News
EQECAT estimates U.S. tornadoes cost insurers between $1 billion and $2 billion
March 6, 2012 by Canadian UnderwriterEQECAT has estimated insured damage of between $1 billion and $2 billion arising from the tornadoes that tore through the United States Midwest over a four-day period in early March. The catastrophe modeller says a preliminary count of more than…
IBC revamps website to highlight anti-fraud content
March 6, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has revamped its social media site to make the fraud-related content more prominent. The site, http://getintheknow.ibc.ca/, provides resources to help Canadians understand the issue of fraud recognize the red flags associated with scammers. IBC’s Twitter…
Insurers, brokers face a “perfect storm” of changing technology, consumer trends
March 6, 2012 by Canadian UnderwriterInsurers and brokers are facing a “perfect storm,” including a data arms race among third party data collectors, business owners and senior executives seemingly out of touch with emerging technologies, changing consumer patterns in post-PC age and a lack of…
BP reaches proposed $7.8 billion settlement for Deepwater Horizon spill
March 5, 2012 by Canadian UnderwriterBritish Petroleum (BP) has reached a $7.8 billion settlement with the plaintiffs’ steering committee (PSC) for the economic loss and medical claims stemming from 2010 Deepwater Horizon accident and oil spill. The settlement is subject to final written agreement. BP…
Policy Works launches commercial lines mobile app
March 5, 2012 by Canadian UnderwriterPolicy Works Inc. has launched a mobile app for commercial-lines. The Policy Works Producer App will be released early April to a select group of brokers for beta testing. The general release is slated for July 2012. To use the…
Tornadoes tear deadly path through US Midwest, marking early launch of storm season
March 5, 2012 by Canadian UnderwriterThe U.S. NOAA (National Oceanic and Atmospheric Administration) has thus far confirmed 45 tornadoes between March 2 and 3 and the number is expected to rise as its surveys are completed. 127 twisters were ‘reported’ to have hit eleven states killing at least 39…
InsuranceHotline and InsurEye partner for online credit card comparison tool
March 5, 2012 by Canadian UnderwriterInsuranceHotline.com has partnered with InsurEye Inc. to promote an online tool that allows consumers to compare credit cards and the insurance coverage each card offers. The free online tool is designed to allow consumers to: Save on unexpected costs by…
IBAO-sponsored poster series wins international design award
March 5, 2012 by Canadian UnderwriterThe YOURS (Youth for Road Safety) ‘Surreal Poster Series’ was presented with a Good Design Award at The Chicago Athenaeum. YOURS is a global youth-led non-governmental organization for road safety. The ‘Surreal Posters’ depict drivers, cyclists and pedestrians in five…
iv3 CUS’s parent company awarded Top 50 Best Managed Company designation
March 5, 2012 by Canadian UnderwriterReal Matters, the parent company of iv3 CUS, a property and casualty insurance inspection provider, is a 2011 winner of Canada’s 50 Best Managed Companies program. The company was also ranked the 7th fastest growing North American technology company on…
Increase in cottage rentals begs questions about insurance implications
March 2, 2012 by Canadian UnderwriterRenting a cottage is itself becoming a cottage industry. The question is: what are the insurance implications of having unknown holiday weekenders descending on your summer property? The Globe and Mail reports that the trend to rent out cottage properties…
SGI teams up with Students Against Drinking and Driving (SADD) to support Driving Awareness Week
March 2, 2012 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) is joining Students Against Drinking and Driving (SADD) Saskatchewan in supporting Impaired Driving Awareness Week, proclaimed by the provincial government for Mar. 5-9, 2012 in Saskatchewan. The annual week, originally proclaimed in 1999, raises awareness of…
OSFI reminds insurers about outsourcing guidelines
March 2, 2012 by Canadian UnderwriterGiven the proliferation of new technology-based outsourcing services such as cloud computing, the Office of the Superintendent of Financial Services (OSFI) is reminding federally regulated insurers that its expectations contained in Guideline B-10 continue to apply. OSFI issued its revised…