News
1-in-20-year severe weather events likely to be 1-in-2-year events by end of 21st Century: report
April 2, 2012 by Canadian UnderwriterA special report by the Intergovernmental Panel on Climate Change (IPCC) paints a portrait of a world in which 1-in-20-year heat waves are likely to become 1-in-2-year events by the end of the 21st century. Similarly, 1-in-20-year maximum daily precipitation…
Reinsurance renewals reveal tightening of limits
April 2, 2012 by Canadian UnderwriterGlobal reinsurers experienced more positive results in the first quarter of 2012, but they are still committed to rate stability and underwriting discipline in key regions, according to a report from Willis Re. The lower levels of loss activity in…
Cunningham Lindsey is up for sale
April 2, 2012 by Canadian UnderwriterInsurance claims management company Cunningham Lindsey is up for sale at an estimated price tag of about $1 billion, according to reports from various media sources. Both Thomson Reuters business news agency and digital news service Post Online.co.uk cited sources…
SGI Canada unveils eQuote tool for online purchase of extension auto insurance
April 2, 2012 by Canadian UnderwriterSGI Canada unveiled its new eQuote tool on Apr. 2, intended to offer consumers a fast, easy and convenient way to research, obtain a quote and purchase extension auto insurance online. Basic insurance is included with customers’ licence plate registration…
ACE Canada launches two new combined products for pollution and casualty insurance
April 2, 2012 by Canadian UnderwriterACE Canada has launched two new combined products for pollution and casualty insurance. The Canadian-based operating division of the ACE Group announced the launch of ACE PaC and ACE ECO PaC on Apr. 2. The ACE PaC product combines general…
Manitoba Appeal Court grants narrow scope to appeal a decision that found MPI doesn’t have to pay for auto injury victim’s surgery in Germany
March 30, 2012 by Canadian UnderwriterManitoba’s Court of Appeal has granted a very narrow scope to appeal a decision that found the Manitoba Public Insurance Corporation (MPIC) is not obligated to pay for an auto accident victim’s out-of-province surgical procedure in Germany. Erdman Harder was…
IBC applauds feds for flood mitigation measures in budget
March 30, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has applauded the federal government for proposing up to $99.2 million for provinces and territories to work on permanent flood mitigation measures. The funding, which will go those regions affect by 2011 flooding, was announced…
SCM Risk Management Services (RMS) appoints Colin Smith to oversee its operations, information and analytics
March 30, 2012 by Canadian UnderwriterSCM Risk Management Services (RMS) has appointed Colin Smith to the position of senior vice president of operations, information and analytics. He has more than 18 years of experience in business planning, execution, operations and information technology in continuously progressive…
ACE Canada appoints Andrew Lawrence as assistant vice president of commercial risk segment
March 30, 2012 by Canadian UnderwriterACE Canada, the Canadian-based operating division of the ACE Group, has appointed Andrew Lawrence as assistant vice president of its commercial risk segment. In this newly created role, Lawrence will be responsible for managing ACE Canada’s relationships in the middle…
OSFI reminds P&C insurers to document their B.C. and Quebec earthquake exposures
March 30, 2012 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is reminding federally regulated property and casualty insurers that companies with earthquake exposure in British Columbia and Quebec are must file the Earthquake Exposure Data form with OSFI by Apr. 15,…
Economic losses from disasters highest ever in 2011: Swiss Re
March 30, 2012 by Canadian UnderwriterLast year saw the greatest economic toll for natural catastrophes and man-made disasters, at $370 billion, according to Swiss Re. Insured losses in 2011 ranked as the second-highest sum ever in a year, at $116 billion. The highest loss was…
Rapid global warming, slow economic growth, increased regulatory attention will challenge Canadian P&C industry: IBC
March 29, 2012 by Canadian UnderwriterCanada’s property and casualty insurers can expect to be challenged in the near future by the rapid pace of global warming in Canada, slow economic growth and increased attention from regulators, the Insurance Bureau of Canada (IBC) observed at the…