News
Insured flood claims in Australia reach the $1.1-billion mark
January 31, 2011 by Canadian UnderwriterThe estimated insurable value of losses from the Queensland, Australia floods has increased to $1.151 billion, according to the Insurance Council of Australia (ICA).Preliminary estimates fell into the $150-million range. The ICA has reported receiving 38,460 claims as a result…
Swiss Re advocates public-private partnerships to ease financial burden of disaster relief
January 28, 2011 by Canadian UnderwriterSwiss Re is advocating public-private partnerships between insurers and governments to help ease the financial burden of natural disasters on government budgets. The reinsurer notes the economic costs of natural catastrophes have risen from an average US$25 billion per annum…
RMS fires back at report criticizing near-term hurricane models
January 28, 2011 by Canadian UnderwriterRisk Management Solutions Inc. (RMS) disagrees with a report by competitor Karen Clark & Company (KC&C) suggesting that near-term hurricane models are ineffective. KC&C had suggested near-term models, designed to project insured losses from Atlantic hurricanes in the United States…
Mutual Fire Insurance Company of British Columbia receives ‘A-‘ financial strength rating
January 28, 2011 by Canadian UnderwriterA.M. Best has assigned a financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of ‘a-‘ to The Mutual Fire Insurance Company of British Columbia. The outlook for the ratings is stable. “The ratings and outlook for Mutual Fire…
Jody W. Iczkovitz is made partner at Gilbertson Davis Emerson LLP
January 28, 2011 by Canadian UnderwriterJody W. Iczkovitz has been admitted to the partnership of Gilbertson Davis Emerson LLP, a Toronto-based insurance law firm. Iczkovitz articled with the firm in 2006-07 and joined it as an associate upon his call to the Bar in 2007.…
Canadian insurance regulators post information about foreign insurers withdrawing from Canada
January 28, 2011 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has posted a document on its Web site outlining a number of issues that must be addressed when foreign insurers wish either to withdraw from Canada or withdraw assets vested in trust in…
Canadian marine lines continue to see softening in 2010 Q4: Marsh
January 27, 2011 by Canadian UnderwriterMost companies in Canada paid the same or less for their commercial marine insurance in 2010 Q4, a trend likely to continue into 2011, Marsh reported. Abundant capacity for all but the least attractive marine risks and the absence of…
Ontario health care providers to send claims forms through HCAI, not insurers, as of Feb. 1, 2011
January 27, 2011 by Canadian UnderwriterOntario health care providers will be required to submit Ontario Claims Forms 18, 23 and most 21s directly to Health Claims for Auto Insurance (HCAI), an electronic system for transmitting insurance forms, instead of to insurers, effective Feb. 1, 2011.“To…
B.C. drivers feel safer after distracted driving law takes effect, but many still flouting the law: BCAA survey
January 27, 2011 by Canadian UnderwriterBritish Columbia’s drivers claim they are more alert and the roads are safer because of the province’s distracted driver law, now in effect for a year, according to a new survey by the B.C. Automobile Association (BCAA).But an alarming number…
Catastrophes in 1998, 2005, 2009 and 2010 cost insurers $3.8 billion: PCS-Canada
January 27, 2011 by Canadian UnderwriterPCS-Canada has reviewed the sum of all catastrophes in Canada from 1998, 2005, 2009 and 2010, and has determined that these events collectively cost the industry $3.8 billion, involving 850,000 insured properties. “These may be surprising numbers to the Canadian…
In Memoriam: Doug Hurlbut
January 26, 2011 by Canadian UnderwriterThe Ontario Pond of the Honorable Order of the Blue Goose, a fraternal organization composed of members of the property and casualty industry, recognized the passing of fellow Gander Doug Hurlbut on Jan. 23, 2011.“It is with great sorrow that…
Concours Collision Centres-CSN in Calgary, Alberta breaks ground for new facility in Royal Oak district
January 26, 2011 by Canadian UnderwriterConcours Collision Centres-CSN in Calgary, Alberta has announced the ground breaking of a new state-of-the-art collision repair facility in the northwest district of Royal Oak.The collision centre will operate adjacent to existing automobile dealerships, with convenient access for customers who…