Claims
In response to damages incurred from recent flash floods in southern Alberta, the province has approved a $55 million disaster recovery program. The funds will aid residents of 17 Alberta municipalities and three First Nations, compensating for uninsurable severe weather-related damages. Damage to municipal infrastructure and extraordinary operating costs, such as flood control and additional […]
By Canadian Underwriter | June 9, 2005
1 min read
A recent advisory released by the Insurance Bureau of Canada (IBC) warns policyholders in southern Alberta to prepare in advance of possible flooding.Policyholders are told to contact their insurance company or representative as soon as possible if flooding occurs and report any damage to insurers while also taking steps to limit further damage to their […]
By Canadian Underwriter | June 8, 2005
2 min read
Factory Mutual Insurance Co. recently issued its first private placement of a US$300 million catastrophe bond as insurance against earthquake loss in the Pacific Northwest region of the United States and Canada. Operating as FM Global, a mutual commercial and industrial property insurer, the Company instigated the transaction to protect its balance sheet and provide […]
Ontario’s Ministry of Transportation has launched a three-day truck and bus safety inspection blitz running from June 7 to 9, 2005. Inspection stations province wide are manned by provincial enforcement officers to inspect the condition of buses, trucks and trailers, and check whether loads are properly secured and if drivers are driving too many hours. […]
By Canadian Underwriter | June 7, 2005
Alea Group Holdings (Bermuda) Ltd continues to benefit from profitable underwriting conditions in its core specialty insurance and reinsurance, with an average rate decrease of 2% for the period ending April 30. Reprots from the Company’s recent Annual General Meeting state it will continue to implement strategic exits from businesses exhibiting rate deterioration in order […]
By Canadian Underwriter | June 6, 2005
Toyota Motor Co’s (TM.NYS) Prius petrol-electric hybrid sedan is facing investigation by the US regulatory authority, due to complaints of a sudden stalling of its engine. Preliminary evaluation of approximately 75,000 Prius models manufactured in 2004-2005 is being implemented by the National Highway Traffic Safety Administration. The investigations result from a to-date 33 complaints relating […]
By Canadian Underwriter | June 3, 2005
The hard market that has dominating the US personal lines insurance sector is exhibiting a softening trend, a result of record catastrophe losses (about $27 billion) experienced in 2004. According to the report recently released by Standard & Poor’s Ratings Services “U.S. Personal Lines Insurer Mid-Year Outlook: Market Continues To Soften Despite Heavy 2004 Catastrophe […]
By Canadian Underwriter | June 2, 2005
Aon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility when evaluating investment opportunities,” Michael Bungert, president of Aon Re Global, says. He elaborates that less volatile […]
By Canadian Underwriter | June 1, 2005
Elevated labor and material costs resulting from last year’s hurricanes are likely to continue through the 2005 season, according to Risk Management Solutions (RMS). By tracking demand surge through analysis of its insurance claims data from the 2004 storms, RMS noted that as of May 2005 costs remained 20% to 40% above average. Results indicate […]
Who would have guessed 10 years ago that collision reporting centers (CRCs) – now totaling 15 across Ontario – would become the leaders in post collision customer care? When I recently met with Al Cafik, president of the Canadian Insurance Claims Managers Association (CICMA), and senior Toronto police officers, the goal was to identify an […]
By Steve Sanderson, president of Accident Support Services | May 31, 2005
3 min read
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