Claims
Last year saw the greatest economic toll for natural catastrophes and man-made disasters, at $370 billion, according to Swiss Re. Insured losses in 2011 ranked as the second-highest sum ever in a year, at $116 billion. The highest loss was the Japanese earthquake and tsunami, which at $35 billion was the largest quake loss ever […]
By Canadian Underwriter | March 30, 2012
1 min read
Canadian property and casualty insurers need to collaborate with Canadian governments to paint a kind of ‘pre-Day of Reckoning’ picture of what earthquake damage might look like, in order to better inform Canadians about the role of insurance in reconstruction efforts. Also, governments need to spell out clearly to Canadians the financial commitment they are […]
By Canadian Underwriter | March 29, 2012
3 min read
Ontario plans to update how the Financial Services Commission of Ontario (FSCO) regulates the insurance industry as part of an effort to “transform public services.” In the provincial budget tabled Mar. 27, Finance Minister Dwight Duncan said the government will “strengthen the oversight of the auto insurance system in particular” and “further enhance the effectiveness […]
CORRECTION: An earlier version of this story incorrectly stated the decision came from the Competition Bureau. The decision was in fact from the Competition Tribunal. Canadian Underwriter apologizes for the error. Also, the version below contains updated content, including a statement from the IBC. Canada’s Competition Tribunal has denied an application by Insurance Bureau of […]
A cross-border shopper living in Ontario has been allowed to proceed with her slip-and-fall claim in the Ontario Superior Court, even though her injury occurred in a Home Depot outlet located in the United States. The defendant, Home Depot, moved for a stay of proceedings on the basis that an Ontario Court should not assume […]
By Canadian Underwriter | March 28, 2012
2 min read
Ontario announced new initiatives to crack down on insurance fraud in yesterday’s budget, which were welcomed by industry groups. The budget also indicates the province intends to propose administrative monetary penalties, for which the industry has advocated over the past year. In terms of auto fraud, Ontario finance minister Dwight Duncan outlined several steps to […]
A Japanese fishing trawler floating off the B.C. coast is among the first verified objects of debris that has reached Canada following the 2011 Tohoku earthquake and tsunami. In Canada, the Tsunami Debris Coordinating Committee co-chaired by provincial and federal representatives has been created to manage any tsunami debris that arrives on B.C.’s coast in […]
By Canadian Underwriter | March 27, 2012
The perpetrator of natural catastrophe losses in the United States appears to be changing, with severe thunderstorm losses supplanting hurricane losses as the chief culprit. Overall, natural Natural catastrophe events in the United States are definitely on the upswing, with events in 2011 costing the U.S. and casualty insurance industry $35.9 billion — the fifth-most-expensive […]
By Canadian Underwriter | March 26, 2012
Climate change and disaster risks should be regular touch points for discussion among world leaders gathering at G20 summits, according to Rowan Douglas, chief executive of Willis Re Analytics. Douglas told a major scientific conference in London, United Kingdom that the inclusion of climate and disaster risk on the agenda of the upcoming G20 meeting […]
B.C. Minister of Justice and Attorney General Shirley Bond and the president of the Fire Chiefs’ Association of B.C., Surrey Fire Chief Len Garis, have launched a smoke alarm campaign that includes a proposal linking annual insurance renewals to fire alarm tests. The new campaign is a sustained, coordinated approach to make sure B.C. homes […]
By Canadian Underwriter | March 23, 2012
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