Topic
Insurance
MPI holds the line on auto insurance rates
June 18, 2012 by Canadian UnderwriterManitoba Public Insurance (MPI) requested no overall insurance rate increase for 2013-14 in its general rate application filed with the Public Utilities Board (PUB) on June 14. “Today’s rate application confirms the strength of the public auto insurance system,” MPI…
Canadian Hurricane Centre improves forecasting of storm tracking, aims to increase accuracy of predicting storm intensity
June 18, 2012 by Canadian UnderwriterThe Canadian Hurricane Centre (CHC) has an improved handle on tracking hurricanes, and is now turning its eye towards decreasing errors in forecasting storm intensity, particularly for rapidly intensifying or weakening storms. Error rates for tracking rapidly developing storms (those…
Towers Watson study shows more evidence of commercial rate hardening
June 15, 2012 by Canadian UnderwriterCommercial insurance pricing in the United States increased by an average of 5% in 2012 Q1 over the same period last year, noted Tower Watson consulting. This represented the fifth consecutive quarter that prices rose for all standard commercial lines,…
Global brokerages benefit from favourable conditions: Moody’s
June 15, 2012 by Canadian UnderwriterRising insurance premiums and a focus on specialty risk advisory services will spur growth for the world’s largest insurance brokerages, according to a recent analysis by Moody’s Investors Services. The outlook for the global insurance brokerage sector “is stable, reflecting…
B.C. Labour Relations Board issues interim order allowing ICBC employees to take job action
June 15, 2012 by Canadian UnderwriterThe union representing Insurance Corporation of B.C. (ICBC) employees has welcomed a provincial order to restore, at least in part, its ability to take job action after the ICBC filed an essential services application on Apr. 19. The ability to…
Economical launches new brand name at AGM, re-iterates it does not prefer one form of demutualization over another
June 15, 2012 by Canadian UnderwriterEconomical Insurance launched a refreshed brand at its annual general meeting on June 15, featuring an uncomplicated, cleaner, three-dot logo and a new tagline — “good to know.” “We’re good to know for an individual, family or business seeking financial…
CARSTAR Collision and Glass Centres Achieve Their $2 Million Fundraising Milestone
June 15, 2012 CARSTAR Automotive CanadaCARSTAR’s Soaps It Up National Car Wash Fundraiser raised over $100,000 for Cystic Fibrosis Canada surpassing its goal of $2 million in funds donated. Hamilton, ON – June 15, 2012 – CARSTAR Collision & Glass Centres across North America participated…
Alister Campbell to become CEO of The Guarantee Company of North America in early September
June 15, 2012 by Canadian UnderwriterAlister Campbell has been appointed CEO of The Guarantee Company of North America, effective early September. Campbell made the news public on his LinkedIn page. Most recently, he was president and CEO of Zurich Insurance’s Canadian operations. “Happy to announce…
Insurers could feel significant impact from Ontario court’s new privacy tort: legal paper
June 14, 2012 by Canadian UnderwriterThe Ontario Court of Appeal’s January 2012 decision in Jones v. Tsige, which recognized the tort of “intrusion upon seclusion” as a cause of action in Ontario, may have significant implications for policyholders and insurers, a paper from Blaney McMurtry…
Oliver Wyman, IBC each recommend a double-digit industry-wide adjustment to the Alberta Automobile Insurance Rate Board (AIRB)
June 14, 2012 by Canadian UnderwriterCLARIFICATION: Canadian Underwriter initially reported on June 14 that Oilver Wyman suggested a 4.7% rate adjustment in 2011. In fact, Oliver Wyman recommended a 9% adjustment in 2011. In its final decision on an industry wide adjustment in 2011, the…
Hurricanes put $700 billion of U.S. residential property at risk
June 14, 2012 by Canadian UnderwriterThe threat of hurricanes, particularly storm surges, extends far beyond the Gulf Coast to heavily populated U.S. eastern seaboard states, creating a total property exposure of more than $700 billion, according to research firm CoreLogic. The U.S.-based research firm recently…
Quebec insurers’ results exceeding historical returns despite lower profits in 2011: AMF
June 14, 2012 by Canadian UnderwriterQuebec’s regulatory and oversight body for the financial sector points to a favourable trend continuing despite automobile insurers achieving lower profits on premiums written in 2011 than in 2010. Despite lower profits, insurers are maintaining results that exceed historical returns…