Claims
Economic growth in high-risk areas has contributed to the average annual cost of insured claims from natural catastrophes increasing eight-fold since 1970, according to an Allianz report, Natural Catastrophes on the rise?The report notes average insured claims costs related to natural catastrophes have escalated from $5 billion in the 1970s and 1980s up to $40 […]
By Canadian Underwriter | March 24, 2011
1 min read
The federal government’s proposed budget, introduced on Mar. 22, 2011, confirmed the government was working on a regulatory framework that would allow property and casualty insurance companies to demutualize.As of press time, the budget was widely anticipated to be defeated, thereby triggering a Spring election.”The government is developing a framework for the demutualization of federally […]
By Canadian Underwriter | March 23, 2011
The Insurance Bureau of Canada (IBC) estimates insurance fraud to be a multi-million-dollar business in Ontario, contributing to the high cost of auto insurance in the province. IBC recognized Fraud Prevention Month in March, by urging consumers to take the time to learn how to identify insurance fraud and report suspicious activity. Insurance fraud comes […]
RSA Canada announced its support for the World Wildlife Fund (WWF)’s Earth Hour 2011, an international ‘lights out’ event taking place form 8:30 pm to 9:30 pm on Mar. 26.During the event, businesses and homeowners are encouraged to turn off their lights for drum up awareness of environmental sustainability. People in 128 countries on every […]
By Canadian Underwriter | March 22, 2011
The B.C. Insurance Council has suspended the license of agent Yik Lun Hui and insurance agency Roadways Insurance Agencies Inc., pending the outcome of a council investigation into allegations that Hui failed to carry out his duties and responsibilities as an agent competently.The council’s announcement specifies only one specific allegation under investigation, although it alludes […]
2 min read
Swiss Re estimates pre-tax claims costs of $1.2 billion as a result of damage caused by the March 2011 earthquake and tsunami in Japan. The reinsurer noted its estimate is subject to a “high degree of uncertainty” since the event is still unfolding, making loss assessment particularly challenging.On Mar. 11, 2011, a 9.0-magnitude earthquake struck […]
By Canadian Underwriter | March 21, 2011
The Supreme Court of Canada has ruled that a B.C. woman can still launch a class action lawsuit against her cellphone provider, even though the fine print of her contract had a clause that waived her right to sue.In Seidel v Telus Communications, Michelle Seidel entered into a cell phone contract with Telus in 2000. […]
By Canadian Underwriter | March 18, 2011
Economic losses from the March 11 Japan earthquake and the tsunami that followed are likely to exceed $100 billion, but the actual impact on the insurance market is still not clear, according to EQECAT. By contrasting the event with similar recent events, experts suggest that it will not spur global financial market turbulence. In 1995 […]
By Canadian Underwriter | March 15, 2011
A powerful, Magnitude-9.1 earthquake occurred offshore of the east coast of Honshu, Japan on Mar. 11, triggering a tsunami that washed over the Pacific coastal area of Honshu, Hawaii and prompted a tsunami advisory for the north and central coasts of British Columbia.The tsunami warning for Canada also covers the outer West coast of Vancouver […]
By Canadian Underwriter | March 11, 2011
3 min read
Lightning-caused wildfires in western Canada, intense winter storms in B.C., freezing rain events in Ontario and Quebec and intense hurricane events in Eastern Canada are all expected to increase by 2050, based on climate change research posted online by the Institute for Catastrophic Loss Reduction.James Bruce produced a paper, Climate change information for adaptation: Climate […]
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