Segment
Claims
Texas hailstorm damage may reach $2 billion in insured losses
June 19, 2012 by Canadian UnderwriterA hailstorm that pounded the Dallas area on June 13 could result in insurance claims of up to $2 billion, according to the Southwestern Insurance Information Service (SIIS). “Based upon the claims filed within the past 36 hours, this storm…
CARSTAR’s ninth annual Soaps It Up event raises more than $101,000 for Cystic Fibrosis Canada
June 19, 2012 by Canadian UnderwriterCARSTAR Collision & Glass Centres across North America raised $101,340.01 for Cystic Fibrosis Canada and local fundraising groups in the ninth annual Soaps It Up National Car Wash Fundraiser on June 9. CARSTAR thus reached its $2-million milestone in funds…
RiverStone reaches agreement to purchase outstanding shares of Brit Insurance
June 18, 2012 by Canadian UnderwriterRiverStone, a runoff subsidiary of Fairfax Financial Holdings Limited, has reached an agreement with Brit Group to purchase all outstanding shares of Brit Insurance Limited (BIL). RiverStone will purchase BIL at a discount to its book value — which was…
MPI holds the line on auto insurance rates
June 18, 2012 by Canadian UnderwriterManitoba Public Insurance (MPI) requested no overall insurance rate increase for 2013-14 in its general rate application filed with the Public Utilities Board (PUB) on June 14. “Today’s rate application confirms the strength of the public auto insurance system,” MPI…
Canadian Hurricane Centre improves forecasting of storm tracking, aims to increase accuracy of predicting storm intensity
June 18, 2012 by Canadian UnderwriterThe Canadian Hurricane Centre (CHC) has an improved handle on tracking hurricanes, and is now turning its eye towards decreasing errors in forecasting storm intensity, particularly for rapidly intensifying or weakening storms. Error rates for tracking rapidly developing storms (those…
Insurers could feel significant impact from Ontario court’s new privacy tort: legal paper
June 14, 2012 by Canadian UnderwriterThe Ontario Court of Appeal’s January 2012 decision in Jones v. Tsige, which recognized the tort of “intrusion upon seclusion” as a cause of action in Ontario, may have significant implications for policyholders and insurers, a paper from Blaney McMurtry…
Oliver Wyman, IBC each recommend a double-digit industry-wide adjustment to the Alberta Automobile Insurance Rate Board (AIRB)
June 14, 2012 by Canadian UnderwriterCLARIFICATION: Canadian Underwriter initially reported on June 14 that Oilver Wyman suggested a 4.7% rate adjustment in 2011. In fact, Oliver Wyman recommended a 9% adjustment in 2011. In its final decision on an industry wide adjustment in 2011, the…
Hurricanes put $700 billion of U.S. residential property at risk
June 14, 2012 by Canadian UnderwriterThe threat of hurricanes, particularly storm surges, extends far beyond the Gulf Coast to heavily populated U.S. eastern seaboard states, creating a total property exposure of more than $700 billion, according to research firm CoreLogic. The U.S.-based research firm recently…
Quebec insurers’ results exceeding historical returns despite lower profits in 2011: AMF
June 14, 2012 by Canadian UnderwriterQuebec’s regulatory and oversight body for the financial sector points to a favourable trend continuing despite automobile insurers achieving lower profits on premiums written in 2011 than in 2010. Despite lower profits, insurers are maintaining results that exceed historical returns…
Senior appointments announced at Crawford & Company (Canada)
June 14, 2012 by Canadian UnderwriterCORRECTION: Canadian Underwriter incorrectly identified Pat Van Bakel as the company’s CEO in the original version of this story. Pat Van Bakel is the company’s chief operating officer. The error is corrected below and Canadian Underwriter apologizes for the error. …
Industrial utility vehicles in B.C. no longer need to be registered, insured under certain circumstances
June 13, 2012 by Canadian UnderwriterIndustrial utility vehicles (IUVs), miniature motor vehicles used in parades and beverage carts for golf courses no longer need to be registered, licensed and insured by the Insurance Corporation of British Columbia (ICBC) under certain circumstances. This change to British…
“Hail only” centre to open in Manitoba following storm to address vehicle damage claims
June 13, 2012 by Canadian UnderwriterManitoba Public Insurance (MPI) will open a special hail claim centre tomorrow in the wake of Winnipeg being pummelled by ice pellets on June 9. The centre will be dedicated to “hail only” estimating for individuals whose vehicles sustained damage…