Industry
Claims adjusters dealing with residential fuel oil spills should think twice before allowing anyone to move a tank and should always keep a damaged tank for evidence, speakers at a recent conference suggested. “They get really mad and yell at you if you touch that tank,” Vas Kanellos said of Ontario’s Technical Standards Safety Authority, […]
By Canadian Underwriter | February 8, 2013
3 min read
The outlook for the property and casualty industry in the United States for this year is generally stable, although the commercial lines segment has retained a negative outlook, says a new special report from rating agency A.M. Best. Last year was generally uneventful in terms of catastrophes until Oct. 29, when Hurricane Sandy made landfall […]
2 min read
Insurance professionals need to bear in mind catastrophe models are imperfect, and should account for factors such as a concentration of exposures, location of critical suppliers and the time since the last catastrophe occurred in an area, brokerage firm Lockton stated in a recent report. “Recognize models will always be wrong and there will always […]
Eastern Canada and the U.S. were getting heavy snow Friday morning, with AIR Worldwide warning of the possibility of collapsing roofs, power outages and frozen pipes in the U.S. northeast. “The combination of heavy snow and intense winds means that drifting snow could be a problem over the watch area, increasing the possibility of roof […]
Corporate executives are more concerned about cyber threats than other major business risks, a new survey sponsored by insurance giant AIG suggests. More than 85% of the 258 executives surveyed said they were very or somewhat concerned about cyber risks to their organizations, compared with the group’s response to six other areas of risk, including […]
By Canadian Underwriter | February 7, 2013
The Allstate Corp. released Wednesday financial results for the three months and full year ending Dec. 31, recording net income of $2.3 billion on revenues of $33.3 billion in 2012. All figures are in U.S. dollars. Net income for the fourth quarter dropped year-over year, from $712 million in 2011 to $394 million in 2012. […]
In a first-time report, the National Insurance Crime Bureau in the United States has reported that from 2006 to 2012, there were more than 1,300 claims related to tailgate theft from pickup trucks. Between Jan. 1, 2006 and Sept. 30, 2012, the NICB identified 1,343 claims related to tailgate theft, or the stealing of the […]
Global reinsurance giant Munich Re has posted a profit of €3.2 billion ($4.3 billion) for 2012, up from €0.71 billion in 2011, saying it is satisfied with its renewals going into this year. For 2012, the company posted an operating result of €5.4bn. At press time, 1 euro was equal to $1.35. “This very pleasing […]
By Canadian Underwriter | February 6, 2013
Intact Financial Corp., Canada’s largest provider of property and casualty insurance, has reported a jump in its earnings for the last quarter of 2012, as well as for the entire year compared to 2011 results. The company reported Wednesday a net operating income of $194 million for the fourth quarter of 2012, up 25% per […]
Carriers may deny claims on occasion, but speakers at a conference Tuesday advised claims professionals to never forget their first job is to provide customer service business and to take heed to judges’ rulings on what constitutes good faith. “It’s a hard beast to pin down,” Stephen Scullion, the Kitchener-Waterloo, Ont. branch manager of Granite […]
4 min read
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