Segment
Claims
Munich Re suffers natural catastrophe losses of $932.7 million in 2010 Q1
April 28, 2010 by Canadian UnderwriterMunich Re said it “achieved a clear profit” in 2010 Q1, despite heavy burdens from natural catastrophes. The reinsurer estimated a loss of €700 million (Cdn$932.7 million) in the first quarter due to natural catastrophes. The Chilean earthquake made up…
Hannover Re expects to pay $53.3 million following sinking of oil rig
April 28, 2010 by Canadian UnderwriterHannover Re said it expects to pay EUR 40 million (Cdn$53.3 million) in damages resulting from the sinking of the drilling rig Deepwater Horizon in the Gulf of Mexico.An explosion on the rig, which sank on Apr. 22, resulted in…
Canadian Claims Services acquires Triad Claims Service
April 28, 2010 by Canadian UnderwriterCanadian Claims Services Inc. (CCS) has acquired Triad Claims Service, effective May 1, 2010. Canadian Claims Services Inc. (CCS) is a full-service, multi-line adjusting company with a head office in Edmonton Alberta.Triad Claims Service is a private insurance claims adjuster…
Cunningham Lindsey sends Canadian adjusters to aid flooding activity in Australia
April 28, 2010 by Canadian UnderwriterCunningham Lindsey has deployed 10 of its Canadian adjusters to assist with catastrophe response efforts in Australia.Severe storm activity in March resulted in massive flooding in and around Perth.More than 120,500 property and motor vehicle claims were reported as of…
Ontario Appeal Court refines concept of damages “too remote” for recovery
April 27, 2010 by Canadian UnderwriterThe Ontario Court of Appeal has refined the concept of “damages too remote for recovery,” recently distinguishing the fact situation in Frazer v. Haukioja from that of the Supreme Court of Canada case, Mustapha v. Culligan of Canada Ltd. In…
XL Insurance implements centralized global claims management system
April 27, 2010 by Canadian UnderwriterXL Insurance and global management consultant Accenture are implementing a new centralized global claims management system to support XL Insurance’s operations in 25 countries, including Canada. The system is designed to enhance XL Insurance’s customer service and reduce costs by…
AIR takes enhanced approach to modeling catstrophe damage to industrial facilities
April 26, 2010 by Canadian UnderwriterAIR Worldwide (AIR) is offering enhanced capabilities to help insurers, reinsurers, brokers and risk managers better assess the catastrophe risk to industrial facilities. A new component-based approach is designed to estimate property and business interruption losses to a wide variety…
Cost of aerospace industry insurance expected to decline in 2010
April 26, 2010 by Canadian UnderwriterThe cost of aerospace industry insurance in 2010 is expected to decline for the fourth year in a row, according to Aon’s Aerospace Insurance Markets Outlook 2010 report. After the marketplace turbulence in 2009, this represents an oasis of relative…
Cunningham Lindsey merges Markham and Toronto North offices
April 26, 2010 by Canadian UnderwriterCunningham Lindsey is merging its Markham and Toronto North offices effective May 1, 2010. Toby Collins will be the branch manager of the newly merged office, which will be in the current Toronto North location. Toronto North adjusters Pamela Allen,…
Ontario Appeal Court overturns decision that would have widened scope for taping defence medical examinations
April 23, 2010 by Canadian UnderwriterIn a 3-2 decision, the Ontario Court of Appeal has reversed a lower court ruling that would have allowed taping of defence medical examinations in most (if not all) cases where a request is made, based on an alleged “systemic…
Canadian P&C industry over-relying on use of one vendor-provided catastrophe model: KPMG study
April 22, 2010 by Canadian UnderwriterThere is a potential systemic risk in the use of catastrophe models in Canada because of the property and casualty industry’s “extensive reliance on vendor-provided catastrophe models, particularly with extensive reliance on one vendor in Canada,” KPMG says in research…
Business interruption insurance not likely to cover airline disruptions due to volcano
April 21, 2010 by Canadian UnderwriterIt is unlikely that business interruption insurance policies will respond to the disruption to airspace as a result of the volcanic ash, according to Aon Global Risk Consulting. Flight bans were put in place in Europe on April 14 when…