News
Network outage poses huge risk to retailers relying on online shoppers: Lloyd’s
January 5, 2012 by Canadian UnderwriterThe increasing popularity of online shopping presents heightened and expanding risks for retailers, including a network outage or downtime during a busy trading period, warns Lloyd’s.In a report, Online Shopping Delivers Greater Retailer Risk, published on its website, Lloyd’s said…
OSFI adds unpaid claims and loss ratio analysis to electronic filing returns
January 5, 2012 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has added ‘Unpaid Claims and Loss Ratio Analysis Exhibit’ to the list of returns to be uploaded via the automated data transfer (ADT) site. The addition of the unpaid claims and…
Use of telematics to surge in personal lines: Celent
January 5, 2012 by Canadian UnderwriterThe use of telematics, particularly in auto lines, will become commonplace, leaving insurers unwilling to make the investment in a position of adverse selection, reported Celent.In its report, Telematics-Based Insurance: Has its Time Finally Arrived? Celent notes that several big…
2010-11 cat losses have not yet driven up demand for reinsurance capacity: Aon Benfield
January 5, 2012 by Canadian UnderwriterThe unusual combination of catastrophic losses occurring in 2010-11 has not yet driven affected insurers to seek more capital, purchase higher reinsurance limits or raise prices/decrease exposures materially for the insurance products they sell, a report from Aon Benfield says.“However,…
FSCO issues warning notice about Kenneth Gibson, Easy Trust Group
January 5, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that Kenneth Gibson is not licensed to do insurance business in Ontario as an insurance agent.FSCO said in a statement posted online that Gibson appears to be affiliated with Easy…
XN Financial appoints Keith Doan as senior vice president of casualty, management liability and specialty lines for North America
January 5, 2012 by Canadian UnderwriterXN Financial has appointed Keith Doan as senior vice president of casualty, management liability and specialty lines underwriting practices for North America. Prior to joining XN Financial, Doan held senior positions with AON Ltd., Marsh USA and Chubb Insurance. Doan’s…
2011 the costliest natural catastrophe year on record: Munich Re
January 4, 2012 by Canadian UnderwriterA large number of weather-related events and earthquakes made 2011 the costliest ever year in terms of natural catastrophe losses, reported Munich Re.Global economic losses tallied up to US $380 billion, nearly two-thirds higher than in 2005, the previous record…
Clumsy arsonist and standard transmission novice make MPI’s list of Top 5 frauds in 2011
January 4, 2012 by Canadian UnderwriterA clumsy arsonist and a stick-shift-challenged auto thief appeared at the top of Manitoba Public Insurance (MPI)’s list of Top 5 frauds in 2011.In MPI’s Number 1 fraud, a Winnipeg man agreed to set fire to a vehicle owned by…
Intact completes sale of AXA Life Insurance to SSQ Life Insurance
January 4, 2012 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) has officially completed the $300 million sale of AXA Life Insurance Inc. to SSQ, Life Insurance Company Inc. AXA Life Insurance Inc. was acquired in September 2011 by IFC as part of the $2.6-billion acquisition…
B.C. man fined for faking theft of vehicle
January 4, 2012 by Canadian UnderwriterA British Columbia man was fined $2,750 after he admitted lying to the police about his truck being stolen, ICBC reported.Kyle Anderson told police in April 2009 that his Toyota Tacoma truck had been stolen while he and a friend…
Winmar announces appointments and new location
January 4, 2012 by Canadian UnderwriterWinmar Franchise Corp. has announced an executive appointment on the West Coast and the opening of a new location on the East Coast.Sean M. Douglas will serve as Winmar’s new regional vice president of British Columbia. Based in Chilliwack, he…
Theft of heating oil from churches in eastern Canada on the rise
January 4, 2012 by Canadian UnderwriterTheft of heating oil from churches is on the increase in eastern Canada, according to Ecclesiastical Insurance’s Halifax office.Most recently, thieves stole heating oil from a church in Atholville, New Brunswick. They damaged the oil tank and siphoned off some…