Segment
Claims
Medical exam expenses not recoverable from second party insurer: Ontario Court
September 12, 2012 by Canadian UnderwriterAn insurance company cannot recover medical examination expenses from another insurer under the provincial loss transfer scheme, according to a recent 2-1 decision from the Court of Appeal for Ontario. In the case, Wawanesa v. Axa, the first party insurer…
Catastrophe losses reveal potential emerging market risks: Guy Carpenter
September 12, 2012 by Canadian UnderwriterThe remarkable clustering of global natural catastrophes in 2010 and 2011 revealed unexpectedly expensive “cold spot” losses in areas not previously considered risky, notes a new report from Guy Carpenter. This clustering demonstrates there are growth opportunities in emerging economies…
Damages from most recent Alberta storms total more than $200 million: IBC
September 12, 2012 by Canadian UnderwriterDamages from the two most recent serious storms in Alberta have amounted to more than approximately $200 million, new data from Insurance Bureau of Canada suggests. The larger of the two storms was on Aug. 12, when a severe thunderstorm…
Economic uncertainty and disasters in non-peak zones among top risks for reinsurers: Guy Carpenter
September 10, 2012 by Canadian UnderwriterThe debt crisis in Europe, interest rate sensitivity and the shifting nature of catastrophe losses are among the top risks to the reinsurance industry’s profitability, according to risk and reinsurance specialist Guy Carpenter and Company LLC. In its mid-year market…
B.C. wildfire forces 1,500 to evacuate Peachland area
September 10, 2012 by Canadian UnderwriterA 200-hectare wildfire in the central Okanagan area of British Columbia has forced about 1,550 people from their homes. Three homes in the District of Peachland and one abandoned home in the Central Okanagan West electoral area have been lost…
Wildfire risk to western U.S. property pegged at $136 billion
September 10, 2012 by Canadian UnderwriterMore than 740,000 properties in 13 states across the western United States. fall into the high risk category for wildfire damage, representing a total property value estimate at over $136 billion, according to information and analytics service firm CoreLogic. The…
Appeal Court restores ruling by FSCO director’s delegate
September 7, 2012 by Canadian UnderwriterOntario’s Court of Appeal has ruled in favour of Certas Direct Insurance Company in a decade-long dispute over accident benefits, opting to set aside a divisional court order on the interpretation of the limitation period under the Insurance Act. Gordyukova…
Canadian P&C outlook stable to year-end: A.M. Best
September 6, 2012 by Canadian UnderwriterThe outlook for the Canadian property and casualty market for the remainder of 2012 is stable, with a low level of change to companies’ ratings, notes a senior financial analyst with A.M. Best Company. This is despite economic uncertainty in…
Intact completes acquisition of Jevco Insurance
September 5, 2012 by Canadian UnderwriterIntact Financial Corporation today announced the completion of its $530-million acquisition of Jevco Insurance Company, a wholly owned subsidiary of The Westaim Corporation. The acquisition of JEVCO, a leading provider of specialty and niche insurance products for individuals and businesses…
Relocating, flood-proofing vulnerable homes would cost about $8 million
September 5, 2012 by Canadian UnderwriterThe New Brunswick government could expect an approximately $8 million tab for relocating or flood-proofing more than 70 homes in the Village of Perth-Andover, the site of flooding in March that prompted a state of emergency. The cost estimate is…
Global reinsurance capital reaches record levels
September 5, 2012 by Canadian UnderwriterTotal global reinsurer capital totalled a record $480 billion (all figures U.S.) at the mid-year point of 2012, notes a new report by Aon Benfield, the intermediary and capital advisor of Aon. That number represents a 5% increase from year-end…
Towers Watson teams with Hughes Telematics on UBI
September 5, 2012 by Canadian UnderwriterTwo leading firms in the insurance telematics space have formed a strategic alliance to provide personal lines auto insurers with data and solutions for usage-based insurance (UBI) programs. Towers Watson and Hughes Telematics, Inc. (HTI) will use the partnership to…