Claims
Hurricane Alex is expected to make landfall in southern Texas and northern Mexico on July 1, possibly as a Category 2 storm, reports the National Hurricane Center.Alex is the first hurricane of the 2010 season, and the first to occur in the Atlantic in June since 1995, said Guy Carpenter. While the storm is forecast […]
By Canadian Underwriter | June 30, 2010
1 min read
Industry
The Insurance Bureau of Canada (IBC) has cautioned the Alberta Insurance Rate Board (AIRB) not to include the impact of a 2009 reserve release by insurers when the board calculates its 2010 industry-wide annual rate adjustment.The AIRB held public hearings in June on its annual rate adjustment. In its submission to the AIRB, IBC noted […]
By Canadian Underwriter | June 29, 2010
The Office of the Superintendent of Financial Institutions (OSFI) is undertaking a second quantitative impact study of its new minimum capital test, based on companies’ positions at year-end 2009.The second QIS is intended to test proposed changes to the Minimum Continuing Capital and Surplus Requirements (MCCSR) concerning market risks. Similar to the first QIS, conducted […]
XL Insurance launched coverage enhancement for adulterated ingredient product recalls.The product enhancement covers the recall of an insured’s product caused by an ingredient that is subject to a recall notice, even if there is no evidence that the insured’s product itself would cause injury, an XL release says.For coverage to be triggered, traditional product contamination […]
Preliminary industry-wide auto rate adjustment indications for Alberta hover around 0%, according to the province’s actuary, Oliver Wyman. The actuarial company estimates the required average auto premium to be $564 on the low frequency forecasts, $578 in the mid range (roughly the same as last year) or $592 on the high range. The 2010 industry-wide […]
SGI Canada has sold its shares in the Charlie Cooke Insurance Agency (CCIA). The sale is effective as of Jun. 1, 2010.SGI Canada, through its subsidiary SGI Canada Insurance Services Ltd., purchased the shares in 2002 for $691,341. The shares in the company were sold for $1.1 million.SGI Canada received $628,750 in dividends over the […]
Intact Financial Corporation and the University of Waterloo are launching a research project aimed at identifying initiatives and action plans to ensure better adaptation to the potential consequences of climate change. The three-year project, Climate Change Adaptation Project: Canada, is being funded in full by a grant from Intact Foundation.The research project will identify the […]
Saskatchewan’s new Report Impaired Drivers (RID) program has resulted in Saskatoon Police Services laying 45 impaired driving charges, according to Saskatchewan’s government insurer. The program was launched in March 2010. Since then, police have responded to close to 750 calls reporting suspected impaired drivers. “The response to the RID program has been outstanding,” June Draude, […]
By Canadian Underwriter | June 28, 2010
Gore Mutual Insurance Company has launched a commercial insurance business model that makes it easier to do business electronically. The company has begun piloting Quick Connection, a paperless online service that gives policyholders an online private account to manage and access documents electronically. Gore says brokers and clients alike have immediately adopted the service.Other benefits […]
As the City of Toronto settles down to tally the final damages caused by vandals and looters during the G20 summit on June 26-27, the Insurance Bureau of Canada (IBC) has posted general information about personal and commercial policy coverage related to the G20 event on its Web site. The Web site notes, “the damage […]
2 min read
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