Industry
The Caisse de dépôt et placement du Québec and Capital regional et coopératif Desjardins have announced $12.5 million in Québec-based businesses. The funds will enable ten companies located in Québec City, Montréal, and the Saguenay-Lac-Saint-Jean, Eastern Townships, Centre-du-Québec and Côte-Nord regions to increase productivity and pursue growth projects to maintain competitiveness, a Desjardins release says.The […]
By Canadian Underwriter | May 26, 2011
1 min read
Another string of tornadoes pummelled the US Midwest on May 24, 2011, leaving a swath of damage that crossed three states and killed more than a dozen people.Several tornadoes touched down in Oklahoma City and its suburbs, during evening rush hour, killing at least eight people and injuring at least 70 others, reported the Springfield […]
Conditions remain favourable for most energy insurance buyers, despite an unprecedented number of natural catastrophes, Marsh reports. Negotiations for many buyers have become more difficult, because underwriters are showing greater price discipline, requesting more data from insureds and rates have risen for some segments of the market, according to Marsh’s Energy Market Monitor. That said, […]
Manitoba Public Insurance has increased funding for the RoadWatch program to $583,000 from $329,000. Now in its 13th year, RoadWatch combines increased law enforcement with a public awareness campaign aimed at reducing both the human and economic costs of impaired driving crashes. Funding allows police agencies to conduct additional impaired driving roadside checks throughout the […]
The International Card Manufacturers Association (ICMA) has dubbed Saskatchewan’s new driver’s license photo identification card as ‘Best Government Identification Card.’ The card received an award for its design and technical features at the ICMA annual Élan Awards for Card Manufacturing Excellence on May 3, according to SGI. “SGI and Canadian Bank Note, the card’s manufacturer, […]
Improvements to underwriting and infrastructure would likely reduce the overall insured loss if an ice storm similar in scale to the 1998 Ice Storm happened today, said Matthew Nielsen, senior product marketing manager of natural catastrophe and portfolio solutions at RMS.Nielsen spoke at the RMS Canadian Catastrophe Model seminar in Toronto on May 24, 2011.He […]
By Canadian Underwriter | May 25, 2011
2 min read
If an F4 tornado – which packs wind speeds of between 333 km-h and 418 km-h – ripped through downtown Toronto, it could potentially cause up to $4 billion in losses, said Matthew Nielsen, senior product marketing manager of natural catastrophe and portfolio solutions at RMS.Nielsen made the observation at a seminar on convective storm […]
Tropical Storm Risk (TSR) is sticking with its April 2011 tropical storm forecast, which predicts an active hurricane season in 2011, with hurricane activity this year to be about 25% above the long-term (1950-2010) norm.TSR’s forecast for the 2011 hurricane season, which starts on June 1 and ends Nov. 1, predicts 14 tropical storms. Between […]
London’s insurance market is well-placed to bear the pressure it will face as a result of high catastrophe losses in 2011, according to a May 24, 2011 A.M. Best briefing.A.M. Best observed that, in common with its peers writing global insurance business, London Market insurers have been hurt by 2011 Q1’s exceptionally high level of […]
The Insurance Brokers Association of Ontario (IBAO) is warning consumers using vehicles such as scooters and electronic bicycles (e-bikes) that these vehicles offer limited or no liability coverage on a consumer’s insurance policy.In a statement, IBAO CEO Randy Carroll said the association’s warning was prompted by an increasing number of advertisements at the dealer level […]
By Canadian Underwriter | May 24, 2011
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