Segment
Claims
Greater chance of above-normal hurricane season: NOAA update
August 13, 2012 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration (NOAA) is predicting that an active Atlantic hurricane season, with six named storms so far this year, will likely be joined by at least as busy a second half of 2012. An updated outlook…
60-day time limit for mediation elapsed: FSCO
August 13, 2012 by Canadian UnderwriterA director’s delegate for the Financial Services Commission of Ontario (FSCO) has upheld an arbitrator’s conclusion that mediation was deemed to have failed because it did not occur within 60 days of the application being filed with FSCO. In State…
Companies not using insurance to protect against cyber risk: Chubb
August 13, 2012 by Canadian UnderwriterMore than 70% of public companies in North America have an incident response plan for an electronic security breach, yet 57% of those firms do not include cyber liability insurance as part of that plan, notes a new risk survey…
Frank Cowan Company chooses Guidewire for claims management solution
August 13, 2012 by Canadian UnderwriterSpecialty Canadian insurer Frank Cowan Company has selected Guidewire ClaimCenter as its new claims management system. With the new system, Frank Cowan Company expects to reduce claims cycle times, improve data analytics and reporting capabilities and readily make system changes…
Desjardins’ P&C segment posts $47 million in surplus earnings in 2012 Q2
August 10, 2012 by Canadian UnderwriterIncreased net premiums and improved claims experience helped Desjardins Group’s property and casualty insurance segment post $47 million in surplus earnings before member dividends in 2012 Q2. The total represents a $24-million increase, or 104.3% higher, than surplus earnings before…
EGI Financial Holdings takes loss in 2012 Q2, cites claims in previously cancelled niche products division programs
August 10, 2012 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) has reported a net operating loss of $1 million for 2012 Q2, which the company attributed to “a $5.3-million (pre-tax) impact from cancelled programs in the niche products division.” The result compares to a…
York Regional Police lay 142 charges in alleged auto fraud scheme called “Project Sideswipe”
August 10, 2012 by Canadian UnderwriterForty-six suspects have been charged in connection with an alleged auto fraud scheme called Project Sideswipe involving staged collisions and suspected false medical billings in Ontario. One hundred and forty-two charges have been laid to date, including conspiracy to commit…
Aon announces senior appointments
August 9, 2012 by Canadian UnderwriterMicheal Taillon has been named Aon Risk Solutions Canada’s new national practice leader of energy. Taillon will use his three decades of experience in risk management and insurance to lead business development and provide oversight to the company’s energy practice,…
FSCO rejects insurer’s motion to obtain academic course records of injured woman’s daughter/caregiver
August 8, 2012 by Canadian UnderwriterA Financial Services Commission of Ontario (FSCO) arbitrator has rejected the motion of an insurer to obtain a copy of the academic course record of the daughter of a woman injured in an auto accident. The insurer in the matter,…
Marsh sees revenues increase in 2012 Q2
August 8, 2012 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (NYSE: MMC) saw revenue increase in 2012 Q2 and in the first half of 2012. Consolidated revenue for the quarter ended June 30 was approximately $3 billion, up 3% from $2.9 billion in 2011 Q2,…
Western Financial and Falkins Insurance Group begin co-branding arrangement
August 8, 2012 by Canadian UnderwriterWestern Financial Group and Falkins Insurance Group are taking on a more visible partnership presence in the Kootenay Region of British Columbia. To support the growing presence of the Western brand in the region, Falkins, a 115-year-old insurance brokerage based…
Hamilton to identify “hot spots” for overland flooding
August 7, 2012 by Canadian UnderwriterEfforts are under way to assign coordinates for about 900 overland flooding “hot spots” in Hamilton, Ontario where water traditionally backs up or overflows after big storms. Digitally mapping the hot spots – mostly storm water inlets and outlets that…