Segment
Claims
SGI cautions about potential toilet tank ruptures
February 10, 2011 by Canadian UnderwriterA certain kind of toilet tank manufactured by Crane Plumbing Corporation is a potential flood threat for homeowners, SGI Canada has warned in its January 2011 issue of Insurance Matters.SGI notes the low-profile toilet tank, manufactured between 1980 and 1991,…
Crawford & Company (Canada) announce two senior appointments
February 10, 2011 by Canadian UnderwriterCrawford & Company (Canada) has announced two appointments, one within its Contractor Connection operations and the other in its Class Action Services department.Michael Mooney is Crawford’s new vice president of Class Action Services.He joined the company in 2008, and in…
MPI pinpoints intersection collision hot spots
February 10, 2011 by Canadian UnderwriterManitobans seem to be in a rush to get to the weekend, with Fridays tending to see the most collisions – most of which are rear-end collisions – between 3 pm and 6 pm, according to Manitoba Public Insurance (MPI).MPI…
Best practices help to avoid special arbitration awards when no benefits are in dispute
February 9, 2011 by Canadian UnderwriterA recent Financial Services Commission of Ontario (FSCO) decision – which granted a special award when there were no benefits in dispute – should prompt adjusters to follow a set of best practices to avoid a similar decision in the…
Insurers urged to follow new fuel spill guidelines immediately, ahead of July 2011 start date
February 9, 2011 by Canadian UnderwriterNew regulatory guidelines for handling and cleaning fuel spill sites will come into effect in July 2011, but not following the new standards now could put insurers at risk of residual liability. The new regulations, Soil, Groundwater and Sediment Standards…
State Farm donates $6,000 to Canadian Red Cross in New Brunswick
February 8, 2011 by Canadian UnderwriterState Farm has donated $6,000 towards the efforts of the Canadian Red Cross in assisting New Brunswick residents affected by torrential rain and severe flooding in December 2010.Over the course of two days in mid-December, some regions of New Brunswick…
Insurance fraud costs Canadian insurers more than $540 million annually
February 7, 2011 by Canadian UnderwriterOrganized insurance crime costs insurers and policyholders more than $540 million a year in Canada, according to a Lloyds report. “Insurance companies around the world are reporting a higher number of bogus claims from cash-strapped motorists, homeowners and other con…
U.S. winter storm that hit Canada cost U.S. insurers up to $1.4 billion: AIR Worldwide
February 7, 2011 by Canadian UnderwriterA winter storm that dumped 15-20 cm of snow in many areas of Ontario is estimated to have caused between $790 million and $1.4 million in insured losses in the United States prior to its arrival in Canada.AIR Worldwide said…
Alberta consumers urged to check policies for roof damage coverage after snow melt
February 4, 2011 by Canadian UnderwriterThe Alberta Automobile Association (AAA) is encouraging consumers to check their insurance policies for roof damage coverage, now that warmer temperatures in the province are melting snow on roofs, creating issues with ice damming.“Ensure ice buildup is removed from the…
PartnerRe estimates damages up to $35 million from Australian floods
February 4, 2011 by Canadian UnderwriterPartnerRe Ltd. estimates its losses stemming from the December 2010 Australian floods to be between $25 and $35 million, pre-tax.Losses are expected to be contained within the company’s catastrophe, global (non-U.S.) property and casualty and global (non-U.S.) specialty sub-segments.Also, as…
Merger objection lawsuits on the rise in the United States: Advisen
February 3, 2011 by Canadian UnderwriterMerger objection lawsuits in the US have increased in recent years, even as the number of mergers and acquisitions plummeted during the recession era in 2007-09, according to an Advisen special report called Are Merger Objection Suits a Threat to…
Munich Re reports $3.3 billion profit, despite “substantial major losses”
February 3, 2011 by Canadian UnderwriterDespite “substantial major losses,” Munich Re reported a consolidated profit of approximately $3.3 billion in 2010, a small decrease from the profit of $3.5 billion reported in 2009, the reinsurer reported. Flooding in Queensland, Australia resulted in the reinsurer’s largest…