Claims
Munich Re recorded a total of 725 weather-related natural hazard events between January and September 2010, causing insured losses worth $18 billion.This is “the second-highest figure recorded for the first nine months of the year since 1980,” Munich Re observed in a press release.And it could have been worse, the reinsurer observed. “Despite producing 13 […]
By Canadian Underwriter | September 27, 2010
1 min read
Industry
Compu-Quote announced the launch of a quoting module for individually rated commercial automobile (IRCA).As of October, the service will be available via Compu-Quote’s AutoRater to brokers with rates for Aviva Canada, AXA Insurance, Intact Insurance and The Economical Insurance Group.The IRCA quoting application is a Web-based module embedded in AutoRater designed to provide full underwriting […]
By Canadian Underwriter | September 24, 2010
Chesterfield Canada launched its sabotage and terrorism product to the Canadian market.The product expands the scope of the terrorism peril, which is traditionally defined as an act of a foreign government or organization. Under Chesterfield’s product, the peril would also include the act of domestic individuals or groups with a grudge against a business or […]
Ontario’s Court of Appeal has ruled an ‘outside directorship liability’ (ODL) insurer had a duty to defend two lawyers and pay all related costs, despite the fact that the primary D&O policy also provided for a duty to pay for defence costs.Andre Legrand, a governance and directors’ liability expert at Ogilvy Renault, examined Goodman v. […]
The Risk and Insurance Management Society Inc. (RIMS) has created a new department to help RIMS member companies tie their risk management programs to strategic goals. Carol Fox will be director of the new Strategic and Enterprise Risk Practice. She was previously the senior director of risk management for Convergys Corporation, a $2.8-billion, publicly traded […]
ICBC has announced an average reduction of 3% in optional insurance premiums, effective Nov. 1, 2010.”In addition to the 2.4% reduction to our basic insurance rates announced last month, we are also reducing our optional premiums by an average of 3%, generating combined savings of $80 million for our customers,” said Jon Schubert, ICBC’s president […]
Ontario’s cottage country in North-Central Ontario has drawn the attention of the property and casualty insurance industry.The industry is focused on three main risks associated with the cabins by the lake.One is wildfire risk. The Institute for Catastrophic Loss Reduction (ICLR) is currently conducting research on wildfire risk in the region. The study does not […]
The cumulative effect of damage caused by natural catastrophes such as wildfires, tornadoes, hail storms and ice storms – events that, individually, are not big enough to trigger reinsurance coverage – may cause primary insurers to reconsider how they purchase reinsurance.Speaker Glenn McGillivray made the observation while giving a speech at a Sept. 23 Insurance […]
By Canadian Underwriter | September 23, 2010
2 min read
The Office of the Superintendent of Financial Institutions (OSFI)’s new governance and risk management expectations regarding reinsurance arrangements may lead some (re)insurers to consider insurance linked securities solutions (ILS).In the MSA/Baron Outlook Report Q2-2010, Robert McDowell and Koker Christensen examine the potential emergence of an ILS market in Canada.According to McDowell and Christensen, some recent […]
Damage caused by Hurricane Igor will likely cost more than $100 million to repair, cbc.ca reports.It is too early to know insured damage estimates.Tom Hedderson, Newfoundland and Labrador’s acting minister responsible for emergency preparedness, toured damaged areas of the province with premier Danny Williams on Sept. 22, one day after the storm ripped through south […]
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