Claims
A man personally involved in more than 12 staged auto collisions received a three-and-a-half-year prison term and a freestanding restitution order for $375,000 for his participation in a staged collision ring. Uthayakanthan Thirunavukkarasu, also known as Max or Mano, entered a guilty plea to instructing the commission of offences for a criminal organization, proceeds of […]
By Canadian Underwriter | May 24, 2012
2 min read
Insurance Bureau of Canada (IBC) is urging Ontario MPPs to vote down an NDP private member’s bill that would ban the use of territory as a rating factor in auto insurance. Any reduction in premiums for constituents in some areas of the province would become an expense for drivers elsewhere, notes an open letter released […]
By Canadian Underwriter | May 23, 2012
1 min read
The 2012 Atlantic hurricane season should be close to long-term norms, although the U.S. is “overdue” for a major landfall strike, notes a study released today by Tropical Storm Risk (TSR). The climatological research group, which is backed by Aon Benfield, RSA and Crawford & Company, is forecasting 13 tropical storms, six of which will […]
RSA has re-organized its international specialty business into three key divisions, as it seeks to connect brokers and customers who are seeking global expertise and capacity. As of June 1, the U.K.-based insurer’s regional specialty business will be organized according to construction and engineering (including renewable energy), marine and risk managed business. All three lines […]
U.S. corporations are increasingly being held liable for crashes involving employees using their cellphones while driving, signalling the need for companies to ban cellphone use while behind the wheel, a recent National Safety Council (NSC) study says. Appendix B of the report, Employer Liability and the Case for Comprehensive Cell Phone Policies, lists 18 examples […]
By Canadian Underwriter | May 22, 2012
A multinational, multi-university group of scientists and crew are taking part in a six-week experience to track the most violent tornadoes on the prairies and in the midwest United States. The Radar Observations of Tornadoes and Thunderstorms Experiment [ROTATE] hopes to unravel the twist of inner workings of tornadoes. There are plenty of unanswered questions, […]
Alberta’s fire season last year, which included more than $700 million in insured damages in Slave Lake, may not be the last of its kind. “The 2011 fire season may well be the forerunner of future fire seasons,” wildlife behaviour specialist Dennis Quintilio noted as part of a technical briefing during the release of the […]
3 min read
FM Global has licensed AIR Worldwide’s CLASIC/2TM catastrophe modelling software to support its catastrophe risk management activities. One of the world’s largest commercial property insurers, FM Global will use the software to model highly complex wind and earthquake exposures at its commercial and industrial client sites in North America, AIR reports in a statement. CLASIC/2 […]
Frequently formed to ensure sufficient capital during hard insurance markets, captive insurance companies can also be used creatively to facilitate business opportunities, noted Paula Gentile of MGM Resorts International. Gentile, senior vice president of risk management and general counsel for MGM, spoke at the 8th Annual Canadian Captives & Corporate Insurance Strategies Summit in Toronto […]
By Canadian Underwriter | May 18, 2012
How do you establish and operate a multi-year government captive insurance program within the context of a government’s annual budget appropriation cycle? This was the biggest challenge in establishing the British Columbia government’s risk-pooling programs through a captive, said Phil Grewar, executive director of the risk management branch and government security office for the provincial […]
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