News
Lloyd’s issues list of climate challenges
June 29, 2012 by Canadian UnderwriterIn the wake of the Rio + 20 conference on sustainable growth, Lloyd’s has developed a ranking of the world’s top potential climate change challenges ahead. The London insurance market identified wildfires, flood, drought, pestilence (including weeds and infestation), Arctic…
Randall & Quilter Investment Holdings closes its Canadian MGA
June 28, 2012 by Canadian UnderwriterRandall & Quilter Investment Holdings plc confirmed at its annual general meeting June 27 that it is closing its Canadian managing general agency (MGA). The company, a specialist non-life insurance investor, service provider and underwriting manager, came to the decision…
Saskatchewan drivers to see a 1.6% auto insurance premium hike in August
June 28, 2012 by Canadian UnderwriterDrivers in Saskatchewan will see a 1.6% net increase in the basic auto insurance premium, effective Aug. 4, 2012. Saskatchewan Government Insurance (SGI) reports in a statement that the provincial government approved the net increase with rate rebalancing to SGI’s…
Swiss Re expects moderate premium growth in global P&C market
June 28, 2012 by Canadian UnderwriterGlobal property and casualty (non-life) insurance premiums grew by 1.9% in 2011 on the heels of solid economic growth in emerging markets and selective rate increases in some advanced markets, according to Swiss Re’s latest sigma study. The Swiss reinsurer…
Catlin Canada appoints David Huebel as CEO
June 28, 2012 by Canadian UnderwriterCatlin Group Limited (‘CGL’; London Stock Exchange), an international specialty property/casualty insurer and reinsurer, has announced that David Huebel will become CEO of Catlin Canada, effective July 3, 2012. Huebel joined Catlin Canada in 2009 as chief underwriting officer. He…
Gail Sheepway appointed Zurich’s specialty products Canada business lead
June 28, 2012 by Canadian UnderwriterGail Sheepway has accepted a new position as Zurich’s specialty products Canada business lead, effective July 1. Sheepway will be involved in making plans for growth in Canada in conjunction with the existing growth strategy in the United States and…
New Brunswick proposes to boost minor injury cap to $7,500
June 28, 2012 by Canadian UnderwriterNew Brunswick is proposing to increase its $2,500 cap on minor auto injuries up to $7,500 and come up with a new definition for minor injuries that would see fewer people come under the cap. The government on June 28…
Total cost of risk inched up last year: RIMS survey
June 27, 2012 by Canadian UnderwriterA benchmark survey of more than 1,000 companies found that the total cost of risk (TCOR) increased marginally in the past year, despite fears of hefty rate hikes after a spate of natural disasters in 2011. The Risk and Insurance…
Facing tough economic times, Canadians are cutting back on their insurance: survey
June 27, 2012 by Canadian UnderwriterFaced with the prospect of rocky economic times, Canadians are cutting back on the insurance they are buying, a 2012 survey commissioned for TD Insurance states. The Environics Research Group survey conducted for TD found that 42% of Canadians are…
Canadian federally regulated P&C insurers boost results in 2012 Q1
June 27, 2012 by Canadian UnderwriterFederally regulated property and casualty insurers in Canada posted improved financial results in 2012 Q1, recording a collective quarterly profit of $1.048 billion this quarter as opposed to a $721.7-million profit in the same period last year. Figures from the…
Rainfall warnings lifted in flooded B.C. Kootenay region
June 27, 2012 by Canadian UnderwriterRainfall warnings for a number of areas within British Columbia’s Kootenay region — which had already been dealing with the effects of rapid snowmelt and wet conditions over the past two or three weeks — ended in the early morning…
Ontario court awards punitive damages against insurer, distinguishing between fraud and maximizing insurance recovery
June 26, 2012 by Canadian UnderwriterWawanesa Mutual Insurance Company employed a high-stakes litigation strategy designed to intimidate homeowners seeking damages, a choice that demands significant, but proportionate punishment, an Ontario court has ruled. In Brandiferri v. Wawanesa Mutual Insurance, et al., Ontario Superior Court Justice…