Elevating Underwriting to a Fine Art Form
February 1, 2006 by Canadian UnderwriterProtecting Art’s Unique Value Requires Mastery of the Craft
Moves (January 01, 2006)
January 1, 2006 by Canadian UnderwriterThe KRG Insurance Group has appointed five new additions to its team. Paul Martin, CIP, president and chief operating officer, welcomes: Dave Potter, CRM, to the position of vice president of commercial lines and claims; Lyna Newman, FCIP, CRM to…
New Order in the COURT
October 1, 2005 William Blakeney, Blakeney Henneberry MurphyIn Swagger Construction Ltd. v. ING Insurance Co. of Canada, the B.C. Supreme Court effectively crafted a new interpretation of the province’s construction insurance policies. A boon to insurers, Swagger reverses a trend in the B.C. courts to rule that when considering an insurer’s duty to defend a building contractor, policy wordings must be read liberally and exclusion clauses narrowly. The decision, likely destined for appeal, aligned B.C. caselaw with Privest-style insurance policy interpretations in other Canadian jurisdictions.
Total property damage from Katrina storm surge estimated
September 29, 2005 by Canadian UnderwriterProperty damage caused by water related to Hurricane Katrina will reach a total figure of approximately $44 billion, according to AIR Worldwide Corp. “Katrina resulted in an unprecedented level of water damage,” Dr. Jayanta Guin, vice president of research and…
Catastrophe bonds bear Katrina’s brunt
September 1, 2005 by Canadian UnderwriterAlthough industry insured losses resulting from damages left in Katrina’s wake are estimated at a substantial US$15 – US$25 billion, outstanding hurricane-related catastrophe bonds are expected to remain safe. “Nevertheless, based on a preliminary analysis, it appears that the damage…
Estimates of flood damage, crop losses mount in rain-soaked Manitoba
July 1, 2005 by Canadian UnderwriterDamage from flooding across southern Manitoba may result in insured claims of approximately $225 million, with about 10% of this figure resulting from damage incurred to commercial property, according to Jim Rivait, vice president Insurance Bureau of Canada (IBC) prairies,…
Insurers may be flooded with storm damage claims from Alberta
June 23, 2005 by Canadian UnderwriterFlooding is no longer the only force damaging residences in Alberta. Environment Canada has now released reports of several tornado sightings near Vauxhall, Taber and Coalhurst with at least one of them touching down. In addition, heavy windstorms and golf-ball-sized…
Rate, Risk and Reputation
May 1, 2005 Craig HarrisA recent gathering of industry leaders, organized by the CIP Society, featured animated discussions about future directions in the Canadian property and casualty insurance industry. Two broad themes of keeping rates (and risk assessment) realistic in a softening market and salvaging the industry’s reputation emerged as key messages.
Preventing Mold Losses
March 1, 2005 Andreas Wagner, and Tom ParkRecent scientific and legal developments have started to push mold damage in buildings up on the agendas of many insurance companies.
Regulating Oil Tanks
January 1, 2005 Craig HarrisLeaking domestic oil tanks pose a persistent problem for insurers, particularly in Atlantic Canada and rural areas of Ontario and Quebec. The property and casualty insurance industry finds itself in the rare position of calling for more regulation on how oil tanks are installed, maintained and replaced in key provinces.
Homeowners and Natural Hazards
January 1, 2005 Paul KovacsHow well do Canadian homeowners understand insurance coverage for natural hazards? Would they like their insurance companies to send them information about hazard safety? Do homeowners approve of insurance companies funding loss prevention research? These are questions the Institute for…
Moments in Time (December 01, 2004)
December 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.