News
RBC reports profit increase in 2011 Q2, plans to ramp up establishment of new insurance offices
September 2, 2011 by Canadian UnderwriterRoyal Bank of Canada (RBC)’s insurance segment reported a 2011 Q2 profit of $146 million, up $39 million (or 36%) over the same period last year.RBC attributed the increase to net investment gains and lower claims costs.In addition, an Aug.…
Hurricane Katia to become a major hurricane as it approaches North America
September 1, 2011 by Canadian UnderwriterHurricane Katia, the season’s second hurricane, is gradually approaching the southeast coast of North America as a Category 1 storm.The U.S. National Hurricane Center (NHC) predicts Katia will become a major hurricane by Sept. 3.For the moment, wind shear in…
Insurers still slow to account for climate change in their business models: Ceres report
September 1, 2011 by Canadian UnderwriterOnly 11 of 88 major U.S. insurers surveyed recently have formal policies in place to deal with growing climate change risks, according to a new report issued by Ceres.The report was to have been delivered at a conference of the…
Alberta insurers see net and underwriting income tumble in 2011 Q2
September 1, 2011 by Canadian UnderwriterA group of six Alberta incorporated property and casualty insurers reported a drop in consolidated Q2 net income, from $32.2 million in 2010 Q2 to $22.4 million in 2011 Q2.The six insurers include:•Alberta Motor Insurance Company;•Canadian Farm Insurance Company;•Fortress Insurance…
SGI receives deluge of auto insurance claims for hail and wind damage during the summer months of 2011
August 31, 2011 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) has received a total of 15,793 auto insurance claims for hail and wind damage to vehicles over the three-month period between June and August of 2011, about triple the five-year average for such claims.The government insurer…
50 of 77 Manitoba vehicles fail to pass one-day, voluntary vehicle inspection with no defects: police
August 31, 2011 by Canadian UnderwriterOnly 27 of 77 Manitoba vehicles passed through a day-long, advertised vehicle inspection program without any defects, according to Winnipeg police, which conducted the voluntary program along with Manitoba Public Insurance (MPI). Winnipeg police and MPI conducted the inspection program…
Western Financial Group acquires two more brokerages
August 31, 2011 by Canadian UnderwriterWestern Financial Group has acquired two more insurance agencies, one in Manitoba and the other in Saskatchewan. Western Financial acquired David Duncan Insurance Agency in Gilbert Plains, Manitoba and Leith & Glassford Agency Ltd. in Rosetown, Saskatchewan. Both firms will…
Alberta ushers in tough distracted driving legislation
August 31, 2011 by Canadian UnderwriterAlberta’s distracted driving law comes into effect on Sept. 1, making it the next province to ban the use of hand-held devices. But the province took it one step further, applying the law to low-tech distractions such as reading printed…
About 44% of young Canadians go to the United States without travel insurance
August 30, 2011 by Canadian UnderwriterJust under half (44%) of young Canadians polled in May 2011 say they rarely or never purchase travel insurance when traveling to the United States.Furthermore, more than half (56%) of young travelers said they don’t take the time to understand…
Irene “weakened considerably” as it crossed into Canada: AIR
August 30, 2011 by Canadian UnderwriterHurricane Irene likely caused between $3 billion and $6 billion in insured losses to onshore properties in the United States, according to AIR Worldwide. AIR’s preliminary estimate includes wind and storm surge damage to onshore residential, commercial and industrial properties…
Distracted driving is as risky as drinking and driving: ICBC survey
August 30, 2011 by Canadian UnderwriterTexting or emailing while driving is just as dangerous as drinking and driving, according to 76% of those surveyed on behalf of ICBC.In the Ipsos Reid poll, 917 adults drivers in British Columbia were polled on their views of distracted…
Debate about public/private auto insurance finds way into Manitoba election
August 30, 2011 by Canadian UnderwriterThe longstanding and ongoing debate about public and private auto insurance surfaced during the Manitoba election in May, when Gordon Steeves, now a Tory political candidate, suggested the private sector should be providing auto insurance in the province.Steeves made his…