Industry
The Women in Insurance Cancer Crusade (WICC) honoured the Insurance Brokers Association of Ontario (IBAO) with its Gold Flame Award at WICC’s 15th annual gala dinner in Toronto on Apr. 13.The award recognizes individuals or organizations making donations that exceed $5,000 and/or making other significant contributions to WICC. IBAO was nominated and awarded in appreciation […]
By Canadian Underwriter | April 14, 2011
1 min read
British motorists regularly leave up to 3.2 billion pounds’ worth of belongings in their cars overnight, according to research from Your Cover, a UK-based division of Allianz Insurance.Your Cover polled 2,000 motorists and found 53% of motorists admitted they did not always lock their cars at night. The most common high value items left in […]
***CORRECTION/APOLOGY***The following article corrects information that ran in an online Canadian Underwriter news item on Apr. 12, 2011.Specifically, the headline, ‘The Sovereign staff raises $25,000 in first annual Rogers Half Marathon in Calgary,’ was incorrect. This error was Canadian Underwriter‘s and not that of The Sovereign, which supplied correct information.Canadian Underwriter apologizes to Rogers Insurance […]
2 min read
Results of Solvency II’s fifth quantitative impact study (QIS5) showed a smaller-than-expected increase in the number of companies failing to meet their solvency capital requirement.But the positive results may mask underlying issues, according to a Willis Re report. In its report, Beware the Dog that Didn’t Bark – Is the European Insurance Industry Really Ready […]
By Canadian Underwriter | April 13, 2011
The Insurance Brokers Association of Nova Scotia (IBANS) recognized the accomplishments of its members and other property and casualty insurance professionals at a gala dinner in Halifax. The 2011 recipients and the categories they were recognized in are as follows:• Volunteer Service Award: Bonnie Smith (Macdonald Chisholm Trask Insurance);• Client Service Award: Stephen Zwicker (Salvatore […]
SCM Risk Management Services (RMS) officially launched iClarify, a residential property validation tool, in British Columbia. More than 50 brokerages across B.C. took part in pilot testing from November 2010 through 2011 Q1. To date, more than 150 BC brokerages have real-time access to iClarify, a joint RMS and Insurance Brokers Association of BC release […]
SGI Canada posted a consolidated net profit of $48.4 million in 2010, despite paying out a near-record total of storms claims.”Despite the incredible amount of storm activity in 2010, a solid reinsurance program, lucrative investment returns and growth in out-of-province operations enabled SGI Canada to continue to be profitable this year,” the minister responsible for […]
The Insurance Council of B.C. has ordered that a (now-unlicensed) general insurance broker cannot hold a license until two years after he pays restitution for money he originally said he “borrowed” from clients.The former licensee, Mark Edward Gansekoele, later admitted the money he borrowed “amounted to theft of funds properly belonging to an insurance company,” […]
The insurance industry, and the loss adjusting community in particular, should be concerned about causation disputes and wide area damage arising from the Mar. 11 ‘Super Cat’ event in Japan, according to Crawford & Company.In a white paper, Japan Earthquake & Tsunami, Crawford outlines the various complications the Mar. 11 Japan earthquake, tsunami and subsequent […]
By Canadian Underwriter | April 12, 2011
Risk Management Solutions (RMS) estimates insured losses from the Mar. 11 Japan earthquake and tsunami to range between $18 and $26 billion.After combining expected payouts by the life and health insurance sectors for death and injury, this figure could swell to $34 billion, an RMS release says.The insured loss total reflects losses across multiple lines, […]
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