Claims
FirstOnSite Restoration has mobilized to the Gulf Coast in the United States to respond to Tropical Storm Isaac. A central command centre has been established in Meridian, Mississippi to manage the response, notes a statement from FirstOnSite, an independent emergency restoration company. “Isaac poses a significant storm surge threat to coastal areas in Louisiana and […]
By Canadian Underwriter | August 28, 2012
2 min read
A band of powerful thunderstorms that hit parts of Ontario stretching from Hamilton to Ottawa over two days in July has resulted in an estimated $80 million in insured damages. The preliminary estimate is being reported by Property Claim Services Canada (PCS-Canada), a service that tracks insured losses arising from catastrophic events in the country, […]
1 min read
Almost 80% of polled teenage drivers in the United States say stronger fines and law enforcement would help deter texting while driving, notes a new survey. The State Farm/Harris interactive telephone survey, conducted from July 24 to 30, involved 650 teenagers between the ages of 14 to 18. While a passenger in a car, 78% […]
The Insurance Brokers Association of Canada (IBAC) has taken aim at the country’s largest bank, arguing in a letter to the Office of the Superintendent of Financial Institutions (OSFI) that RBC is flouting federal rules by allowing its insurance arm to solicit new business from current banking customers. At the heart of the complaint is […]
By Canadian Underwriter | August 27, 2012
Forecasters at the National Hurricane Center in the United States have issued a hurricane watch that extends from Louisiana to the Florida Panhandle for Tropical Storm Isaac. The storm, which had reached the Florida Keys by late Aug. 26, is expected to become a category 1 or 2 hurricane when it makes landfall over the […]
A woman who slipped on ice after exiting her car is not eligible for auto accident benefits in Ontario because the incident does not constitute an “accident” under insurance regulations, a director’s delegate of the Financial Services Commission of Ontario (FSCO) recently ruled. In Wawanesa Mutual Insurance and Webb, Daphna Webb was injured when she […]
By Canadian Underwriter | August 24, 2012
Economical Insurance’s financial numbers for the second quarter of 2012 show that the company is continuing to deliver strong profitable results and is well-positioned for a successful demutualization, suggests Karen Gavan, president and CEO of the company. Economical has maintained strong growth trends in gross written premiums and mutual policyholders’ equity in 2012 Q2, Gavan […]
Organizations that hold a lot of personal customer data, including insurance brokers and financial institutions, are among the entities most vulnerable to increasing risks and costs associated with privacy breaches that can expose sensitive customer information, suggests Trisura Guarantee Insurance Company. “Having appropriate breach preparation and response service can help Canadian businesses safeguard reputation, credibility […]
Property and casualty insurers in the United States recorded strong earnings in the second quarter of 2012, with net income rising 343% from the same period in 2011 for a group of 26 select companies, notes a report from Moody’s Investor Services. However, operating income for the sector – excluding the positive impact of lower […]
By Canadian Underwriter | August 23, 2012
Aon Benfield recently announced a partnership with Ambiental, a flood risk assessment and modelling consultancy. The global reinsurance broker and capital advisor of Aon notes the relationship with Ambiental will “enhance the firm’s flood model development capabilities.” Specifically, Ambiental will be working with Aon Benfield’s catastrophe modelling and research arm, Impact Forecasting, to improve the […]
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