News
SGI provides perks for new drivers who show signs of improvement
February 16, 2012 by Canadian UnderwriterSGI is providing incentives for ‘learner’ drivers for improving their driving skills. All learner drivers are asked to log their in-car hours. SGI recommends that learner drivers log a minimum of 36 hours under various driving conditions over their nine-month…
2011 Honshu earthquake has increased the chance of a large earthquake hitting Kanto Plain area, encompassing Tokyo, over the next 30 years: AIR
February 16, 2012 by Canadian UnderwriterThe Magnitude-9 Honshu earthquake that struck Japan on Mar. 11, 2011 has transferred stress to neighboring faults underlying Kanto Plain, a 17,000-square-kilomtre area that includes Tokyo and five other large prefectures, and Sagami Trough, where a Magnitude 7.9 earthquake struck…
Toronto, Niagara police lay 500 charges in connection with investigation of alleged chop shop operation
February 16, 2012 by Canadian UnderwriterToronto and Niagara Regional Police have laid more than 500 charges against five men in connection with an investigation of an alleged chop shop operation. The charges follow a joint forces investigation first launched in 2009 involving the Toronto Police…
Online surveillance legislation latest development in ever-evolving cyber liability risks
February 15, 2012 by Canadian UnderwriterRecent legislation tabled in the House of Commons on Feb. 14, would allow law enforcement to monitor consumers’ telecommunications and Internet usage and reminds underwriters that the area of cyber liability is constantly evolving and far reaching, said Lynn Oldfield,…
Severity of collision losses in Canada decreasing: Mitchell
February 15, 2012 by Canadian UnderwriterThe severity of collision losses in Canada decreased $165 in 2011 Q4 to $3,145, according to Mitchell’s ‘Industry Trends Report Q1 2012.’ In 2011 Q4, the average initial gross Canadian appraisal value for comprehensive coverage estimates processed through Mitchell’s servers…
US casualty and auto severity serve as warning signs for Canadian underwriters
February 15, 2012 by Canadian UnderwriterCanadian underwriters need to beware of increasing severity of claims within the U.S. casualty and auto lines, as the potential exists for “leakage” that could hit Canadian insurers’ books, said Lynn Oldfield, president and CEO of Chartis. Oldfield offered the…
Giffin Koerth announces new hire in its Casualty Group
February 15, 2012 by Canadian UnderwriterDavid Porter has joined Giffin Koerth’s Casualty Group. Porter holds a bachelor of engineering science degree in mechanical engineering from the University of Western Ontario, as well as 10 years of relevant experience, a Giffin Koerth release says. Also, Matthew…
Zurich board of directors proposes name change to reflect emphasis on insurance
February 15, 2012 by Canadian UnderwriterZurich Financial Services Group announced that its board of directors will propose a name change at its Annual General Meeting (AGM) of shareholders on March 29, 2012. The change in moniker will reflect the fact that the company has “streamlined…
Claims of inadequate signage against ministry of transportation fall outside of limitation period
February 14, 2012 by Canadian UnderwriterThe Ontario Superior Court of Justice has denied a motion to have the Ministry of Transportation of Ontario (MTO) added as a defendant in a case in which the defendant claims a highway had insufficient signage, resulting in an accident.…
Australia faces more flood losses
February 14, 2012 by Canadian UnderwriterInsurers in Australia are once again being inundated with claims as another flood encroaches on parts of the Queensland and New South Wales states. Several thousand inundation-related claims have been received but it is still too early to estimate the…
OSFI releases updated instructions for filing unpaid claims and loss ratio analysis electronically
February 14, 2012 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has released updated instructions for insurers in filing Unpaid Claims and Loss Ratio Analysis Exhibit data through the automated data transfer system. The only change from prior years is a revision…
Lloyd’s records third largest catastrophe loss from Thai floods
February 14, 2012 by Canadian UnderwriterLloyd’s has placed its preliminary estimate of net claims from the 2011 flooding in Thailand to be US$2.2 billion. According to the Globe and Mail, the Thai floods mark the third-biggest catastrophe loss Lloyd’s has absorbed in its 324-year history.…