Segment
Risk Management
MarketPlace
October 1, 2011 by Canadian UnderwriterClaims Hurricane Irene blows through Quebec and Maritime provinces The verdict is still out on insured losses caused by Hurricane Irene’s three landfalls, but loss estimates for the Caribbean range as high as $1.1 billion. The remnants of Hurricane Irene,…
IBC proposes its voluntary code on credit scoring as the basis for future regulatory framework
September 30, 2011 by Canadian UnderwriterInsurance Bureau of Canada (IBC) is holding up its voluntary Code of Conduct for Insurers’ Use of Credit Information as the basis for some kind of regulatory framework on credit scoring.Such a regulatory framework would be an alternative to banning…
Hurricane Ophelia churning towards Nova Scotia, Newfoundland
September 30, 2011 by Canadian UnderwriterHurricane Ophelia is tracking towards Nova Scotia and Newfoundland, likely passing the coast on Oct. 3 with 120 km-h winds, according to the Canadian Hurricane Centre.As of Sept. 30, Ophelia was a Category 3 hurricane, moving towards Bermuda. It is…
US property and casualty industry reports 67% drop in 2011 H1 net income
September 30, 2011 by Canadian UnderwriterThe U.S. property and casualty industry saw its net income drop 67% in the first half of 2011, to $6.9 billion, battered by unprecedented catastrophe-related losses, reports A.M. Best. In its report, US P/C First-Half Net Income Plunges on Cat…
Cunningham Lindsey Canada creates two national director positions
September 30, 2011 by Canadian UnderwriterCunningham Lindsey Canada has created two new national director positions within its complex loss-adjusting unit. Andrew Hernandez is the national director of property, commercial risk division and Doug Andrews is national director of liability, commercial risk division.Hernandez was most recently…
Fire-following 7.8 quake in Southern California would cause $87 billion in losses
September 29, 2011 by Canadian UnderwriterFire following a theoretical 7.8 earthquake in Southern California would cause $65 billion in property damage and $22 billion in business interruption losses, Keith Porter, associate research professor at the University of Colorado at Boulder, told delegates of the National…
Kerby-Reid launches mobile app for underwriters
September 29, 2011 by Canadian UnderwriterKerby-Reid has launched a mobile app to help insurance professionals calculate pro-rata and short-term premiums.The app – the ‘Kerby-Reid Pro-rata Insurance Calculator’ – is available for Blackberry and iPhone/iPad platforms, is designed to help underwriters, agents and brokers calculate earned and…
Insurers leaving “hundreds of millions” on the table by not pursuing subrogation claims
September 29, 2011 by Canadian UnderwriterInsurers need to consider potential indemnity and not just costs in deciding whether to pursue subrogation claims, according to panelists at the National Insurance Conference of Canada (NICC).Subrogation is a term used when an insurer tries to recover costs it…
Climate change could cost Canadians up to $44 billion per year as of 2050
September 29, 2011 by Canadian UnderwriterClimate change could cost Canadians economic losses of about $5 billion per year as of 2020, and between $21 billion and $44 billion per year by 2050, according to the National Round Table on the Environment and the Economy (NRTEE).The…
Canadian insurers failing to price earthquake coverage adequately
September 28, 2011 by Canadian UnderwriterThe Canadian insurance industry is failing to price quake coverage properly, said Alister Campbell, CEO of Zurich Canada.Campbell spoke during the panel discussion, ‘Canadian Earthquakes: Preparing for the Big One,’ on Sept. 27 at the National Insurance Conference of Canada…
Class action lawsuit certifications on the rise
September 28, 2011 by Canadian UnderwriterCertification of class action lawsuits is on the increase, raising tactical questions about whether defendant insurers should even bother fighting certification, or simply fight the good fight at trial. Laura Cooper, partner at Fasken Martineau, discussed class action statistics and…
Government intervention in insurance placing financial burden on taxpayers
September 28, 2011 by Canadian UnderwriterGovernment intervention in the insurance market is placing the financial burden of natural disasters on taxpayers, according to a Lloyd’s of London report. “The private insurance market has a crucial role to play in helping communities and economies recover from…