News
B.C. quake produces 100 small aftershocks, but no reports of significant damage
September 12, 2011 by Canadian UnderwriterA Magnitude-6.4 earthquake that hit just west of Vancouver Island on Sept. 9 caused more than 100 aftershocks – the largest being a Magnitude of 4.9 – but no significant damage has been reported, according to Earthquakes Canada.The initial 6.4…
McLarens Canada re-branded as Granite Claims Solutions
September 9, 2011 by Canadian Underwriter**CORRECTION**The following story was published on August 5, 2011 with incorrect content. This version omits the incorrect information. Canadian Underwriter apologizes for the error. McLarens Canada has been renamed Granite Claims Solutions.McLarens Canada began 35 years ago in Toronto as…
Granite Claims Solutions buys niche Toronto adjusting firm
September 9, 2011 by Canadian UnderwriterGranite Claims Solutions acquired Toronto-based BBCG Claim Services Limited. BBCG will continue to operate under the BBCG name. It is a niche-market adjusting firm specializing in surety and fidelity bonds, builders’ risk, course of construction, professional errors and omissions and…
The Economical reports significant improvement in Q2 results
September 9, 2011 by Canadian UnderwriterThe Economical Insurance Group (TEIG) reported a net income of $23.2 million in 2011 Q2, marking a significant improvement from 2010 Q2’s net loss of $3.6 million.For the first half of the year, TEIG reported a net income of $52.1…
Hurricane Irene’s U.S. insured damage losses as high as $6.6 billion: Aon
September 9, 2011 by Canadian UnderwriterAon Benfield estimates insured losses in the United States from Hurricane Irene will range between $1.6 billion to $6.6 billion. The storm killed about 46 people in the United States and caused nearly 8 million power outages at its peak,…
Magnitude 6.4 earthquake strikes west of Vancouver Island, B.C.
September 9, 2011 by Canadian UnderwriterA Magnitude 6.4 earthquake struck 289 km west of Victoria, British Columbia at 3:42 p.m. eastern time on Sept. 9, the U.S. Geological Survey’s National Earthquake Information Centre has reported.Earthquakes Canada, part of Natural Resources Canada, reports the quake was…
Liability premiums for Ontario municipalities increase 22% since 2007
September 9, 2011 by Canadian UnderwriterLiability premiums for Ontario municipalities have increased by 22.2% since 2007 and are among the fastest growing municipal costs, according to the Association of Municipalities of Ontario (AMO)’s first-ever comprehensive survey of municipal insurance costs.Total 2011 Ontario municipal insurance costs…
Insured losses in first half of 2011 rank as second-worst calendar year losses since Katrina, Wilma and Rita
September 9, 2011 by Canadian UnderwriterInsured losses from natural catastrophes and man-made disasters reached an estimated $70 billion in the first half of 2011, according to Swiss Re’s sigma report. This is more than double the $29 billion incurred in the first half of 2010.Insured…
B.C. court awards $50,000 in punitive damages after finding that insurer took too long to advise insureds of denial of coverage in fire claim
September 8, 2011 by Canadian UnderwriterA recent B.C. Supreme Court decision, Sidhu v. The Wawanesa Mutual Insurance, highlights the need for insurers to undertake effective and fair investigations before denying a claim for coverage — and then promptly communicating their negative coverage decisions to the…
Ontario’s auto insurance results in 2011 taking a U-turn from “horrific” 2010 results: A.M. Best
September 8, 2011 by Canadian UnderwriterOntario’s personal auto accident results are already showing signs of a drastic improvement, one year after the implementation of the reforms.Jeff Mango, assistant vice president at A.M. Best, offered his thoughts on the effectiveness of the auto reforms during A.M.…
Solvency II could have indirect impact on Canadian market, spur M&A activity
September 8, 2011 by Canadian UnderwriterSolvency II will likely not have a direct impact on the Canadian reinsurance market, but European parent companies with Canadian branches will likely impose the requirements of the regulatory regime on their Canadian subsidiaries, said Gale Guerra, senior financial analyst…
Darryl Levy appointed president and CEO of Grain Insurance & Guarantee
September 8, 2011 by Canadian UnderwriterDarryl Levy has been appointed president and CEO of Grain Insurance & Guarantee.In his most recent position, Levy was regional president of Ontario and Western Canada at Rogers Communications. A graduate of the University of Manitoba, Levy is a member…