News
Use of malware continues to grow, increasing cyber risks
May 26, 2009 by Canadian UnderwriterThe use and availability of malware continues to evolve rapidly, causing a dramatic increase in cyber risks, reported Lloyd’s.Malware is software designed to infiltrate or damage a computer system without the owner’s informed consent, according to Wikipedia.In 1988, fewer than…
What’s New: In Brief (May 26, 2009)
May 26, 2009 by Canadian UnderwriterRosanna Beattie, a student at Frontenac Secondary School in Kingston, is the 2009 recipient of the Anna Pyle Memorial Scholarship, Insurance Brokers Association of Ontario (IBAO) has announced. The award was presented at the IBAO-sponsored Ontario Students Against Impaired Driving…
What’s New: In Brief (May 25, 2009)
May 25, 2009 by Canadian UnderwriterDan Lawrie Insurance Brokers Ltd., in Hamilton, Ont., has achieved the Gold Standard Broker status by Risk Management Standards.Gold Standard Brokers meet rigorous international guidelines for best practices in all aspects of broker management, a Dan Lawrie release says.The process…
ICLR to host Canadian hurricane workshop
May 25, 2009 by Canadian UnderwriterThe Canadian Hurricane Centre (CHC) and the Institute for Catastrophic Loss Reduction (ICLR) will discuss, during their June 25 workshop in Toronto, “lessons learned” from successes and failures of predicting tropical cyclones.In addition, the outlook for the 2009 storm season…
Ontario auto liability policies responsible for paying accident benefits, even if policy terms suggest otherwise: Ontario court
May 25, 2009 by Canadian UnderwriterAn Ontario motor vehicle liability policy is responsible for paying accident benefits even if the language of the policy makes no premium allowance for AB benefits, and makes no reference to AB benefits coverage being available to the lessee of…
CEOs confident about long-term growth: PwC
May 25, 2009 by Canadian UnderwriterInsurance CEOs are more confident about the prospects for long-term revenue growth than their counterparts in other industries, according to the PricewaterhouseCoopers 12th Annual Global CEO survey, Redefining Success.Of the 1,124 CEOs surveyed between Sept. 10 and Dec. 2, 2008,…
ICBC reports increased net income for Q1
May 22, 2009 by Canadian UnderwriterICBC has reported a 2009 Q1 net income of Cdn$117 million, up from Cdn$102 million in 2008 Q1. “We are pleased with our financial results given the tough economic times we are all experiencing,” ICBC president and CEO Jon Schubert…
50% chance of near-normal hurricane season: NOAA
May 22, 2009 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center (CPC) has called for a 50% chance of a near-normal season, according to the 2009 Atlantic Hurricane Season Outlook. The outlook also indicates a 25% chance of an above-normal season…
Temperature level trends serve as better indicator of probabilities of loss
May 22, 2009 by Canadian UnderwriterBy examining trends in temperature levels, rather than by examining extreme events or regional trends, insurers can better identify changing probabilities of loss, according to Andrew Dlugolecki, a research fellow at the U.K.’s University of East Anglia Climatic Research Unit.In…
What’s New: In Brief (May 22, 2009)
May 22, 2009 by Canadian UnderwriterCo-operators General Insurance Company has entered into an agreement with a syndicate of financial underwriters, in which the syndicate will purchase 4 million Series D Preference shares from Co-operators General and then sell them to the public at $25 per…
What’s New: In Brief (May 21, 2009)
May 21, 2009 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is poised to roll out the national expansion of its complaints reporting system, which was first implemented in Ontario and Quebec. “The system work on the expanded [national] system, being led by the…
Interest rate environment could wreak havoc on long-tail claims
May 21, 2009 by Canadian UnderwriterThe current interest rate environment is a key systemic consequence of the credit crunch, the ensuing financial meltdown and the global recession, said Joel Baker, president and CEO of MSA Research Inc.Baker spoke at a Property Casualty Underwriters Club luncheon…