Industry
Allowing Canadian insurers to offer comprehensive coverage for ground shaking due to an earthquake and fire following an earthquake will prevent problems of the type that U.S. insureds faced following Hurricane Katrina, the Fraser Institute contends.In its report, Preventing a Disaster after a Disaster: Lessons for Canada from US Experience, the institute examines the coverage […]
By Canadian Underwriter | August 25, 2011
2 min read
Alberta’s government has named an independent committee to look at how well it fought the May fires and the effectiveness of its wildfire management programs, The Globe and Mail reportsThe Slave Lake fire is Canada’s second most costly natural disaster, with an estimated $700 million in insured losses. The review will also look at weather […]
1 min read
Federally regulated foreign insurers saw their consolidated net income tumble in 2011 Q2 to $1.5 billion from 2010 Q2’s $2.1 billion, according to the Office of the Superintendent of Financial Institutions.Foreign p&c insurers saw their collective net income dip from $117 million in 2010 Q2 to $47 million in the same period of 2011. Canadian […]
By Canadian Underwriter | August 24, 2011
A team of cyclists set to cycle from Toronto to Ottawa and comprised of members of the insurance industry are nearly at their fundraising goal for the Make-A-Wish Canada foundation. The ‘Cycle for Wishes’ team is peddling the 500 kilometres between the two cities over four days in hopes of raising $40,000 for Make-A-Wish Canada. […]
A 5.8 magnitude earthquake in Virginia on Aug. 23 rattled a large portion of the eastern U.S. and was felt in parts of eastern Canada.According to AIR Worldwide, the quake was the largest earthquake to strike Virginia in more than a century. The epicentre was about 40 miles northwest of the state capital, Richmond and […]
The Canadian insurance industry is springing to action in the wake of the F3 tornado that devastated the Southwestern, Ontario town of Goderich on Aug. 21.Companies and associations are releasing statements detailing their respective activity in the area affected by the storm. Crawford & Company (Canada) adjusters in the area, along with Crawford’s National Catastrophe […]
By Canadian Underwriter | August 23, 2011
Catastrophe-related losses incurred by the U.S. property and casualty industry in the first half of 2011 have reached $27 billion, already topping total 2010 losses, according to AM Best’s preliminary estimates. The estimated total net pretax accident-year catastrophe-related losses were $27.0 billion in 2011 H1, up $15.1 billion, or 127% from $11.9 billion reported during […]
Accenture has completed its acquisition of Duck Creek Technologies, a privately held company that specializes in software solutions for the property and casualty insurance industry. The acquisition complements Accenture Software’s existing P&C component-based software platforms.”It will give Accenture an industry-leading suite of software with one of the most comprehensive suites of processing capabilities for the […]
Western Financial Group has announced two key executive appointments, both effective Sept. 26.Catherine Rogers, currently the executive vice president and CFO, has accepted the role of executive vice president and chief administrative officer.As CAA, Rogers assumes responsibility for oversight of shared services, including human resources, communications and business technology; compliance and operational risk management; and […]
An F3 tornado devastated Goderich, Ontario, causing extensive damage, killing one person and injuring 37. On Aug. 21, at approximately 4pm, the tornado touched down packing winds around 280 km-h. It carved a path, roughly 20 kilometres in length and through the downtown core of Goderich, tearing the roof and first floors off of several […]
By Canadian Underwriter | August 22, 2011
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