Claims
THORNEY, England – As children climb into boats to get to school and scores of hoses pump floodwaters from fields day and night, one corner of southwest England is trying to reclaim its land. Other Britons watch and wonder: How much can you fight the sea? Here on the Somerset Levels – a marshy, low-lying […]
By Canadian Underwriter | February 3, 2014
5 min read
Nova Scotia’s minor injury cap has increased to $8,213 for 2014, notes a Jan. 31 bulletin from the province’s Office of the Superintendent of Insurance. The new cap – the limit must be reviewed annually to reflect changes in the Consumer Price Index – is up from $8,100 in 2013, states the bulletin issued on […]
1 min read
WASHINGTON – Federal officials are planning to announce Monday whether automakers should be required to equip new cars and light trucks with technology that enables vehicles to communicate with each other to prevent collisions. Such vehicle-to-vehicle communication could transform traffic safety. The Department of Transportation scheduled an announcement for midday. Transportation officials estimate the technology […]
3 min read
TORONTO – Bell Canada says 22,400 of its small business customers have had their account information compromised by hackers. Bell says in a release the breach of usernames and passwords occurred when an Ottawa-based third-party supplier had its systems hacked. It says the information was posted to the Internet this weekend. A hacking group calling […]
By The Canadian Press | February 3, 2014
ATHENS – A strong earthquake with a preliminary magnitude between 5.7 and 6.1 hit the western Greek island of Kefalonia before dawn Monday, sending frightened residents into the streets just over a week after a similar quake damaged hundreds of buildings, reviving memories of a disaster in the 1950s. Authorities said about 16 people had […]
OTTAWA – Canada’s highly paid Olympic men’s hockey professionals are insured against acts of terrorism when they compete in the Sochi Games but it is not at all clear the same coverage extends to their amateur brethren on the Olympic team. As for regular Olympic spectators, they’re being warned that most travel insurance policies won’t […]
Electronic signatures make workflow less cumbersome. They can also produce an audit trail for each transaction and provide proof that the customer received and read the documentation before he or she signed it.
By Catherine Smola, President and CEO, Centre for Study of Insurance Operations | January 31, 2014
4 min read
What should a broker do upon discovering that a producer has intentionally failed to advise clients about a necessary document or piece of information until a sales contest was under way, in order to ensure that new sales were revealed during contests? In doing so, clients felt they were fully covered when, in fact, they were not. Brokers agree this violates RIBO's rules.
By The CIP Society of the Insurance Institute of Canada | January 31, 2014
6 min read
Last year saw a record number of catastrophe bond deals, Willis Capital Markets & Advisory (WCMA), the capital markets division of Willis Group Holdings, said this week. There were 29 cat bond deals in 2013, with total issuance over the year reaching $7.1 billion. That was close to the 2007 record of $7.2 billion, with […]
By Canadian Underwriter | January 31, 2014
2 min read
Two groups representing insurers in the United States have issued statements opposing the Senate’s move to delay premium increases for the government flood insurance program. The legislation passed by the U.S. Senate delays the implementation of the Biggert-Waters Flood Insurance Reform Act, signed into law in 2012. Under that act, the National Flood Insurance Program […]
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