News
Alberta names committee to look into wildfire management programs
August 25, 2011 by Canadian UnderwriterAlberta’s government has named an independent committee to look at how well it fought the May fires and the effectiveness of its wildfire management programs, The Globe and Mail reportsThe Slave Lake fire is Canada’s second most costly natural disaster,…
Federally regulated insurers report drop in Q2 net incomes
August 24, 2011 by Canadian UnderwriterFederally regulated foreign insurers saw their consolidated net income tumble in 2011 Q2 to $1.5 billion from 2010 Q2’s $2.1 billion, according to the Office of the Superintendent of Financial Institutions.Foreign p&c insurers saw their collective net income dip from…
Cyclists double ‘Cycle for Wishes’ fundraising goal
August 24, 2011 by Canadian UnderwriterA team of cyclists set to cycle from Toronto to Ottawa and comprised of members of the insurance industry are nearly at their fundraising goal for the Make-A-Wish Canada foundation. The ‘Cycle for Wishes’ team is peddling the 500 kilometres…
FSCO issues warning of unlicensed auto insurer
August 24, 2011 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that Lima Automobile Insurance Company is not licensed to do business in Ontario.In a statement, FSCO said it found that Lima Automobile Insurance Company is collecting premiums from clients without…
5.8 quake rattles eastern US and Canada
August 24, 2011 by Canadian UnderwriterA 5.8 magnitude earthquake in Virginia on Aug. 23 rattled a large portion of the eastern U.S. and was felt in parts of eastern Canada.According to AIR Worldwide, the quake was the largest earthquake to strike Virginia in more than…
Canadian insurance industry responds to Goderich tornado
August 23, 2011 by Canadian UnderwriterThe Canadian insurance industry is springing to action in the wake of the F3 tornado that devastated the Southwestern, Ontario town of Goderich on Aug. 21.Companies and associations are releasing statements detailing their respective activity in the area affected by…
Half-year catastrophe losses in U.S. already outweigh 2010 total: A.M. Best
August 23, 2011 by Canadian UnderwriterCatastrophe-related losses incurred by the U.S. property and casualty industry in the first half of 2011 have reached $27 billion, already topping total 2010 losses, according to AM Best’s preliminary estimates. The estimated total net pretax accident-year catastrophe-related losses were…
Accenture completes Duck Creek acquisition
August 23, 2011 by Canadian UnderwriterAccenture has completed its acquisition of Duck Creek Technologies, a privately held company that specializes in software solutions for the property and casualty insurance industry. The acquisition complements Accenture Software’s existing P&C component-based software platforms.“It will give Accenture an industry-leading…
Western Financial announces two executive appoinments
August 23, 2011 by Canadian UnderwriterWestern Financial Group has announced two key executive appointments, both effective Sept. 26.Catherine Rogers, currently the executive vice president and CFO, has accepted the role of executive vice president and chief administrative officer.As CAA, Rogers assumes responsibility for oversight of…
Hurricane Irene could reach US as Category 3
August 22, 2011 by Canadian UnderwriterIrene became the Atlantic basin’s first hurricane of the 2011 season, and it’s expected to strengthen and possibly make landfall on North Carolina by week’s end, reported AIR Worldwide. On Monday, Aug. 22, Irene’s winds strengthened to 80 miles per…
F3 tornado devastates southwestern Ontario town
August 22, 2011 by Canadian UnderwriterAn F3 tornado devastated Goderich, Ontario, causing extensive damage, killing one person and injuring 37. On Aug. 21, at approximately 4pm, the tornado touched down packing winds around 280 km-h. It carved a path, roughly 20 kilometres in length and…
Clothing retailer employs unique brand reputation risk management strategy
August 19, 2011 by Canadian UnderwriterIn a unique attempt to protect its brand reputation, Abercrombie & Fitch (A&F) offered to pay cast members of the MTV series ‘The Jersey Shore’ to not wear its clothing. Whether or not the strategy was successful is debateable though,…