Segment
Claims
Telematics could generate $60 billion in premiums to insurers globally: telematics information provider
July 16, 2012 by Canadian UnderwriterTelematics is expected to generate approximately $60 billion in premiums to insurers globally, notes a statement from Telematics Update, a reference centre and conference organizer that provides information about automotive telematics. Opportunities are expected to unfold once the usage-based insurance…
Three homes heavily damaged in B.C. landslide
July 13, 2012 by Canadian UnderwriterA number of residents remained unaccounted for after a large landslide severely damaged three homes in Johnsons Landing, a remote British Columbia community on the northeast shore of Kootenay Lake. A state of local emergency has been declared for the…
UK flood risk set to rise significantly by 2035
July 13, 2012 by Canadian UnderwriterGlobal warming could almost double the number of properties at significant risk of flooding in the United Kingdom by 2035 unless loss reduction plans are put in place, argues a committee appointed by the U.K. government to study climate change.…
Storm floods Edmonton freeway, closes centre
July 13, 2012 by Canadian UnderwriterAn east-west band of Edmonton was particularly hard hit by a severe thunderstorm in the early hours of July 12, 2012, resulting in some roadways being flooded and the temporary closing of a recreational centre. With the exception of the…
Cunningham Lindsey welcomes marine surveyor, adjuster Waclaw Kuza
July 12, 2012 by Canadian UnderwriterCunningham Lindsey has welcomed Waclaw Kuza, marine surveyor and adjuster, to its marine services unit. Kuza comes to Cunningham Lindsey with more than 20 years of domestic and international experience with various types and sizes of ships and cargo. As…
Ontario guidelines raising the cost of excavated soil disposal
July 12, 2012 by Canadian UnderwriterProvincial guidelines are contributing to increased costs for disposing of excavated soil from infrastructure projects, suggests a new study from the Residential and Civil Alliance of Ontario (RCCAO). Taxpayers and consumers could pay as much as 15% more in some…
One-fifth of Alberta and B.C. homeowners do not have right home insurance protection: survey
July 12, 2012 by Canadian UnderwriterAlbertan and British Columbian homeowners may not be getting the right home insurance protection, with many being offered named peril and broad-form policies in situations in which a comprehensive policy would be more appropriate. Square One Insurance Services Inc., which…
B.C. Supreme Court orders defendants in vehicle fraud ring to pay about $850,000 in damages
July 11, 2012 by Canadian UnderwriterThe Supreme Court of British Columbia has ordered defendants in a vehicle fraud scheme to pay damages, including punitive damages, to the Insurance Corporation of British Columbia (ICBC). The court reportedly ordered 11 or so defendants to pay a total…
Insurance-linked securities take off in first half of 2012
July 11, 2012 by Canadian UnderwriterThe first half of 2012 was the most active first half for Insurance-Linked Securities (ILS) issuance since 2007, Swiss Re notes in its July edition of Insurance-linked securities market update. “With approximately US$3.6 billion across 16 transactions and 28 tranches,…
Colorado’s most destructive wildfire now contained
July 11, 2012 by Canadian UnderwriterThe worst wildfire to hit Colorado has now been fully contained, according to the Associated Press and a report from a U.S. federal incident management team. The 29-square-mile Waldo Canyon Fire started on June 23 and was completely encircled July…
Key driving behaviours better indicators of risk than traditional rating variables: Progressive
July 10, 2012 by Canadian UnderwriterKey driving behaviors — for example, actual miles driven, braking and time of day of driving — can predict the likelihood of a claim far better than traditional insurance rating variables such as a driver’s demographic profile, age, and the…
Aon Benfield catalogues June 2012 catastrophe losses in the United States, Canada
July 10, 2012 by Canadian UnderwriterU.S. severe weather insurance losses totalled nearly $2 billion in June 2012, according to the latest edition of Aon Benfield’s monthly Global Catastrophe Recap, which reviews natural disaster perils occurring worldwide. In Canada, the report notes that powerful thunderstorms ripped…