scheme
April 4, 2012 by Canadian UnderwriterA Medicine Hat, Alberta insurance agent has reached a settlement agreement with the Alberta Securities Commission, in which he agreed to pay $70,000 for his role in a 2009 insider trading scheme. According to the settlement agreement and undertaking, James…
Tornadoes level 650 homes in Dallas-Forth Worth area of Texas
April 4, 2012 by Canadian UnderwriterA severe weather storm spawned about 10 to 16 tornadoes in the Dallas-Fort Worth, Texas area on Apr. 3. Preliminary estimates by catastrophe modeler AIR Worldwide, citing Red Cross figures, suggest 650 homes were destroyed in the area. The National…
Marsh/Guy Carpenter propose UK flood risk reinsurance pool
April 3, 2012 by Canadian UnderwriterMarsh has unveiled a new flood risk reinsurance pool in the United Kingdom designed to ensure that home insurance in flood-prone areas is widely available and fairly priced. Dubbed “Project Noah,” the plan involves insurers pooling their residential flood exposure…
Airline losses at historic lows in 2011
April 3, 2012 by Canadian UnderwriterGlobal aviation had one of its safest years ever, with the lowest number of claims, fatalities and incidents recorded since at least 1995, according to a recent report from Aon. Final losses for 2011, excluding minor claims, was $522 million,…
Post-Bank Act, banks ask regulators to “hit the pause button,” reflect on effects of regulation on banking innovation
April 3, 2012 by Canadian UnderwriterLess than a week after the federal government signed into law regulations in Canada’s Bank Act that prohibit banks from selling insurance on their websites, the Canadian Bankers Association (CBA) is asking federal regulators to “hit the pause button” and…
Frank Cowan Company launches new risk management website
April 3, 2012 by Canadian UnderwriterFrank Cowan Company has launched a new risk management website called the Risk Management Centre of Excellence. The centre is intended to be a resource helping municipalities prevent incidents before they occur. By identifying risks early, municipalities are able to…
Economical service aims to protect company privacy
April 3, 2012 by Canadian UnderwriterThe Economical Insurance Group has teamed up with an identity management firm to help small and medium-sized businesses recover after a privacy breach. With data risk management services provider IDT911, Economical is offering a solution that includes insurance coverage, breach…
CARSTAR Automotive Canada opens three new locations in Ontario and re-opens a location in Alberta
April 3, 2012 by Canadian UnderwriterCARSTAR announced on Apr. 3 that it is opening CARSTAR Kitchener Shirley Drive, CARSTAR Woodbridge Highway 7 and CARSTAR Kitchener King Street (Kieswetter) in Ontario. In addition, it is re-opening CARSTAR St. Albert in Alberta. CARSTAR Kitchener Shirley Drive, located…