News
Research shows young drivers more responsible about drinking and driving than their older counterparts
December 7, 2011 by Canadian UnderwriterYoung drivers aged 16 to 24 overwhelmingly agreed they would not be able to drive safely after consuming alcohol, a Road Safety Monitor poll by the Traffic Injury Research Foundation (TIRF) found. The public opinion poll investigated a variety of…
Companies expect to use social media more often in the future, but most don’t have plans to manage the risks
December 7, 2011 by Canadian UnderwriterCompanies expect to see corporate use of social media expand over the next year, including in marketing efforts, but many do not have a plan in place to deal with the risks. Financial Executives Research Foundation Inc. (FERF), working in…
Chesterfiled offers cover for mobile plants and machinery equipment
December 7, 2011 by Canadian UnderwriterChesterfield Canada Inc. has launched a mobile plant and machinery equipment floater program. The product is designed to pay for loss or damage to an insured’s mobile plant in the event of an accident and is broad form “all-risks” cover.…
DAS Canada offering free legal advice to companies in Ontario
December 7, 2011 by Canadian UnderwriterDAS Canada is offering small and mid-sized Ontario businesses free legal advice during the week of Dec. 5.Business owners can call the company’s legal hotline, where they will be connected with a lawyer to answer their business-related legal questions, free…
Freight forwarders taking on increasing liability risk
December 7, 2011 by Canadian UnderwriterFreight forwarders and other transport intermediaries face increasingly significant liability risk, particularly in emerging markets, as they tackle additional supply chain services for their customers, warns international transport liability insurer TT Club.Manufacturers, retailers and other users of transport and logistics…
Ellen Moore, Marilyn McLaren named among Canada’s 100 Most Powerful Women
December 6, 2011 by Canadian UnderwriterEllen Moore of Chubb Insurance Company of Canada and Marilyn McLaren of Manitoba Public Insurance (MPI) were among the recipients of The Women’s Executive Network (WXN)’s 2011 Canada’s Most Powerful Women: Top 100 Awards.Co-presented by Scotiabank and KPMG, the awards…
Workplace fraud costs small- and medium-sized Canadian businesses $3.2 billion
December 6, 2011 by Canadian UnderwriterWorkplace fraud affected roughly one-quarter of Canadian small- and medium-sized businesses in 2010, costing an estimated $3.2 billion, according to a survey by the Certified General Accountants Association of Canada (CGAAC). Roughly 290,000 companies were victims of at least one…
Insured losses from Thailand floods may exceed $10 billion: Aon Benfield
December 6, 2011 by Canadian UnderwriterInsured losses resulting from the Thailand floods may exceed $10 billion, according to Aon Benfield.In its Monthly Cat Recap report, Aon Benfield noted the floods, currently in the fourth month, have caused 657 deaths and affected more than 13.4 million…
Auditor general’s report puts Ontario auto insurance in the political spotlight
December 6, 2011 by Canadian UnderwriterOntario’s auto insurance system came under the microscope in the provincial auditor’s annual report for 2011, and the result has been the politicization of the province’s 2010 auto insurance reforms.At the heart of the discussion is the auditor’s observation that…
The Dominion employees team up with Habitat for Humanity Halton
December 6, 2011 by Canadian UnderwriterEmployees from The Dominion of Canada General Insurance Company (The Dominion) have volunteered to put their building skills to the test in support of Habitat for Humanity Halton. Habitat for Humanity Halton is a local, non-profit, faith-based organization working for…
Ontario auditor general calls for review of insurers’ 12% rate of return, mediation backlogs and asset shortfall in Motor Vehicle Accident Claims Fund
December 5, 2011 by Canadian UnderwriterOntario’s insurance regulator should update its 12% reasonable rate of return for insurers, review mediation backlogs of up to a year and address a $109-million asset deficiency in the Motor Vehicle Accident Claims Fund, the Office of the Auditor General…
U.S. property/casualty industry eclipses total 2010 cat losses in first nine months of 2011
December 5, 2011 by Canadian UnderwriterThe U.S. property/casualty industry experienced catastrophe-related losses in the first nine months of 2011 that have surpassed the total year-end losses, reported A.M. Best.Total pre-tax, accident-year catastrophe-related losses, net of reinsurance and reinstatement premiums, were an estimated $38.6 billion during…