Industry
Members of the Barrie-Simcoe Insurance Brokers Association (BSIBA) gathered this summer at Bear Creek Golf and Country Club for their fourth annual fundraising golf tournament to raise awareness and funds ($13,000) for the Simcoe region Easter Seals and the Children’s Aid Society. Members of the Golf Tournament Organizing Committee were on hand at the inaugural […]
October 31, 2011
1 min read
The Insurance Brokers Association of Canada (IBAC) held its 90th Annual General Meeting at the Fairmont Banff Springs Hotel in Banff, Alberta on Sept. 22-24, 2011. IBAC welcomed its new president, Dale Rempel, who succeeds immediate past president Fraser Lyle. In his inaugural address, Rempel called on brokers across the country to reach out to […]
More than 75 exhibitors were showcased at the Insurance Brokers Association of Ontario (IBAO)’s 91th Annual Convention and Exhibition in Toronto at the Fairmont Royal York Hotel on Oct. 19-21.
Insurers underestimating the risk of cloudbursts, particularly in urban areas, are putting themselves at risk, Swiss Re cautioned in a release. A cloudburst is a sudden, very heavy rainfall. In a posting on its Web site, ‘The ripples of heavy cloudbursts,’ Swiss Re notes that Hull, United Kingdom endured rainfall levels of between 100 mm […]
By Canadian Underwriter | October 31, 2011
2 min read
Fairfax Financial Holdings Limited (TSX:FFH and FFH.U) reported a net income of $973.9 million in 2011 Q3, marking a drastic improvement from the 2010 Q3 income of $388.1 million. The company cites net gains on investment of $1.6 billion in 2011 Q3 (compared to net gains on investment of $316.4 million in 2010 Q3) for […]
As the insurance industry’s use of predictive analytics evolves, product innovations such as telematics – described as “pay as you drive” auto insurance – may reduce the need for proxy underwriting factors such as credit scoring.In the auto insurance context, telematics involves the electronic transmission of driving data such as speed, distance and braking patterns […]
By Canadian Underwriter | October 28, 2011
David Wallace, president of SPECS Limited, and Dave Riddell, SPECS’ Toronto branch manager, will take over, in partnership, the management of the property evaluation control company’s Ontario region.Rob Reynolds, SPECS’ most recent Ontario regional manager, chose to part ways with the company, a company release says.”SPECS Limited is excited about the renewed direction of the […]
Alberta auto insurers cannot deny or cancel an auto policy on the ground of premium arrears if those arrears are more than two years old and therefore may not be recoverable, the province’s regulator clarified in a bulletin. Section 613.1(3) of the province’s Insurance Act states than an insurer may refuse to renew or issue […]
By Canadian Underwriter | October 27, 2011
A Magnitude 7.2 earthquake that struck in the province of Van, Turkey on Oct. 23 caused insured losses of between $55 million and $170 million, AIR Worldwide says.In the three days since the event, at least 400 aftershocks above Magnitude 3 have been reported in total.Unlike urban centres in western Turkey, the majority of construction […]
By Canadian Underwriter | October 26, 2011
Reinsurance industry stakeholders need to focus on more than just rate movements, Frank Majors, managing principal at Nephilia Capital Ltd., told delegates of Guy Carpenter’s Baden-Baden Reinsurance Symposium.”Predicting price movement ignores more important questions,” a Guy Carpenter release quoted him as saying. “First, irrespective of what is happening, is the return we expect to generate […]
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