Industry
Aon Benfield reports that at least five separate severe weather outbreaks occurred across central and eastern sections of the United States during April 2011, resulting in combined insured losses in excess of $4 billion. A current tally of April’s storm damage appears in the latest edition of Aon Benfield’s Monthly Cat Recap report, published by […]
By Canadian Underwriter | May 6, 2011
2 min read
The Japanese earthquake, tsunami and resultant radiation contamination will likely result in much lower sublimits being added to coverages, particularly contingent time element coverages, said Duncan Ellis, managing director at Marsh USA.A sublimit is a limitation on the amount of coverage available for a specific type of loss. Ellis spoke on a panel of experts […]
By Canadian Underwriter | May 5, 2011
1 min read
The Government of Nova Scotia is offering a $1.8-million payroll rebate to support the expansion in Halifax of TD Insurance in Halifax, which plans to create up to 140 new full-time jobs over the next six years.The Insurance Brokers Association of Nova Scotia (IBANS) expressed “disappointment” about the news, arguing against what it sees as […]
The Institute for Catastrophic Loss Reduction (ICLR), with the support of the City of Hamilton, has retrofitted a Hamilton home to reduce the risk of basement flooding.In July 2009, a major rainstorm caused a flood of one foot of water in the home’s basement, triggering a $75,000 insurance claim.Following the event, the homeowner and the […]
The CEI Group Inc. (CEI) has enhanced its DriverCare Risk Manager to help fleets better control risks of accidents and liability posed by members of fleet drivers’ households permitted to drive fleet vehicles.DriverCare Risk Manager is a Web-based risk management service giving fleets a complete view of a driver’s profile, including: •accident history; •motor vehicle […]
Intact Financial Corporation (TSX: IFC) reported a net operating income of $101 million for 2011 Q1, down 4% (or $12 million) on a per share basis from the performance of 2010 Q1.The company noted its “remarkable” 2010 Q1 performance was buoyed by an unusually mild winter season, whereas severe storms in Ontario and Quebec in […]
By Canadian Underwriter | May 4, 2011
Elite Force-Best Practices Producer Academy, a sales training program for producers, will be offered for a third year running. The Insurance Brokers Association of Canada (IBAC) customized the comprehensive insurance sales training program for the Canadian Broker marketplace.The 12-day intensive sales training program, held in Toronto for more than three days per quarter, covers the […]
Intact Insurance is continuing its investment as a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.Launched 23 years ago, the mission of the Broker Identity Program is to promote the value and professionalism of the insurance broker to consumers, insurers and governments. It is a branding campaign for more than […]
Several catastrophe bonds with exposure to the Japanese 2011 earthquake and tsunami have traded lower in the 2011 first quarter, according to Aon Benfield Securities’ latest Insurance Linked Securities (ILS) report. The Aon Benfield ILS All Bond Index posted a negative 2% return in 2011 Q1, compared to a positive 3.4% return for the same […]
FirstOnSite Restoration has teamed up with the Bank of Montreal (BMO) to help speed up the process for homeowners in the province affected by flooding in Manitoba. Insurance is not available for overland flood damage, leaving the homeowner to finance the clean-up and rebuilding. The restoration company is working with the bank to help homeowners […]
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