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EQECAT shakes up its Canada quake model

July 13, 2011 by Canadian Underwriter

EQECAT is launching an updated version of its Canada quake model in July. The model, part of EQECAT’s WORLDCATenterprise platform, will feature the following key aspects:• Consistent results across the U.S. border: the use of identical definitions for events affecting…

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Texting while driving remains a Number 1 concern for Canadians: CAA

July 13, 2011 by Canadian Underwriter

Texting while driving is the Number 1 road safety concern of Quebecers and Canadians, according to a Canadian Automobile Association (CAA) poll.“Although it may seem obvious to say that texting while driving is dangerous, far too many drivers are ready…

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Quebec and France sign mutual recognition agreement

July 13, 2011 by Canadian Underwriter

Quebec’s insurance regulator has inked a deal with France’s insurance regulator to facilitate mobility of insurance and securities professionals between Quebec and France. “This mutual recognition of professional qualifications will benefit individuals from Quebec and France who wish to pursue…

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ICBC looking for ways to reduce a basic insurance rate increase for next year

July 13, 2011 by Canadian Underwriter

The Insurance Corporation of B.C. (ICBC) is examining its options to reduce a basic rate increase for next year.ICBC has advised the British Columbia Utilities Commission (BCUC) that it will file its basic rate application by the end of the…

News Insurance

Validus starts bidding war for Transatlantic Holdings, offers $3.5 billion

July 13, 2011 by Canadian Underwriter

Validus Holdings Ltd. (NYSE: VR) has made an offer to acquire Transatlantic Holdings Inc. (NYSE: TRH) for $3.5 billion.The Validus offer essentially starts a bidding war for Transatlantic, trumping a previously announced, $3.2-billion offer for Transatlantic in June 2011 by…

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Kativik Regional Government calls for Quebec’s no-fault insurance scheme to apply to off-road vehicles in northern Quebec

July 12, 2011 by Canadian Underwriter

The Kativik Regional Government (KRG), which delivers public services to the Kativik region in Quebec’s far north, is calling on Quebec’s no-fault insurance scheme to apply to off-road vehicle accidents in Nunavik.Quebec’s automobile insurance act currently does not cover accidents…

News InsuranceMergers and Aqcuisitions

SGI looking into hiring independent appraisers to handle hailstorm claims during strike ban on overtime hours

July 12, 2011 by Canadian Underwriter

SGI says it is looking into hiring independent appraisers to assist in handling about 1,200 auto claims that need estimates arising from a July 3 hailstorm in Regina.The union representing most SGI employees, the Canadian Office and Professional Employees Union…

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B.C. credit union sells Prospera Insurance Agencies to Westland Insurance

July 12, 2011 by Canadian Underwriter

Prospera Credit Union, the fourth-largest credit union in B.C., has sold Prospera Insurance Agencies (PIA) to Westland Insurance Group. “Our board and management determined that we needed to find a partner with the same values and culture around member service…

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2011 already the costliest year on record: Munich Re

July 12, 2011 by Canadian Underwriter

The $265 billion in economic losses due to catastrophes in the first half of 2011 make it the highest loss year on record, exceeding $220 billion for the devastating year of 2005 as a whole, reports Munich Re.The loss amount…

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MPI launches strategy to reduce wait times for driver assessment program

July 12, 2011 by Canadian Underwriter

Manitoba Public Insurance (MPI) and Manitoba Health will launch a strategy to reduce wait times for an appointment with the province’s Driver Assessment Management Program (DAMP).DAMP is the sole means of assessing drivers who sustain cognitive and/or physical injuries that…

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Europe proposes moving Solvency II deadline to Jan. 1, 2014, but insurers encouraged to work toward current Jan. 1, 2013 deadline

July 11, 2011 by Canadian Underwriter

Insurance companies are being encouraged to continue working towards a Jan. 1, 2013 Solvency II implementation date, even though The Council of the European Union has proposed a delay of the final Solvency II deadline until January 1, 2014. Solvency…

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Global non-life premiums up, but underwriting results continue to deteriorate: Swiss Re sigma study

July 11, 2011 by Canadian Underwriter

According to Swiss Re’s latest ‘World insurance in 2010′ sigma study, world non-life insurance premium volume increased by 2.1% in 2010 due to improved capital and solvency in the insurance industry.At the same time, underwriting results deteriorated, signaling a potential…