Industry
Aon has launched water resilience insurance for water utilities across the globe. The insurance provides compensation in the event of malicious water tampering, accidental contamination and extortion. It also takes into account real-life scenarios not typically covered, such as costs involved when “boil notice” or “avoid consumption notice” have to be issued.Additionally, the coverage addresses […]
By Canadian Underwriter | November 30, 2010
1 min read
Claims
***CORRECTION*** Jacqueline Friedland was incorrectly identified as a “senior manager” at KPMG. She is in fact the actuarial practice leader in KPMG’s Canadian insurance practice. Insurers are over-relying on catastrophe modeling, focusing too much on specific Probable Maximum Loss (PML) numbers, and not enough on the uncertainty inherent in all models.A KPMG study undertaken on […]
2 min read
The cost to the global insurance industry from natural catastrophes and man-made disasters was $36 billion in 2010, according to Swiss Re. This is an increase of 34% over $27 billion in overall insured losses in 2009. Natural catastrophes accounted for roughly $31 billion of the total, with man-made disasters triggering the other $5 billion, […]
There are 47% more auto insurance claims during the winter months compared to the rest of the year, according to claims data from Aviva Canada. Weather-related incidents, slippery roadways and white-out conditions accounted for more than $37.8 million in auto collision claim payments for Aviva Canada between December 2009 and February 2010. The first snowfall […]
Internationally, regulators appear to have accepted a high degree of volatility inherent in the global markets, and are focusing more on creating cushions against more severe bouts of volatility rather than on creating rules to decrease volatility.John R.V. Palmer, a former superintendent of financial institutions for Canada, made the observation while chairing a panel discussion […]
E. William Olson has been named the Winnipeg Insurance Lawyer of the Year for 2011. A partner at Thompson Dorfman Sweatman LLP (TDS), Olson was bestowed the honour by Best Lawyers, a peer-review publication in the legal profession. “We continue to believe – as we have believed for more than 25 years – that recognition […]
A written statement should be requested prior to any interviewing of a subject, as this provides the interviewer with the cleanest version of the events. This is contradictory to the way interviews — with claimants, fraud suspects, witnesses, etc. — are frequently conducted, which is done while the interviewer sits across from the subject. In […]
November 30, 2010
An Ontario arbitrator has ordered a claimant to provide his insurer, Aviva Canada, with two years’ worth of medical and prescription records in a non-earner benefits case. This is one year beyond the standard practice of requiring production of only one year’s worth of medical records in accident benefits arbitrations. Aviva initially asked the claimant […]
The Institute for Catastrophic Loss Reduction (ICLR) and Swiss Re are calling on Canadian property insurers to bundle flood insurance into a standard homeowner policy. In a joint report, Making Flood Insurable for Canadian Homeowners, ICLR and Swiss Re advocate a partnership between the insurance industry, government and private homeowners. It explores historical flood damages […]
The B.C. Supreme Court has upheld a “pollution exclusion” in a residential property damage case, in which an above-ground storage tank for home-heating fuel oil leaked and damaged the insured’s vacation home. In Corbould v. BCAA Insurance Corporation, the insured’s property policy said: “We do not insure . . . (8) loss or damage caused […]
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