Claims
Recent global catastrophe events have led to a re-examination of time and geographic limits in reinsurance contracts that define the “occurrence” of a single catastrophic event. Don Morrison, vice president of the Canadian office of the global reinsurance broker Guy Carpenter, made the observation in Toronto at the May 2012 Friday Forum, hosted by the […]
By Canadian Underwriter | May 25, 2012
3 min read
Mid-sized Canadian insurance companies seeking greater scale would do well to contemplate mergers and acquisitions (M&A) opportunities, states a PricewaterhouseCoopers (PwC) client newsletter. The battle for channels and scale to leverage efficiencies is such that “the only way to aggressively grow the top line in this market is via acquisitions,” advises Allan Buitendag, leader of […]
2 min read
Industry
Chief risk officers (CROs) of property and casualty and life insurance companies in North America now have a knowledge-sharing network for peer networking, expert access and discussion of topical issues in enterprise risk management. Professional services company Towers Watson launched the “CRO Network” on May 23 to provide an ongoing series of event, conferences, webcasts […]
1 min read
A guideline from the federal privacy commissioner on how organizations should handle data security is a “very important document” for privacy management, says Matthew Davies, a senior underwriting specialist with Chubb Canada. The Office of the Privacy Commissioner of Canada and its counterparts in British Columbia and Alberta released the guidance document, entitled Getting Accountability […]
By Canadian Underwriter | May 24, 2012
Forest fires in and around the northeastern Ontario communities of Kirkland Lake and Timmins remain priority fires following the recent long weekend that saw 54 new blazes confirmed. Three hundred people in the Kirkland Lake area have been evacuated. Fire activity slowed on May 22, with 11 new fires confirmed, notes a May 23 update […]
Questionable manoeuvring of recreational vehicles (RVs) has prompted the Calgary Parking Authority (CPA) to remind everyone that there is a right way to put things in park. Spring and summer traditionally brings with it a number of complaints about how RVs are being parked in residential neighbourhoods, notes a CPA statement. The authority can now […]
A man personally involved in more than 12 staged auto collisions received a three-and-a-half-year prison term and a freestanding restitution order for $375,000 for his participation in a staged collision ring. Uthayakanthan Thirunavukkarasu, also known as Max or Mano, entered a guilty plea to instructing the commission of offences for a criminal organization, proceeds of […]
Insurance Bureau of Canada (IBC) is urging Ontario MPPs to vote down an NDP private member’s bill that would ban the use of territory as a rating factor in auto insurance. Any reduction in premiums for constituents in some areas of the province would become an expense for drivers elsewhere, notes an open letter released […]
By Canadian Underwriter | May 23, 2012
The 2012 Atlantic hurricane season should be close to long-term norms, although the U.S. is “overdue” for a major landfall strike, notes a study released today by Tropical Storm Risk (TSR). The climatological research group, which is backed by Aon Benfield, RSA and Crawford & Company, is forecasting 13 tropical storms, six of which will […]
Intact Financial Corporation president Louis Gagnon repeated his prediction that about 25% of the existing property and casualty insurance market share will change hands in the next five to 10 years. “There will be a reshuffle of a quarter of the market share. So we believe that there’s still, definitely, some possibility in Canada to […]
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