News
FM Global reports increased premium base in 2011, posts catastrophe-induced 121% combined ratio
March 26, 2012 by Canadian UnderwriterBusiness property insurer FM Global increased its premium base in 2011, helping to offset record-high net losses incurred from disasters in 2011. FM Global reported $5.1 billion of gross premium in 2011, an increase of 5.4%. In addition, it reported…
B.C. smoke alarm campaign proposes required fire alarm tests to renew insurance
March 23, 2012 by Canadian UnderwriterB.C. Minister of Justice and Attorney General Shirley Bond and the president of the Fire Chiefs’ Association of B.C., Surrey Fire Chief Len Garis, have launched a smoke alarm campaign that includes a proposal linking annual insurance renewals to fire…
New York Senate passes three bills aimed to stamp out auto fraud
March 23, 2012 by Canadian UnderwriterThe New York Senate has passed three bills intended to help combat auto fraud. One bill creates the crimes of staging a motor vehicle accident in the first, second and third degrees. Specifically it prohibits acting as a passenger or…
Canadians have misplaced confidence in their water infrastructure: RBC study
March 23, 2012 by Canadian UnderwriterCanadians may have a misplaced confidence in the quality of their water infrastructure, according to the fifth annual RBC Canadian Water Attitudes Study. In a sample of more than 2,428 adult Canadians, about 80% of respondents reported feeling no need…
Insurance Council of B.C. concerned about “secondary” products
March 23, 2012 by Canadian UnderwriterAutomobile dealerships in British Columbia may face more stringent educational and licensing requirements in selling “secondary automobile insurance products,” according to the Insurance Council of British Columbia. Dealerships in the province have been allowed to market secondary products, such as…
Risk managers list economic uncertainty, increased regulation and growing competition as Top 3 risks
March 23, 2012 by Canadian UnderwriterRisk managers and corporate executives identified intensifying economic uncertainty, increasing regulations and growing competition as the top three risks facing their organizations in a recent poll by PricewaterhouseCoopers LLP (PwC). The survey, which tapped more than 1,000 executives and risk…
Growth should rebound this year for U.S. insurers: Moody’s
March 23, 2012 by Canadian UnderwriterAfter a challenging 2011 that featured record-setting catastrophe losses, stagnant investment income and thin reserve margins, U.S. property and casualty insurers should see improved results and stronger growth in 2012, according to Moody’s Investor Services. In a report released Mar.…
Personal lines insurers encouraged to consider policy exclusions related to cyber-bullying and “electronic aggression”
March 22, 2012 by Canadian UnderwriterIn an age of “electronic aggression” on the Internet — cyber-bullying, for example — insurers may wish to consider excluding personal injury, bodily injury or property damage from personal lines (homeowner) policies. Swiss Re held an online discussion about the…
Hartford Financial leaving annuity business to focus on P&C Insurance
March 22, 2012 by Canadian UnderwriterU.S.-based Hartford Financial Services Group is exiting the individual life insurance and annuity business to concentrate on property and casualty insurance, group benefits and mutual funds. The company said in a statement that it is placing its individual annuity business…
Ontarians lack knowledge to report fraud: IBC
March 22, 2012 by Canadian UnderwriterOntario residents understand the frequency of insurance fraud, but don’t necessarily know how to blow the whistle on perpetrators, a consumer poll by the Insurance Bureau of Canada (IBC) shows. Conducted by Pollara, the survey found 83% of Ontarians believe…
Arbitrator allows insurer to respond to arbitration application more than five months after 20-day deadline
March 22, 2012 by Canadian UnderwriterAn Ontario arbitrator has allowed an insurer a mulligan after the insurer was more than five months late in filing a response to an application for arbitration. A Financial Services Commission of Ontario (FSCO) arbitrator made an order allowing Pilot…
FIFA To insure soccer players on national teams
March 22, 2012 by Canadian UnderwriterSoccer’s international association will now insure players who represent their countries in tournaments. The Fédération Internationale de Football Association (FIFA) will pay for “total insurance coverage” for international players, according to president Sepp Blatter. “This is an insurance coverage for…