Segment
Brokers
Aviva Canada seeks damages against broker employee it says conspired with policyholders for cheaper premiums
June 26, 2014 by Canadian UnderwriterAviva Canada announced Thursday it has begun litigation against a former Mississauga, Ont. brokerage employee who was allegedly conspiring with policyholders to misrepresent themselves to get cheaper premiums. The owners of KMI Brokers Inc. are cooperating fully with Aviva’s investigation,…
Worldwide non-life insurance premiums up 2.3% worldwide, 3.2% in Canada: Swiss Re
June 25, 2014 by Canadian UnderwriterNon-life insurance premiums rose 3.2% in Canada and 2.3% worldwide in 2013, Swiss Re Ltd. announced in a recent sigma study titled, ‘World insurance in 2013: steering towards recovery‘, though growth was slower in advanced markets due in part to…
Economical opts not to move forward with usage-based insurance right now
June 25, 2014 by Canadian UnderwriterEconomical Mutual Insurance Company has no plans to move forward with telematics and usage-based insurance (UBI) at this time in light of quickly changing technology and as-yet unidentified factors that will ultimately drive adoption. Economical, which has closely studied and…
Tornado in Tottenham, Ont., downs trees and power lines; no injuries reported
June 25, 2014 THE CANADIAN PRESSTOTTENHAM, Ont. – Environment Canada confirms that a low intensity tornado struck a rural area near Tottenham, Ont., north of Toronto on Tuesday afternoon. Environment Canada says its survey teams have rated the tornado as an EF-1 with maximum winds…
Chubb offers construction, renovation advice to homeowners in wildfire-prone areas
June 24, 2014 by Canadian UnderwriterHomeowners in areas prone to wildfires should keep awnings and patio furniture away from the house, and those planning to build or renovate their homes should use dual-pane windows, Chubb Personal Insurance recommends. “Metal frame windows are best,” Chubb said…
State Farm paid out $137 million in lightning damage claims last year
June 24, 2014 by Canadian UnderwriterState Farm paid out $137 million in claims as a result of damage from lightning strikes last year the insurer reported Tuesday, adding that lightning is the second leading cause of storm-related deaths in Canada and the United States, behind…
Business experts back report on cost to regional economies from climate change
June 24, 2014 Jonathan Fahey, THE ASSOCIATED PRESSNEW YORK – Climate change is likely to exact enormous costs on U.S. regional economies in the form of lost property, reduced industrial output and more deaths, according to a report backed by a trio of men with vast business…
Majority of Americans over 75 still drive, but some report slower reaction times, tiring easily
June 24, 2014 by Canadian UnderwriterOne in six American drivers surveyed, aged 75 or older, say they “tire easily or have slow reaction times” while 9% of respondents said they got lost or confused while driving, Liberty Mutual Insurance announced Tuesday. In a press release,…
Successful demutualization would help position Economical Insurance as P&C leader, company says
June 24, 2014 by Canadian UnderwriterA successful demutualization would help Economical Mutual Insurance Company in its goal of becoming a leader in the property and casualty insurance industry, amidst consolidation that is seeing larger P&C companies gain market share, notes an Economical backgrounder issued in…
ICLR to host special webinar on Ontario tornado damage, building code deficiencies
June 23, 2014 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction will be hosting a special webinar on July 3 on the recent tornado that struck Angus, Ont. Dr. Gregory Kopp, a professor of civil engineering with Western University, will discuss the observed damage, which…
Underwriting loss up 77% at Manitoba Public Insurance as ‘arduous’ winter leads to more auto collisions
June 23, 2014 by Canadian UnderwriterManitoba’s compulsory auto insurance carrier has reported an underwriting loss of nearly $220 million in the fiscal year ending Feb. 28, 2014, as the total claims cost increased 15% from the previous year. Manitoba Public Insurance Corp. reported in its…
Economical Insurance awaits demutualization regulations as budget implementation act gets Royal Assent
June 23, 2014 by Canadian UnderwriterEconomical Mutual Insurance Company has welcomed enactment of amendments to Canada’s Insurance Companies Act (ICA), calling the move a significant milestone in the implementation of a framework for property and casualty insurance company demutualizations. Bill C-31, the budget implementation act,…