Industry
The majority owner of a Babine Forest Products sawmill that exploded and burned down in Burns Lake, B.C. last weekend, killing two, confirmed it is insured for the mill.Hampton Affiliates, based in Portland, Oregon, owns 90% of the sawmill, which exploded on Jan. 20, killing two and injuring 19. Media reports cite company officials as […]
By Canadian Underwriter | January 24, 2012
2 min read
Commercial property and casualty pricing in the United States increased by an average 2.8% in 2011 Q4, according to The Council of Insurance Agents & Brokers’ quarterly Commercial P/C Market Index Survey. On average, small, medium and large account pricing increased 2.8% last quarter, compared to a 5.4% price decline over the same period last […]
1 min read
XL Group plc (NYSE:XL) has unveiled a new multi-channel customer portal, created with the help of Accenture (NYSE: ACN), based upon XL’s global claims system, XL GlobalClaim. The XL GlobalClaim Customer Portal provides customers with access to claims information via the XL website at www.xlgroup.com/insurance, and through mobile devices and applications like the iPhone.The portal […]
Women in Canada pay less for auto and home insurance than men, according to a study by InsureEye Inc.”We have analyzed insurance premiums of Canadians across the four most populated provinces,” an InsureEye Inc. release states. “The outcome was quite clear across both insurance types (home and auto). On average, women in Canada pay 5% […]
By Canadian Underwriter | January 23, 2012
The occurrence of “giant” earthquakes is cyclical, not random, and therefore should cause reinsurers and insurers to reconsider their strategies for underwriting and pricing this risk, an EQECAT report suggests. Kate Stillwell authored EQECAT Inc.’s recent report Global Clustering of Giant Earthquakes: A Revolution in Earthquake Risk Management? In it, she cites a recent EQECAT […]
Brokers can use the insights they gain from researching and insuring their own cyber risks to explain cyber liability coverage to their customers, says Melissa Snyder, president of the Insurance Brokers Association of Waterloo Region (IBAWR).Snyder discussed cyber liability risk in the IBAWR’s February 2012 newsletter.Snyder notes comprehensive packages and policy extensions are now available […]
Insured losses related to the Costa Concordia wreck could run as high as US$1 billion – a record for losses related to cruise ship disasters, AM Best reported in its European edition of BestWeek. The P&I clubs will be exposed to liability claims for passengers and crew, as well as any wreck costs should the […]
Glenn Williams has been appointed president and CEO of Western Financial Insurance Company (WFIC), a wholly owned subsidiary of Western and Canada’s oldest and largest provider of pet insurance under the Petsecure brand. The appointment was effective Jan. 20, 2012. Williams replaces Randy Valpy, who is leaving the company to pursue other opportunities.Williams has served […]
SGI Canada and Policy Works have teamed up to offer brokers the option of portfolio download. SGI Canada brokers using Policy Works Commercial Management System are now able to download all current business, such as new applications and renewals, through a batch process directly into their Policy Works system. “Providing brokers with the ability to […]
Industry results for 2011 Q3 “proved to be a mixed bag once again,” Garreth Elston writes in the Q3-2011 edition of the MSA/Baron Outlook Report.”The overall P&C industry is still experiencing a turbulent period, and it appears that gains made in one area of the business are offset in losses in another.”As of 2011 Q3, […]
By Canadian Underwriter | January 20, 2012
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