News
Actuary observes a wide variety of Alberta auto claims handling methods during period of cap uncertainty
June 2, 2010 by Canadian UnderwriterAlberta auto insurers demonstrated a wide variety of ways to handle claims reserving and payments for bodily injury during the period of minor injury cap uncertainty, according to an actuarial report prepared by Oliver Wyman for the Alberta Auto Insurance…
Southern Manitoba floods trigger Crawford’s catastrophe response team
June 2, 2010 by Canadian UnderwriterA flood that washed over southern Manitoba on May 29-30 has caused more than $1 million in damages, not including damages resulting from sewage back-ups, cbc.ca reported.Heavy rains and high winds flooded basements, washed-out roads and downed power lines, forcing…
Six SUVs earn top safety rating for rollover: IIHS
June 2, 2010 by Canadian UnderwriterSix mid-size SUVs earned a top rating for rollover protection in the first Insurance Institute for Highway Safety (IIHS) test of roof strengths in the vehicle class.One earned an ‘Acceptable’ rating, and five others earned the second-lowest rating of ‘Marginal.’Those…
Reinsurance rates continue to decline, despite significant cat losses
June 2, 2010 by Canadian UnderwriterSignificant catastrophe losses in 2010 Q1 failed to halt declining reinsurance rates, according to Aon Benfield’s June 1 Renewals Update report.Reinsurance capital rose by 8% in Q1 to $434 billion, surpassing record levels set in 2007 before the global financial…
Up to 15% chance of a major earthquake hitting B.C. area over next 50 years
June 2, 2010 by Canadian UnderwriterThere is a 10-15% of a mega-earthquake hitting the northern segment of the Cascadia Subduction Zone at some point during the next 50 years, according to research from Oregon State University.The northern segment of the Cascadia Subduction Zone covers an…
U.S. private equity firm Genstar acquires Granite Global Solutions
June 1, 2010 by Canadian UnderwriterGenstar Capital LLC, a middle-market private equity firm based in San Francisco, has acquired Granite Global Solutions, a Canadian provider of risk mitigation services to insurance and corporate clients.The terms of the deal were not announced.Granite Global operates five business…
Ontario court strikes down allegations that would significantly increase designated drivers’ responsibilities
June 1, 2010 by Canadian UnderwriterThe Ontario Superior Court has struck down sections of a statement of claim that would have significantly increased the responsibility of a designated driver to look after intoxicated passengers.The court dismissed allegations that would have effectively imposed on designated drivers…
Paul Kovacs named lead author for IPCC climate change report
June 1, 2010 by Canadian UnderwriterPaul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR), has been chosen as a lead author of an Intergovernmental Panel on Climate Change (IPCC) report. Specifically, Kovacs will serve as lead author of Chapter 26, North America,…
First annual Watershed Awards announced
June 1, 2010 by Canadian UnderwriterThe City of Edmonton has received the first annual national Watershed Award, offered jointly by the Insurance Bureau of Canada (IBC) and the Federation of Canadian Municipalities (FCM).The Watershed Awards recognize Canadian municipalities that take pro-active measures to reduce their…
The Co-operators introduces discount for LEED certification
June 1, 2010 by Canadian UnderwriterThe Co-operators has introduced a 10% insurance discount for dwellings that are Leadership in Energy and Environmental Design (LEED) certified. The discount, in conjunction other sustainable products and services such as discounts for hybrids, is intended to encourage and reward…
Potting soil causing increasing number of house fires
May 31, 2010 by Canadian UnderwriterPotting soil planters are causing a surprising new trend of accidental fires in homes, according to John Coull, manager of the Mississauga office of Origin and Cause Inc. Coull was speaking at an A.S.A.P Education Series event, Fire Loss Claims…
Canada’s federally regulated P&C insurers double their profits in 2010 Q1
May 31, 2010 by Canadian UnderwriterCanada’s federally regulated property and casualty (P&C) insurers slightly more than doubled their profits in 2010 Q1 compared to the same period of 2009. Canadian P&C insurers fared better than their foreign counterparts.One notable feature of the 2010 Q1 results…