Segment
Risk Management
B.C. quake produces 100 small aftershocks, but no reports of significant damage
September 12, 2011 by Canadian UnderwriterA Magnitude-6.4 earthquake that hit just west of Vancouver Island on Sept. 9 caused more than 100 aftershocks – the largest being a Magnitude of 4.9 – but no significant damage has been reported, according to Earthquakes Canada.The initial 6.4…
Granite Claims Solutions buys niche Toronto adjusting firm
September 9, 2011 by Canadian UnderwriterGranite Claims Solutions acquired Toronto-based BBCG Claim Services Limited. BBCG will continue to operate under the BBCG name. It is a niche-market adjusting firm specializing in surety and fidelity bonds, builders’ risk, course of construction, professional errors and omissions and…
The Economical reports significant improvement in Q2 results
September 9, 2011 by Canadian UnderwriterThe Economical Insurance Group (TEIG) reported a net income of $23.2 million in 2011 Q2, marking a significant improvement from 2010 Q2’s net loss of $3.6 million.For the first half of the year, TEIG reported a net income of $52.1…
Hurricane Irene’s U.S. insured damage losses as high as $6.6 billion: Aon
September 9, 2011 by Canadian UnderwriterAon Benfield estimates insured losses in the United States from Hurricane Irene will range between $1.6 billion to $6.6 billion. The storm killed about 46 people in the United States and caused nearly 8 million power outages at its peak,…
Liability premiums for Ontario municipalities increase 22% since 2007
September 9, 2011 by Canadian UnderwriterLiability premiums for Ontario municipalities have increased by 22.2% since 2007 and are among the fastest growing municipal costs, according to the Association of Municipalities of Ontario (AMO)’s first-ever comprehensive survey of municipal insurance costs.Total 2011 Ontario municipal insurance costs…
Insured losses in first half of 2011 rank as second-worst calendar year losses since Katrina, Wilma and Rita
September 9, 2011 by Canadian UnderwriterInsured losses from natural catastrophes and man-made disasters reached an estimated $70 billion in the first half of 2011, according to Swiss Re’s sigma report. This is more than double the $29 billion incurred in the first half of 2010.Insured…
Hurricane Katia won’t hit Canadian land, but will affect marine territory along Nova Scotia and Newfoundland coastlines
September 8, 2011 by Canadian UnderwriterHurricane Katia is tracking to bypass Canadian land, but it is expected to kick up waves of up to 15 feet high along the south-facing coastlines of Nova Scotia and Newfoundland, the Canadian Hurricane Centre reports.“Most computer models are indicating…
Insured losses from Texas wildfires to top $100 million
September 7, 2011 by Canadian UnderwriterInsured losses from Labour Day wildfires burning in Texas will surely top $100 million, according to the Insurance Council of Texas. Over the Labour Day weekend, roughly 85 new fires were sparked in the state. Officials had hoped Tropical Storm…
A.M. Best assigns rating to Grain Insurance and Guarantee Company
September 7, 2011 by Canadian UnderwriterA.M. Best Co. has assigned a financial strength rating (FSR) of A (Excellent) to Manitoba-based Grain Insurance and Guarantee Company. Grain Insurance and Guarantee also received an issuer credit rating of “a” from the rating agency. The outlook for both…
ICLR launches mobile Web site
September 7, 2011 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has launched a new mobile Web site. The site is a “stripped down, simplified and easy to navigate version of the Institute’s main site,” an ICLR release says. The user simply plugs in…
Aran subsidiary, MiniCo, to offer specialty insurance programs in Canada
September 6, 2011 by Canadian UnderwriterAran Insurance Services Group has announced that its property and casualty subsidiary, MiniCo Insurance Agency LLC, will offer specialty insurance programs in Canada through its new affiliate, MiniCo Insurance Agency of Canada Incorporated. MiniCo’s self-storage product line will be available…
F-0 tornado tears through Quebec community
September 6, 2011 by Canadian UnderwriterAn F-0 tornado touched down in Trois-Rivières, Quebec on Sept 4, damaging more than 70 homes, cbcnews.ca reported. The twister uprooted trees, shattered car windows and damaged roofs when it ripped through the Saint-Therese neighbourhood in the city just after…