News
Hours of work Canadians lost due to H1N1 in November 2009 is comparable to Ontario’s 2003 power outage: StatsCan
January 20, 2010 by Canadian UnderwriterThe impact of H1N1 and seasonal flu on hours lost at work was comparable to that of the Ontario-U.S. power outage in August 2003, StatsCan reported in a recent study, Impact of H1N1 and seasonal flu on hours worked.In November…
Short-term hurricane loss models ineffective: Karen Clark & Company
January 20, 2010 by Canadian UnderwriterInsured losses resulting from hurricanes cannot be predicted on a short-term horizon, says Karen Clark & Company.Near-term models, designed to project insured losses from Atlantic hurricanes in the United States for the five-year period ending in 2010, have significantly overestimated…
Southeast region of United States most vulnerable to 2010 tropical cyclones: Guy Carpenter
January 20, 2010 by Canadian UnderwriterThe southeast region of the United States is most vulnerable to tropical cyclones coming ashore in 2010, according to the January update of Guy Carpenter’s GC ForeCat. The forecasted landfall rate of tropical cyclones in the southeast region (the coastline…
Gen Re pays $12.2 million to settle SEC charges related to 2000-02 finite reinsurance deals
January 20, 2010 by Canadian UnderwriterGeneral Re Corporation has agreed to pay $12.2 million to settle charges by the Securities Exchange Commission (SEC) related to separate schemes by American International Group (AIG) and Prudential Financial, Inc. to manipulate and falsify reported financial results in 2000-02.According…
FSCO approves average auto rate increase of 2.49% in 2009 Q4, based on entire market
January 19, 2010 by Canadian UnderwriterOntario’s insurance regulator has approved a 2009 Q4 auto insurance rate increase of 2.49%, based on the entire market.In the fourth quarter of 2009, for the 55.48% of the province’s auto insurance market that had rate changes approved, the average…
Insurance contract to pay accident benefits not “a contract for peace of mind”: Ontario judge
January 19, 2010 by Canadian UnderwriterThe daughter of a woman who was injured in an auto collision and subsequently denied accident benefits is not entitled to collect benefits under her mother’s policy based on the loss of her mother’s care and guidance, the Ontario Superior…
Fraud likely to increase three-fold following the recession: Lloyd’s
January 19, 2010 by Canadian UnderwriterThe amount lost to fraud by businesses and the public sector increased by 76% in 2009, with both number and size of fraud increasing exponentially during the recession, according to research by BDO LLP. Fraud broke the £2-billion (Cdn $3.8-billion)…
Global risks persist despite reports of economic recovery
January 19, 2010 by Canadian UnderwriterThe long shadow of the global economic recession has created underlying risks in the global economy that persist despite reports of an economic recovery, according to the World Economic Forum (WEF)’s annual report, Global Risks 2010.The fifth annual report is…
Nova Scotia presses ahead with its review of minor auto injury cap
January 18, 2010 by Canadian UnderwriterNova Scotia’s government is moving ahead with its promised review of the province’s $2,500 minor auto injury cap.The government has issued a nine-page discussion paper on the cap, entitled Concerning the Cap on Pain and Suffering Awards for Minor Injuries,…
iv3 Solutions teams up with Altus Group to bring residential replacement cost solution to Canadian market
January 18, 2010 by Canadian Underwriteriv3 Solutions has teamed up with Altus Group (TSX: AIF.UN) to bring a residential replacement cost toolset to the Canadian marketplace in early 2010.iv3 Solutions has also launched residential inspection management services and loss control solutions to the North American…
Feds plan to address insurance promotion on bank Web sites “in the near future”: Flaherty
January 18, 2010 by Canadian UnderwriterBankers and insurance brokers alike can expect to see a formal government proposal “in the near future that addresses insurance promotion on bank Web sites, according to Finance Minister Jim Flaherty.Flaherty raised the issue briefly in a Jan. 15 speech…
What’s New: In Brief (January 18, 2010)
January 18, 2010 by Canadian UnderwriterTickets for the 14th annual Women in Insurance Cancer Crusade (WICC) Gala Dinner are now on sale. The event is on Apr. 14, 2010 and will be held at The Westin Harbour Castle Conference Centre – Metropolitan Grand Ballroom in…