Claims
Catastrophe modelling firm AIR Worldwide has announced a new consulting service for the public sector. Public Risk Services is a new consulting service for “public sector institutions and stakeholders charged with managing catastrophe risk,” the Boston-based firm announced Tuesday. According to AIR, the new service segment will serve three roles: John W. Rollins, a vice […]
By Canadian Underwriter | April 2, 2013
2 min read
A British Columbia judge ruled last week against the estate of a woman killed in an auto accident, which is being sued by a man injured in the same collision. In the case of Alasdair Robert Coombs v. the estate of Lillian Eva LeBlond, Mr. Justice Allan Betton ruled that a letter from the Insurance […]
By Canadian Underwriter | April 1, 2013
4 min read
The Institute for Catastrophic Loss Reduction (ICLR) will be hosting a workshop this month on the wildfire landscape in Canada. Dr. Kerry Anderson, a fire research scientist from the Canadian Forest Service, will be presenting on how such wildland forest fires threaten public safety and evacuations and destroy property.. The April 12 presentation, held as […]
1 min read
Forecast services company ImpactWeather has released a prediction for this year’s hurricane season, suggesting that 2013 will have a series of storms more severe than last year. Based on “averages of past seasons, ocean temperature trends, and the absence of an El Nino influence from the Tropical Pacific,” the company’s senior meteorologist Chris Hebert said […]
Canada, along with the rest of the world, will be subject to new Own Risk and Solvency Assessment rules in the future. ORSA is intended to provide a more effective means for insurers and insurance regulators to be able to effectively monitor insurance risk and capital requirements on a prospective, rather than retrospective, basis.
By J. Brian Reeve | March 31, 2013
7 min read
The federal government has allocated $53.5 billion over the next decade for infrastructure across the country, a move that Insurance Bureau of Canada (IBC) has commended. In the 2013 budget, the Conservative government set out the amount for provincial, territorial and municipal infrastructure over the next 10 years. Infrastructure-based funding highlights include:• $32.2 billion through […]
March 31, 2013
The Canadian property and casualty insurance market saw substantial growth in premiums in 2012, largely because of growth in personal lines, including improvement in Ontario auto results, according to preliminary data from MSA Research. The industry’s combined ratio for the year came down to 96.7% from 99.5% in 2011 (not including those in the Lloyd’s […]
The Office of the Superintendent of Financial Institutions (OSFI) released the final revised version of its Earthquake Exposure Sound Practices (Guidelines B-9) in late February, following public consultations that began last August. The revised guideline comes from a working group created in 2010 comprised of OSFI and several provincial regulatory partners, including British Columbia Financial […]
Software maker Mitchell International Inc. recently released predictions for the property and casualty insurance and automotive repair industries, forecasting lower prices for recycled parts, an overall increase in the cost to repair damaged vehicles and an increased demand for cloud computing. “The average industry cost to repair auto collision damage will increase,” San Diego-based Mitchell […]
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