Topic
Insurance
Fairfax reports improved underwriting results in 2012 Q2
July 27, 2012 by Canadian UnderwriterFairfax Financial Holdings Limited announced net earnings of $95 million in 2012 Q2, compared to net earnings of $83.3 million during the same period last year, reflecting improved underwriting results and lower losses on repurchase of long term debt. The…
11 new industry event galleries have been added to the Photo Gallery at canadianunderwriter.ca
July 26, 2012 Canadian Underwriter magazine11 new industry event galleries have been added to the Photo Gallery at canadianunderwriter.ca and are featured in the JULY 2012 issue of Canadian Underwriter magazine: http://www.canadianunderwriter.ca/gallery ORIMS Annual Golf Tournament, June 19 McCague Borlack LLP/Canadian Litigation Counsel (CLC)…
New report calls for elimination of regulatory reliance on credit rating process
July 26, 2012 by Canadian UnderwriterA new report from the C.D. Howe Institute argues the accountability and effectiveness of credit rating agencies (CRAs) in Canada are in need of major reform, including elimination of regulatory reliance on the rating process. “In Canada, the European Union…
ClearRisk Launches Innovative Smartphone Application for Insurance Brokers
July 26, 2012 Canadian Underwriter magazineClearRisk announces the launch of its first native smartphone application, Deductibles, which is available free of charge on Apple’s App Store for iPhone, iPod Touch, and iPad. “I have needed a tool like this for years and it didn’t exist,…
Sunrise Propane explosion in Toronto causes more than $25 million in property damage: lawsuit
July 26, 2012 by Canadian UnderwriterThe law firms representing plaintiffs in an action arising out of a deadly propane explosion in Toronto four years ago report the blast caused more than $25 million in property damage. One employee and an emergency responder died following the…
Alberta Automobile Insurance Rate Board (AIRB) permits premium increase of up to 5%
July 26, 2012 by Canadian UnderwriterAlberta’s Automobile Insurance Rate Board (AIRB) is permitting premium levels for mandatory automobile insurance in the province to increase by as much as 5%, effective Nov. 1. As part of the competitive process, insurance companies have the option to implement…
IBC launches consumer awareness campaign around Ontario auto
July 26, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has launched a new consumer awareness campaign to stimulate stakeholder feedback on how best to bring down auto insurance rates in Ontario and to help consumers better understand their own insurance policies. The campaign will…
Insurer cannot pro rate attendant care based on economic loss: Ontario Court
July 26, 2012 by Canadian UnderwriterAn Ontario Superior Court judge has held that an insurer cannot take a proportional approach to the payment of attendant care benefits based on the extent of the economic losses suffered. In Henry v. Gore Mutual Insurance Company, the insurer…
Managing data a key challenge for insurance companies: Celent report
July 25, 2012 by Canadian Underwriter“Data mastery” has been one of the Top 3 insurance priorities for the past several years, yet most insurers still struggle with how best to use their own information to achieve their business goals, research firm Celent says. Celent’s report,…
Research shows European firms not properly prepared for emerging risks
July 25, 2012 by Canadian UnderwriterMost European companies are not properly covered for emerging risks such as terrorism and political violence, according to research from ACE Group. Roughly one-third (32%) of firms cited terrorism and political violence as the most important risk concern for their…
Court rejects MPI’s motion to dismiss a 13-year-old claim for delay
July 25, 2012 by Canadian UnderwriterManitoba’s Court of Queen’s Bench has allowed a claim against Manitoba Public Insurance (MPI) to proceed despite the fact that the claim has been delayed since 1998, when the action was first launched. The claim is related to an incident…
S&P’s assigns ‘A’ financial rating to Chartis Canada
July 25, 2012 by Canadian UnderwriterStandard & Poor’s Services has assigned long-term ‘A’ counterparty credit and financial strength ratings to Canadian-based Chartis Insurance Company of Canada (Chartis Canada). The outlook on the company is stable, S&P’s says. “Chartis Canada is strongly capitalized with a capital…