Industry
Insurers underestimating the risk of cloudbursts, particularly in urban areas, are putting themselves at risk, Swiss Re cautioned in a release. A cloudburst is a sudden, very heavy rainfall. In a posting on its Web site, ‘The ripples of heavy cloudbursts,’ Swiss Re notes that Hull, United Kingdom endured rainfall levels of between 100 mm […]
By Canadian Underwriter | October 31, 2011
2 min read
Fairfax Financial Holdings Limited (TSX:FFH and FFH.U) reported a net income of $973.9 million in 2011 Q3, marking a drastic improvement from the 2010 Q3 income of $388.1 million. The company cites net gains on investment of $1.6 billion in 2011 Q3 (compared to net gains on investment of $316.4 million in 2010 Q3) for […]
As the insurance industry’s use of predictive analytics evolves, product innovations such as telematics – described as “pay as you drive” auto insurance – may reduce the need for proxy underwriting factors such as credit scoring.In the auto insurance context, telematics involves the electronic transmission of driving data such as speed, distance and braking patterns […]
By Canadian Underwriter | October 28, 2011
1 min read
David Wallace, president of SPECS Limited, and Dave Riddell, SPECS’ Toronto branch manager, will take over, in partnership, the management of the property evaluation control company’s Ontario region.Rob Reynolds, SPECS’ most recent Ontario regional manager, chose to part ways with the company, a company release says.”SPECS Limited is excited about the renewed direction of the […]
Alberta auto insurers cannot deny or cancel an auto policy on the ground of premium arrears if those arrears are more than two years old and therefore may not be recoverable, the province’s regulator clarified in a bulletin. Section 613.1(3) of the province’s Insurance Act states than an insurer may refuse to renew or issue […]
By Canadian Underwriter | October 27, 2011
A Magnitude 7.2 earthquake that struck in the province of Van, Turkey on Oct. 23 caused insured losses of between $55 million and $170 million, AIR Worldwide says.In the three days since the event, at least 400 aftershocks above Magnitude 3 have been reported in total.Unlike urban centres in western Turkey, the majority of construction […]
By Canadian Underwriter | October 26, 2011
Reinsurance industry stakeholders need to focus on more than just rate movements, Frank Majors, managing principal at Nephilia Capital Ltd., told delegates of Guy Carpenter’s Baden-Baden Reinsurance Symposium.”Predicting price movement ignores more important questions,” a Guy Carpenter release quoted him as saying. “First, irrespective of what is happening, is the return we expect to generate […]
The Insurance Institute of Ontario announced four recipients of the John E. Lowes Insurance Education Fund Scholarships for 2011.The John E. Lowes Insurance Education Fund is a charitable trust dedicated to assisting Ontario students to complete full-time, post-secondary education, including the study of property and casualty insurance. The fund annually offers financial assistance in the […]
The president of the New Brunswick Apartment Owners Association (NBAOA) and Moncton’s fire chief are calling for people who live in multi-unit buildings to get tenants’ insurance after a fire destroyed a 16-unit building in Moncton on Oct. 23, according to an online report by the CBC News.The report quotes comments by NBAOA president Scott […]
Hurricane Rina, a Category 2 hurricane, is expected to make landfall on Mexico’s Yucatan peninsula in the early hours of Oct. 27. Rina is packing winds of 165 km-h and is expected to produce eight to 16 inches of rainfall over the eastern Yucatan peninsula from the morning of Oct. 26 into Oct. 27, the […]
By Canadian Underwriter | October 25, 2011
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