Industry
Thomas Cook Financial Services has enhanced its travel insurance product. “We are extremely pleased to introduce the new Thomas Cook Travel Insurance product,” said Kevin McAdam, director of financial services at Thomas Cook North America. “Pets, golf green fees and travel disruption – they are all things our travellers want insured, we’ve listened and we’re […]
By Canadian Underwriter | March 28, 2012
1 min read
The safety record of the modern maritime shipping industry has improved dramatically, but the majority of losses are still caused by human error, according to a report by Allianz Global Corporate & Specialty. Allianz noted that marine transport is one of the “safest means of passenger transport overall,” with shipping losses of 1 ship per […]
By Canadian Underwriter | March 27, 2012
Swiss Re Capital Markets announced the first catastrophe bond combining the risks of two primary insurers into a single transaction. The securitization, which provides $200 million in multi-peril annual aggregate indemnity protection, will help backstop the U.S. perils of severe thunderstorm, hurricane, earthquake and winter storm for COUNTRY Mutual Insurance Company and North Carolina Farm […]
Three class action lawsuits have been launched in the Ontario Superior Court of Justice seeking more than $700 million in damages on behalf of Canadian auto dealers over alleged price fixing on parts used in the manufacture of automobiles. The lawsuits name several major parts manufacturers associated with an international price-fixing probe including Yazaki Corporation, […]
2 min read
Ontario’s broker self-regulator has witnessed enough of an increase in inducements and sales incentives to issue a bulletin to brokerage principals throughout the province. The Registered Insurance Brokers of Ontario (RIBO) sent the notice last month. “We are seeing a resurgence in marketing programs from insurers offering an inducement to brokerage staff to direct or […]
By Canadian Underwriter | March 26, 2012
Unusually warm spring weather triggered ice jams that resulted in severe flooding along the St. John River in western New Brunswick. Early damage estimates are $25 million. A state of emergency was declared in Perth-Andover on Mar. 23, with approximately 500 residents forced to evacuate their homes. The New Brunswick provincial government has set up […]
CSN Collision & Glass is expanding further into Western Canada, adding Jack Schultz Auto Body from Prince George, British Columbia. Lee J. Leslie is the general manager of Jack Schultz Auto Body-CSN, which has been in existence for more than 40 years. “We have many new customers walking through our doors as a direct result […]
Business property insurer FM Global increased its premium base in 2011, helping to offset record-high net losses incurred from disasters in 2011. FM Global reported $5.1 billion of gross premium in 2011, an increase of 5.4%. In addition, it reported a 5.8% increase in net earned premium (to $3.4 billion). However, the mutual insurance company […]
Canadians may have a misplaced confidence in the quality of their water infrastructure, according to the fifth annual RBC Canadian Water Attitudes Study. In a sample of more than 2,428 adult Canadians, about 80% of respondents reported feeling no need for major and immediate investment in their community’s drinking water/wastewater facilities. These survey respondents believed […]
By Canadian Underwriter | March 23, 2012
Risk managers and corporate executives identified intensifying economic uncertainty, increasing regulations and growing competition as the top three risks facing their organizations in a recent poll by PricewaterhouseCoopers LLP (PwC). The survey, which tapped more than 1,000 executives and risk management leaders, was designed to examine the state of global risk and explore risk management […]
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