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Weekly News Round-Up: December 7 – 13 | Canadian Insurance
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Weekly News Round-Up: December 7 – 13

IBAO elects new president; Chubb estimates Sandy losses; Swiss Re releases 2013/14 outlook

Get up-to-date on the latest P&C insurance industry news, company reports and ratings, and product releases.

Industry News

The Ontario Association of Police (OACP) and Toronto Police service have kicked off the annual Lock it or Lose It campaign. The province-wide crime prevention program encourages motorists to take a few simple precautions to protect their vehicles and valuables from theft – especially during the holiday season.

Swiss Re’s latest study, “Global re/insurance review 2012 and outlook 2013/14” provides a mildly optimistic view of the future of the global economy and insurance markets. Economic activity is expected to be moderately stronger next year and insurance pricing is projected to improve. Global non-life direct premiums are projected to grow by 3% in real terms, fuelled by emerging market growth of nearly 8%.

Read: Sandy to cost Swiss Re $900 million

Company News 

Aviva Canada has announced that Belron Canada, home to Speedy Glass, Apple Auto Glass, Lebeau Vitres d’autos and DURO vitres d’autos, will continue as their preferred national vendor for vehicle glass replacement and repair.

The Chubb Corporation announced today that it estimates its losses from Superstorm Sandy to be approximately $880 million before tax, or $570 million after tax. These amounts include estimated losses and loss expenses net of reinsurance recoverable and also include estimated reinsurance reinstatement premiums.

Read: 2012 Atlantic Hurricane season “above-normal”

Economical Insurance has once again been named one of Waterloo Area’s top 15 employers in Mediacorp Canada Inc.’s sixth annual listing of leading employers in Waterloo Region. “We are delighted to be recognized again this year for how we develop, reward and motivate our employees,” said Dean Bulloch, Economical’s senior vice-president and chief human resources officer.

The RRJ Insurance Group Ltd., has acquired G.B. Cragg Insurance Broker Ltd., of Orillia. G.B. Cragg Insurance has been providing insurance services to individuals and businesses since 1953, primarily in the Orillia and Barrie areas.

Appointment News

The Insurance Brokers Association of Ontario (IBAO) has announced that Debbie Thompson has been elected as IBAO’s 70th president. Thompson was officially inducted at the recent IBAO Convention held at the Royal York in Toronto, and will formally assume her role as President on January 1, 2013.

Read: Industry urges Ontario to adopt anti-fraud task force recommendations

Product News

Aon Risk Solutions has announced that it formed a partnership with Space Expedition Corporation, a Netherlands-based space tourism company dedicated to making space travel available for private citizens. Aon, in collaboration with Space Expedition Corporation, has designed a unique insurance policy providing comprehensive and customized protection for space travelers.

Fidelity bonds, which help indemnify banks against losses resulting from a broad range of dishonest and fraudulent acts, typically require a bank to authenticate customer fund transfer instructions via a telephone callback. Chubb’s new Cyber Fraud Endorsement also allows a bank to authentic commercial customer instructions through text messaging, email or other methods.