Industry
The insurance industry has established a number of key protocols to ensure the potential for conflict does not arise as a result of common corporate ownership of adjusting, medical examination and other claims services.
By David Gambrill | December 31, 2011
17 min read
Flooding in Western Canada topped Environment Canada’s list of ‘Top 10 Weather Stories for 2011,’ one step above the devastating wildfire in Slave Lake, Alberta.Overall, severe weather accounted for almost $1.5 billion worth of insurance claims payouts and adjustment expenses, the Globe and Mail reports, citing the Insurance Bureau of Canada. That’s the second-highest total […]
By Canadian Underwriter | December 22, 2011
3 min read
Estimated insured damage caused by windstorms that hit southern Alberta in November amounts to at least $200 million, Insurance Bureau of Canada (IBC) reports, citing a preliminary estimate reported by Property Claim Services Canada (PCS-Canada).Data collected by PCS-Canada, a service that tracks insured losses arising from catastrophic events in Canada, confirms that thousands of claims […]
1 min read
The U.S. property and casualty industry’s net income plunged to $12.8 billion for the nine months ended Sept. 30, 2011, down from the net income of $33.0 billion for the same period of 2010, according to A.M. Best’s ‘Best’s Special Report.’ Natural catastrophe losses, particularly in the first half of 2011, were cited as the […]
Capacity in the global insurance market remains plentiful and across the board rate rises are not being seen, despite record insured catastrophe losses of more than $100 billion in 2011, Marsh reported. In its ‘Global Insurance Market Quarterly Briefing: Q4 2011′ Marsh describes a “two-speed” insurance market, where those areas affected by catastrophes are seeing […]
2 min read
European risk managers generally believe coverage and capacity for supply chain risks is insufficient, according to a survey by the Federation of European Risk Management Associations (FERMA). The majority of the 153 respondents were FERMA members in the manufacturing sector. Of those, 52% said they were very concerned about continuity of supply from direct suppliers. […]
By Canadian Underwriter | December 21, 2011
An Ontario Court of Appeal decision in R. v. Nedelcu has provided a “strong message” that self-incriminating evidence given during an examination for discovery at an insured’s civil trial cannot be introduced at the insured’s criminal trial concerning the same matter.”Adjusters and defence counsel can take solace in the fact that they can proceed through […]
The Government of B.C. has passed regulations under the Insurance Act requiring companies transacting home, auto and business insurance – with the exception of ICBC and mutual companies – to be members of the General Insurance OmbudService (GIO) The regulations come into effect July 1, 2012.GIO has operated across Canada since 2002 in cooperation with […]
Toots (Elsie) Everley, former RIBO president and IBAO territory director, is a recipient of the 2011 Ontario Senior Achievement Award.The award recognizes and honours outstanding seniors who, after age 65, have made significant contributions to their communities. The outstanding voluntary or professional achievement may have occurred in any field of endeavour. Each year, 20 individuals […]
Premium growth in emerging markets such as Asia and Latin America has expanded about 11 times as much over the past decade as premium growth in mature markets, according to the latest Swiss Re sigma publication.Insurance premiums in emerging markets have expanded by 11% per annum in real terms over the last decade, compared with […]
By Canadian Underwriter | December 20, 2011
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