Segment
Claims
$26 billion in catastrophe losses in 2009: Swiss Re
March 16, 2010 by Canadian UnderwriterNatural catastrophes and man-made disasters cost insurers $26 billion and claimed roughly 15,000 lives in 2009, according to Swiss Re. Insured losses were below average due to a calm US hurricane season, reported the sigma study, Natural catastrophes and man-made…
Group disability benefits can be deducted from income replacement benefits: FSCO
March 12, 2010 by Canadian UnderwriterAn Ontario arbitration decision has once again raised a question about the deductibility of collateral benefits. This time a decision determined that long-term benefits received from a group disability insurance plan underwritten by Sun Life can be deducted from income…
What’s New: In Brief (March 10, 2010)
March 10, 2010 by Canadian UnderwriterSwiss Re estimates total insured losses for the insurance sector arising from the earthquake in Chile will be between $4 billion and $7 billion.The reinsurer anticipates its loss arising from the quake will be $500 million before tax. The magnitude…
What’s New: In Brief (March 10, 2010)
March 10, 2010 by Canadian UnderwriterNearly 300 immobilizer-equipped vehicles in Manitoba were stolen last year because the keys were either left in the ignition or elsewhere in the passenger compartment, Manitoba Public Insurance reported.The immobilized vehicles were stolen after owners had left their keys in…
Fulfilling legal obligation to advise of policy cancellation does not prove insured knew his policy had been cancelled: FSCO
March 10, 2010 by Canadian UnderwriterAn insurer that has satisfied its legal requirement for policy cancellation has not automatically proven that the insured knew his policy had been cancelled, an Ontario arbitrator has ruled.In Ersin Aksoy and Markel Insurance Company of Canada, the Financial Services…
Construction costs see nominal increase in 2009: Xactware
March 10, 2010 by Canadian UnderwriterThe sluggish economy, combined with the downward trend of the housing market in 2008, might have played a role in keeping construction costs to nominal increases in 2009, according Xactware, a property claims software company. The global recession played a…
What’s New: In Brief (March 09, 2010)
March 9, 2010 by Canadian UnderwriterPartnerRe expects the total insured industry losses from the Feb. 27, 2010 earthquake in Chile to be between $6 billion and $10 billion. The company expects its claims relating to the earthquake to be between $220 million and $320 million.The…
What’s New: In Brief (March 09, 2010)
March 9, 2010 by Canadian UnderwriterIntact Insurance is congratulating the winners of the 37th annual Canadian Sport Awards, which honour athletic excellence and leadership.The company was a premier sponsor of Speed Skating Canada, and is sending additional congratulations to members of the national team. Christine…
What’s New: In Brief (March 05, 2010)
March 5, 2010 by Canadian UnderwriterThere were approximately 20% fewer claims reported during the 2010 Winter Games than during the same time period in 2009, according to the ICBC.The observation is based on preliminary numbers.“We put a plan in place to deal with an anticipated…
New Ontario auto insurance regulations to take effect Sept. 1, 2010
March 3, 2010 by Canadian UnderwriterRegulations for Ontario’s auto insurance reforms are now public, and will take effective on Sept. 1, 2010, the province’s insurance regulator has announced. The reforms include a new Statutory Accident Benefits Schedule (SABS) that will cap medical/rehabilitation and assessment/examination expenses…
Canadian natural disasters and resultant damages triple in two decades: ICLR report
March 3, 2010 by Canadian UnderwriterNatural disasters in Canada and damages arising from them have tripled since the 1980s, according to a comprehensive report published by the Institute for Catastrophic Loss Reduction (ICLR).“Canada has had a fair share of natural disasters,” says the 223-page report,…
What’s New: In Brief (March 03, 2010)
March 3, 2010 by Canadian UnderwriterCrawford & Company (NYSE: CRDA; CRDB) is mobilizing its staff of in-country, regional and Global Technical Services (GTS) adjusters to handle the losses resulting from the Feb. 27 earthquake in Chile.“Crawford’s offices in Chile are being supported by our professionals…