News
Lloyd’s posts loss for 2011 in record catastrophe year
March 28, 2012 by Canadian UnderwriterLloyd’s of London recorded an annual loss of £516 million ($818 million) last year due to a huge spike in natural disaster losses. The loss compares to a profit of £2.2 billion ($3.5 billion) in 2010. The U.K.-based insurance market…
IBC, IBAO applaud fraud measures in Ontario budget; province proposes to establish administrative monetary penalties
March 28, 2012 by Canadian UnderwriterOntario announced new initiatives to crack down on insurance fraud in yesterday’s budget, which were welcomed by industry groups. The budget also indicates the province intends to propose administrative monetary penalties, for which the industry has advocated over the past…
Thomas Cook enhances travel insurance product
March 28, 2012 by Canadian UnderwriterThomas Cook Financial Services has enhanced its travel insurance product. “We are extremely pleased to introduce the new Thomas Cook Travel Insurance product,” said Kevin McAdam, director of financial services at Thomas Cook North America. “Pets, golf green fees and…
Global shipping safer but subject to human error: Allianz
March 27, 2012 by Canadian UnderwriterThe safety record of the modern maritime shipping industry has improved dramatically, but the majority of losses are still caused by human error, according to a report by Allianz Global Corporate & Specialty. Allianz noted that marine transport is one…
Swiss Re issues securitization for two reinsured parties
March 27, 2012 by Canadian UnderwriterSwiss Re Capital Markets announced the first catastrophe bond combining the risks of two primary insurers into a single transaction. The securitization, which provides $200 million in multi-peril annual aggregate indemnity protection, will help backstop the U.S. perils of severe…
B.C. and federal governments form committee to coordinate the handling of Japanese tsunami debris
March 27, 2012 by Canadian UnderwriterA Japanese fishing trawler floating off the B.C. coast is among the first verified objects of debris that has reached Canada following the 2011 Tohoku earthquake and tsunami. In Canada, the Tsunami Debris Coordinating Committee co-chaired by provincial and federal…
Canadian auto dealers launch three class actions lawsuits alleging price-fixing of auto parts
March 27, 2012 by Canadian UnderwriterThree class action lawsuits have been launched in the Ontario Superior Court of Justice seeking more than $700 million in damages on behalf of Canadian auto dealers over alleged price fixing on parts used in the manufacture of automobiles. The…
RIBO cautions brokers about sales incentives
March 26, 2012 by Canadian UnderwriterOntario’s broker self-regulator has witnessed enough of an increase in inducements and sales incentives to issue a bulletin to brokerage principals throughout the province. The Registered Insurance Brokers of Ontario (RIBO) sent the notice last month. “We are seeing a…
New Brunswick flood damage pegged at $25 million
March 26, 2012 by Canadian UnderwriterUnusually warm spring weather triggered ice jams that resulted in severe flooding along the St. John River in western New Brunswick. Early damage estimates are $25 million. A state of emergency was declared in Perth-Andover on Mar. 23, with approximately…
Thunderstorm damage losses are supplanting hurricane damage losses in the United States
March 26, 2012 by Canadian UnderwriterThe perpetrator of natural catastrophe losses in the United States appears to be changing, with severe thunderstorm losses supplanting hurricane losses as the chief culprit. Overall, natural Natural catastrophe events in the United States are definitely on the upswing, with…
Disaster discussion should be on G20 agenda: Willis
March 26, 2012 by Canadian UnderwriterClimate change and disaster risks should be regular touch points for discussion among world leaders gathering at G20 summits, according to Rowan Douglas, chief executive of Willis Re Analytics. Douglas told a major scientific conference in London, United Kingdom that…
CSN Collision & Glass adds Jack Schultz Auto Body
March 26, 2012 by Canadian UnderwriterCSN Collision & Glass is expanding further into Western Canada, adding Jack Schultz Auto Body from Prince George, British Columbia. Lee J. Leslie is the general manager of Jack Schultz Auto Body-CSN, which has been in existence for more than…