Claims
Cargo theft is not simply about stolen goods – affecting an individual load or a particular company – but extends beyond that to adversely influence the economy as a whole, Richard Dubin, vice president of investigative services for the Insurance Bureau of Canada (IBC), suggested during the Annual Toronto Fraud Forum Tuesday. “We’re trying to […]
By Canadian Underwriter | September 24, 2014
4 min read
ANTIGONISH, N.S. – Nova Scotia has awarded contracts worth $5 million to repair flood controls in Cumberland County. Alva Construction of Antigonish will replace two structures that protect against flooding from the Bay of Fundy. ICBCL Ltd. of Halifax, which completed earlier stages of the project including design and consultation, has been contracted to inspect […]
By The Canadian Press | September 24, 2014
1 min read
OTTAWA — Insurance-linked securities can help primary insurers get negotiating power with reinsurance carriers and Canada is a “nice fit” for these types of alternative sources of capital, suggested speakers at the National Insurance Conference of Canada (NICC). “Canada would be a very nice fit in order to transfer more of this risk into the […]
By Canadian Underwriter | September 23, 2014
OTTAWA – The Ontario government’s target of a 15% reduction in auto insurance rates is “absolutely not” doable, the Insurance Bureau of Canada’s vice president of policy development said Tuesday during the National Insurance Conference of Canada. “Absolutely not, and I think the government fully knows that although the government has not come out and […]
2 min read
The Insurance Brokers Association of Ontario (IBAO) announced Tuesday that five of the top 10 insurers in Canada will now accept business quoted using a standardized consent language. “This wording will enable our brokers to obtain consent on behalf of the insurer in respect to a quotation that includes personal credit information, including credit score, […]
Challenged by the United Nations chief to set a new course for a warming globe and reverse the rise of heat-trapping gases, world leader after world leader Tuesday made promises of billions of dollars and better care of planet Earth. Tuesday’s one-day summit at the annual U.N. General Assembly gathering of more than 100 world […]
5 min read
OTTAWA – There is a soft market in reinsurance, but a significant amount of risk in the world still remains uninsured, speakers suggested Monday at the National Insurance Conference of Canada. Peter Hearn, chairman of reinsurance intermediary Willis Re Inc., said of US$140 billion in economic losses from natural disasters in 2013, only about US$36 […]
By Canadian Underwriter | September 22, 2014
3 min read
OTTAWA – As technology such as telematics and driverless vehicles become more widely commercially-available, brokers will come under increased pressure to provide value, or else watch their profession diminish, according to a panel of experts at this year’s National Insurance Conference of Canada. Broadly speaking – looking outside of just the insurance industry – if […]
An organization of civil engineers is calling for a national strategy for mitigating flood risks, saying the U.S. has not fully heeded lessons from Hurricane Katrina and Superstorm Sandy. The American Society of Civil Engineers released its recommendations Monday during a conference on water issues in Philadelphia. The group is calling for Congress and the […]
Canada is lagging behind on the issue of overland flooding, necessitating that measures be taken to ensure greater resiliency and to guard against associated losses, suggests a new report issued Monday. Partners for Action: Priorities for Advancing Flood Resiliency in Canada – which reflects input received from a wide range of stakeholders representing all levels […]
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