News
US property and casualty industry reports 67% drop in 2011 H1 net income
September 30, 2011 by Canadian UnderwriterThe U.S. property and casualty industry saw its net income drop 67% in the first half of 2011, to $6.9 billion, battered by unprecedented catastrophe-related losses, reports A.M. Best. In its report, US P/C First-Half Net Income Plunges on Cat…
Cunningham Lindsey Canada creates two national director positions
September 30, 2011 by Canadian UnderwriterCunningham Lindsey Canada has created two new national director positions within its complex loss-adjusting unit. Andrew Hernandez is the national director of property, commercial risk division and Doug Andrews is national director of liability, commercial risk division.Hernandez was most recently…
Fire-following 7.8 quake in Southern California would cause $87 billion in losses
September 29, 2011 by Canadian UnderwriterFire following a theoretical 7.8 earthquake in Southern California would cause $65 billion in property damage and $22 billion in business interruption losses, Keith Porter, associate research professor at the University of Colorado at Boulder, told delegates of the National…
Distracted driving persists, despite provincial legislation: Allstate
September 29, 2011 by Canadian UnderwriterA group of Canadian students counted 802 distracted drivers within an hour at three separate intersections in Canada, Allstate Insurance Company of Canada reported.The students were taking part in Allstate’s Action Against Distraction ‘Blow the Whistle driver tally.’ They were…
Kerby-Reid launches mobile app for underwriters
September 29, 2011 by Canadian UnderwriterKerby-Reid has launched a mobile app to help insurance professionals calculate pro-rata and short-term premiums.The app – the ‘Kerby-Reid Pro-rata Insurance Calculator’ – is available for Blackberry and iPhone/iPad platforms, is designed to help underwriters, agents and brokers calculate earned and…
Insurers leaving “hundreds of millions” on the table by not pursuing subrogation claims
September 29, 2011 by Canadian UnderwriterInsurers need to consider potential indemnity and not just costs in deciding whether to pursue subrogation claims, according to panelists at the National Insurance Conference of Canada (NICC).Subrogation is a term used when an insurer tries to recover costs it…
Climate change could cost Canadians up to $44 billion per year as of 2050
September 29, 2011 by Canadian UnderwriterClimate change could cost Canadians economic losses of about $5 billion per year as of 2020, and between $21 billion and $44 billion per year by 2050, according to the National Round Table on the Environment and the Economy (NRTEE).The…
Canadian insurers failing to price earthquake coverage adequately
September 28, 2011 by Canadian UnderwriterThe Canadian insurance industry is failing to price quake coverage properly, said Alister Campbell, CEO of Zurich Canada.Campbell spoke during the panel discussion, ‘Canadian Earthquakes: Preparing for the Big One,’ on Sept. 27 at the National Insurance Conference of Canada…
Expect to see low interest rate environment for a long time: global economist
September 28, 2011 by Canadian UnderwriterInsurers can expect to see interest rates remain low for a long time, global economist Josh Feinman said at the National Insurance Conference of Canada (NICC) on Sept. 27.“There’s no sugar-coating it, we live in dangerous times,” said Feinman, global…
Class action lawsuit certifications on the rise
September 28, 2011 by Canadian UnderwriterCertification of class action lawsuits is on the increase, raising tactical questions about whether defendant insurers should even bother fighting certification, or simply fight the good fight at trial. Laura Cooper, partner at Fasken Martineau, discussed class action statistics and…
Government intervention in insurance placing financial burden on taxpayers
September 28, 2011 by Canadian UnderwriterGovernment intervention in the insurance market is placing the financial burden of natural disasters on taxpayers, according to a Lloyd’s of London report. “The private insurance market has a crucial role to play in helping communities and economies recover from…
Aviva launches annual Community Fund competition
September 27, 2011 by Canadian UnderwriterThe Aviva Community Fund competition has returned for the third year in a row. This year’s fund was officially launched on Sept. 26 in North Bay, Ont. Canadians can go to to submit ideas that will have a positive effect…