News
U.S. commercial insurance prices remain flat in 2010 Q1
June 15, 2010 by Canadian UnderwriterAggregate U.S. commercial insurance prices remained flat during 2010 Q1, according to Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). This is consistent with flat pricing seen in 2009, which followed nearly five years of price decreases, Towers Watson reports.…
Cascadia fault line identified as potential hot spot for ‘mega quake’
June 15, 2010 by Canadian UnderwriterNorth America’s west coast, along the Cascadia fault line, is one of the Top 5 areas in the world most vulnerable to mega-earthquakes, according to Aon Benfield.The mega-earthquakes are moment magnitude(Mw) 8+, according to Aon Benfield’s report, When The Earth…
The larger the terrorist cells, the easier to foil the plot: RMS modelling
June 14, 2010 by Canadian UnderwriterAn excessive number of terrorist operatives involved in attack planning might actually decrease the chance the operation will be carried out successfully, according to RMS risk modelling of terrorism risk pools.At the June 2010 OECD Conference, ‘Terrorism Insurance in 2010:…
Desjardins launches iPhone app for tenant insurance
June 14, 2010 by Canadian UnderwriterDesjardins General Insurance (DGI) has launched an iPhone application (app) that allows consumers to obtain a tenant insurance quote.This makes DGI the first Canadian insurer to offer an iPhone app to get a complete tenant insurance quote, a DGI release…
Swiss Re ups its Chile earthquake loss estimate
June 14, 2010 by Canadian UnderwriterSwiss Re has increased its insured losses resulting from the Chile earthquake to $630 million.The reinsurer forecasted a loss of $500 million in March 2010.“The new estimate reflects more specific information from clients on actual damage to individual properties and…
Ontario releases new Minor Injury Guideline, a key feature of proposed auto reforms
June 14, 2010 by Canadian UnderwriterOntario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has posted its new Minor Injury Guideline (MIG), a key pillar of the province’s proposed new auto insurance reform package.The MIG will apply to accidents that occur on or after…
A.M. Best affirms ratings of Transportation Property and Casualty Company
June 14, 2010 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Transportation Property and Casualty Company Inc. (TPCC). The outlook for both ratings for the British Columbia-based company is stable.A.M. Best says the rating is based on the…
State Farm Youth Advisory Board provides service-learning grant
June 14, 2010 by Canadian UnderwriterThe Reduce the Juice (RTJ) Waterloo 2010 Project will receive a $58,135 grant from State Farm Insurance. RTJ helps create youth-led projects that are designed to reduce greenhouse gas emissions. State Farm’s Youth Advisory Board is awarding $4.5 million for…
Ontario lawyers face largest number of E&O claims since a decade ago: LawPro
June 11, 2010 by Canadian UnderwriterOntario lawyers in 2009 faced the largest number of errors and omissions (E&O) claims since 1995, according to the Lawyers’ Professional Indemnity Company (LawPro).The province’s lawyers had their base premiums hiked by $500 in 2010 – up to $2,950 per…
9-11 emergency workers to receive enhanced insurance settlement
June 11, 2010 by Canadian UnderwriterThe WTC Captive Insurance Company and lawyers for about 10,000 rescue and recovery workers who suffered injuries or died while working at ‘Ground Zero’ when the World Trade Centre towers collapsed in New York on Sept. 11, 2001 have agreed…
Two Canadian insurers, Chubb and The Economical, recognized for pandemic preparedness
June 11, 2010 by Canadian UnderwriterTwo Canadian insurers are among four Canadian businesses and organizations that have been recognized for their best-in-industry proactive approach to pandemic preparedness.Criteria for the first annual APEX Award for Pandemic Planning Excellence includes corporate governance, recovery objectives, planning assumptions, human…
Kanetix launches auto insurance comparison engine for smart phones
June 11, 2010 by Canadian UnderwriterKanetix launched a mobile auto insurance quote comparison service compatible with most new smart phones.The service is currently available to drivers seeking Ontario auto insurance quotes.The mobile site integrates many of the features and functionality present on kanetix.ca, all formatted…