Industry
RSA launched a new tool to help consumers mitigate water damage. Beginning May 19, all RSA customers were sent a brochure with advice from the insurer’s property experts on how to protect their homes and properties from water damage.Tips included where to place downspouts on the outside of homes, installing window wells on basement windows […]
By Canadian Underwriter | May 26, 2009
2 min read
The use and availability of malware continues to evolve rapidly, causing a dramatic increase in cyber risks, reported Lloyd’s.Malware is software designed to infiltrate or damage a computer system without the owner’s informed consent, according to Wikipedia.In 1988, fewer than 2,000 unique malware samples had been logged. By 1998, the figure had risen to 178,000; […]
1 min read
Rosanna Beattie, a student at Frontenac Secondary School in Kingston, is the 2009 recipient of the Anna Pyle Memorial Scholarship, Insurance Brokers Association of Ontario (IBAO) has announced. The award was presented at the IBAO-sponsored Ontario Students Against Impaired Driving (OSAID) Annual Conference at Sheridan College in Oakville. Anna Pyle was killed by a drunk […]
Dan Lawrie Insurance Brokers Ltd., in Hamilton, Ont., has achieved the Gold Standard Broker status by Risk Management Standards.Gold Standard Brokers meet rigorous international guidelines for best practices in all aspects of broker management, a Dan Lawrie release says.The process to become a Gold Standard Broker requires a scored third party operations audit of the […]
By Canadian Underwriter | May 25, 2009
Claims
The Canadian Hurricane Centre (CHC) and the Institute for Catastrophic Loss Reduction (ICLR) will discuss, during their June 25 workshop in Toronto, “lessons learned” from successes and failures of predicting tropical cyclones.In addition, the outlook for the 2009 storm season will be reviewed. The workshop, hosted by the ICLR, will feature Peter Bowyer, CHC program […]
An Ontario motor vehicle liability policy is responsible for paying accident benefits even if the language of the policy makes no premium allowance for AB benefits, and makes no reference to AB benefits coverage being available to the lessee of a vehicle, the Ontario Superior Court has ruled.In Ontario (Finance) v. Daimler Chrysler Insurance Company, […]
3 min read
Insurance CEOs are more confident about the prospects for long-term revenue growth than their counterparts in other industries, according to the PricewaterhouseCoopers 12th Annual Global CEO survey, Redefining Success.Of the 1,124 CEOs surveyed between Sept. 10 and Dec. 2, 2008, 46% of the insurance CEOs note they are very confident, as compared to 34% of […]
ICBC has reported a 2009 Q1 net income of Cdn$117 million, up from Cdn$102 million in 2008 Q1. “We are pleased with our financial results given the tough economic times we are all experiencing,” ICBC president and CEO Jon Schubert said in a release. “In particular, the continuing decline in the number and cost of […]
By Canadian Underwriter | May 22, 2009
The National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center (CPC) has called for a 50% chance of a near-normal season, according to the 2009 Atlantic Hurricane Season Outlook. The outlook also indicates a 25% chance of an above-normal season and a 25% chance of a below-normal season, according to the NOAA. There is an […]
By examining trends in temperature levels, rather than by examining extreme events or regional trends, insurers can better identify changing probabilities of loss, according to Andrew Dlugolecki, a research fellow at the U.K.’s University of East Anglia Climatic Research Unit.In Dlugolecki’s paper, The Climate Change Challenge, published by the Geneva Association, he notes the most […]
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