News
Patrick Lundy new head of Zurich’s commercial lines business in Canada
February 21, 2012 by Canadian UnderwriterPatrick Lundy is the newly appointed chief agent and CEO for Zurich Canada. Lundy replaces Alister Campbell, who departed the company in February. Since starting his career in the insurance industry 15 years ago, Lundy has held various executive management…
Less than 10% of major reputation crises insurable: Willis
February 21, 2012 by Canadian UnderwriterAbout 95% of major corporations have suffered at least one major reputation crisis in the last 20 years, but less than 10% of these events are insurable, according to Willis Group Holdings. Phil Ellis, CEO of Willis Global Solutions Consulting…
New Brunswick union pushes for public insurance
February 21, 2012 by Canadian UnderwriterThe New Brunswick Union of Public and Private employees believes public auto insurance is one way to address the province’s budget woes. The union represents 8,500 workers in the public, private and manufacturing sectors. In a statement online, the union…
Frank Cowan Company launches program for health care organizations and professionals
February 21, 2012 by Canadian UnderwriterFrank Cowan Company, a provider of Canadian municipal, health care, education and community service insurance solutions, has introduced a new insurance program for health care organizations and professionals called Health & Wellness. “We understand that a one-size-fits-all policy is of…
CARSTAR adds two new Ontario locations
February 21, 2012 by Canadian UnderwriterCARSTAR Automotive Canada Inc. has added two new Ontario locations: CARSTAR Milton Service Centre and CARSTAR Newmarket – both part of the LC Group of CARSTAR Collision Centres. The LC Group of CARSTAR Collision Centres includes partners Ian Ladd and…
B.C. Coroner study draws links between seat belt use and fatal crashes
February 17, 2012 by Canadian UnderwriterThe B.C. Coroners Service has just completed a detailed study of fatal motor vehicle crashes in the Interior of the province, which shows a high proportion of those who died were not wearing seatbelts. “Although numerous studies by the RCMP…
European floods becoming more frequent
February 17, 2012 by Canadian UnderwriterThe recurrence of major floods in parts of Western and European are shifting from 1-in-100 year events to 1-in-50 year events, according to Evo Banovshy, director the risk management group at Intermap. Banovshy presented Intermap, a company that collects radar…
The Co-operators sees growth in 2011 net income
February 17, 2012 by Canadian UnderwriterThe Co-operators General Insurance Company reported a net income of $150.3 million in 2011, an increase from its net income of $72.7 million reported in 2010. “Significant improvements year over year can be attributed to favourable claims experience in the…
Fairfax’s 2011 net earnings tumble
February 17, 2012 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH; FFH.U) reported net earnings of $45.1 million for 2011, marking a sharp drop from 2010’s net earnings of $335.8 million. Fairfax cited weak underwriting results, primarily arising from an “unprecedented” severity of large catastrophe…
ICBC should not have offered biometrics technology to help police ID Vancouver Stanley Cup rioters: B.C. privacy commissioner
February 17, 2012 by Canadian UnderwriterB.C.’s privacy commissioner says the Insurance Corporation of B.C. (ICBC) should not have offered up its facial recognition technology last year to help police identify participants in the June 2011 Stanley Cup riots. “With respect to ICBC’s offer to assist…
UK flood model best-suited for Canadian market, US the worst: ICLR
February 16, 2012 by Canadian UnderwriterOf the existing models for flood insurance, the UK has the model best suited for the Canadian market and the US the least, said Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR). Kovacs spoke as a…
IBAO revamps its vision and mission statements
February 16, 2012 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is unveiling its new vision and mission statements. IBAO’s board of directors developed the statements as part of their 2012-2014 Strategic Plan. The new IBAO vision statement is as follows: “IBAO is the…