Industry
York Regional Police north of Toronto recently arrested and charged nine individuals in connection with alleged staged collisions. The arrests were made as a result of the second phase of Project Sideswipe , an ongoing investigation into allegedly false auto insurance claims at medical rehabilitation and assessment centres in and near Toronto. “As of December 13, […]
By Canadian Underwriter | December 18, 2012
3 min read
A.M. Best Company Inc. recently released a revised estimate of $85 billion, net of reinsurance, in losses due to third-party liability asbestos claims to the United States property and casualty insurance industry. Annual losses for both asbestos and environmental is now $127 billion, the Oldwick, N.J. credit rating agency stated in a special report released […]
Many Canadian drivers may not be taking all the precautions they can to stay safe and keep calm on the winter roads, suggest the results of a recent poll from TD Insurance. According to the TD Insurance Winter Driving Poll, 60% of Canadian drivers don’t carry an emergency kit in their car, 38% don’t get […]
By Canadian Underwriter | December 17, 2012
2 min read
After casting more than 2.8 million votes, Canadians have chosen the top 30 finalist ideas for this year’s Aviva Community Fund competition. Created by home and auto insurer Aviva Canada and now in its fourth year, the Aviva Community Fund provides $1 million in donations for community initiatives across the country. The 30 finalist ideas […]
Willis Energy has introduced insurance facility to cover the new risks associated with decommissioning and dismantling offshore oil and gas platforms, a need expected to increase as installations reach the end of their productive lives. “Major platform operators and leading insurance underwriters believe that the unique exposures arising out of these specialized projects require a […]
The Royal Bank of Canada recently announced the results of a poll of parents and teenagers, noting that 79% of parents responding said their teenaged children engage in some form of distracted driving. One in four of the parents said their teens were distracted by radio or music, 21% said those distractions were having friend […]
Three-quarters of North American insurers say they believe usage-based insurance (UBI) will fundamentally alter the auto insurance industry between now and 2020, according to results from a recent survey. Strategy Meets Action (SMA), an insurance strategic advisory firm, released its new research report, Usage-Based Insurance/Telematics: a Catalyst for Change on Thursday, which included results from […]
By Canadian Underwriter | December 14, 2012
Banks carry more systemic risk than the insurers, with greater exposure to credit default swaps and derivatives with a greater reliance on short-term borrowing, according to a recently released report from The Geneva Association. In a press release, the Geneva-based insurance think tank published its cross-industry analysis of 28 “Global Systemically Important Banks” (G-SIBs) versus […]
Fitch Ratings has maintained its stable outlook for both the commercial and personal lines sectors of the U.S. property and casualty insurance industry, the firm said Thursday. “Insurers have withstood less favorable underwriting and economic conditions in the past several years, which has promoted weaker profitability,” Fitch noted. “However, the market’s capital position remains strong, […]
A majority of Canadians are worried that the United States fiscal cliff could hurt Canada’s economy, according to a recent survey. A Sun Life Financial-commissioned Ipsos Reid study suggests 63% of Canadians are concerned about the fiscal cliff, or the “unprecedented predicament created by a package of tax increases and spending cuts that could be […]
By Canadian Underwriter | December 13, 2012
1 min read
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