Claims
Core underwriting results of the U.S. property and casualty insurance industry are expected to deteriorate in 2011, with net income dropping 30% and industry return on surplus sinking to 4.9%, Fitch reported.In its 2011 outlook, Fitch made the following projections: Catastrophe risk is still a prime source of volatility for the industry, Fitch continued. “While […]
By Canadian Underwriter | December 10, 2010
1 min read
Canada’s commissioner of the environment and sustainable development has criticized the federal government for not showing sustained leadership or responding in a coordinated way to the risks associated with climate change.Also in his 2010 Fall Report, commissioner Scott Vaughan calls on the Canadian government to update its emergency planning and documentation of responses related to […]
By Canadian Underwriter | December 8, 2010
2 min read
Climate change is causing wildfires to burn more fiercely, pumping more greenhouse gases into the atmosphere than previously thought, according to a new study by researchers at the University of Guelph. Researchers looked at fire records kept since the 1950s and visited 200 forest and peatland sites in Alaska’s interior shortly after blazes were extinguished […]
By Canadian Underwriter | December 6, 2010
Damage estimates related to severe weather events and one earthquake in Canada likely topped $700 million in 2010, extrapolating from information contained in Aon Benfield’s November 2010 Monthly Cat Recap report.The report lists damage estimates, both insured and uninsured, related to 10 specific severe storm events and one earthquake in Canada in 2010. When known […]
The Ontario Association of Chiefs of Police (OACP) and Insurance Bureau of Canada (IBC) are launching ‘Lock It or Lose It,’ a crime prevention program encouraging citizens to take a few simple precautions to prevent vehicle theft. In partnership with IBC, the OPP are checking vehicles in a variety of locations to confirm they are […]
By Canadian Underwriter | December 3, 2010
Alberta’s Superintendent of Insurance announced a series of legislative changes extending the liability cap of $1 million that exists for rental and leasing companies to people selling or financing vehicles through formal arrangements. The legislative changes come into force on March 1, 2011. They will: The legislative changes come under sections 12, 13 and 14 […]
There is a disconnect between insurance industry’s perceptions of potential catastrophe damages, modeled predictions of potential cat losses and actual catastrophe losses, according to David Lightfoot, managing director at Guy Carpenter & Company.Lightfoot was speaking at an event marking the opening of Lloyd’s Toronto office on Nov. 30. The event featured the launch of a […]
By Canadian Underwriter | December 1, 2010
At a time when auto insurance fraud is appearing in the contemporary spotlight, it is important for insurers and adjusters to be thorough in their investigations of AB personal injury claims.
By Donna Ford | November 30, 2010
5 min read
Spring Fresh, a division of FirstOnSite Restoration, celebrated its 30th anniversary with an Open House on Oct. 15. Guests toured the new office and plant location in Grande Prairie, Alberta. The evening started with cocktails, followed by a tasty selection of food. Laurie Middaugh provided entertainment throughout the evening. See all photos from this event […]
November 30, 2010
***CORRECTION*** Jacqueline Friedland was incorrectly identified as a “senior manager” at KPMG. She is in fact the actuarial practice leader in KPMG’s Canadian insurance practice. Insurers are over-relying on catastrophe modeling, focusing too much on specific Probable Maximum Loss (PML) numbers, and not enough on the uncertainty inherent in all models.A KPMG study undertaken on […]
By Canadian Underwriter | November 30, 2010
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
