Topic
Insurance
Munich Re and SCOR estimate insured losses from Thai floods
December 20, 2011 by Canadian UnderwriterMunich Re and SCOR have estimated their respective losses from the Thai floods to be EUR 500 million (roughly Cdn$674 million), net before tax, and EUR 140 million (roughly Cdn$188.5 million), net of retrocession and before tax.In view of the…
FSCO introduces two new processes to expedite mediation backlog
December 19, 2011 by Canadian UnderwriterThe Financial Securities Commission of Ontario (FSCO) has introduced two expedited processes in mediation in an attempt to ease the backlog that has formed. In its December 2011 newsletter, FSCO describes the two new processes: •Consent failures (the option to…
Nearly 5-million Canadians admit to riding with a driver who had been drinking
December 19, 2011 by Canadian UnderwriterRoughly 7% of Canadians surveyed admitted to being a passenger in a motor vehicle driven by someone who had been drinking any amount of alcohol on one occasion in the last month, according to the Traffic Injury Research Foundation (TIRF).…
AM Best downgrades Allianz Global & Specialty North America’s ICR
December 19, 2011 by Canadian UnderwriterA.M. Best has affirmed Allianz Global Corporate & Specialty North America (AGCS NA)’s financial strength rating of A+ (Superior) and downgraded its issuer credit rating (ICR) to “aa-” from “aa.” The downgrading of the AGCS NA’s ICR reflects the fact…
IBC takes issue with false conclusions drawn from Ontario auditor general’s report about 12% rate of return
December 19, 2011 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has taken issue with false conclusions drawn from a statement in the 2011 Annual Report of the Ontario auditor general, which says the Financial Services Commission Ontario (FSCO) should reconsider its benchmark of a 12%…
Aviva Community Fund competition down to 30 finalists, winner announced in January 2011
December 19, 2011 by Canadian UnderwriterMore than 2 million votes have resulted in 30 finalists for the 2011 Aviva Community Fund competition. The 30 finalists and a description of their projects can be viewed at: This year, Aviva Canada has provided $1 million in donations…
Johnson Inc. donates 40,000 items to Canadian food banks
December 19, 2011 by Canadian UnderwriterJohnson Inc. has donated 40,000 items to food banks across Canada.This is the third consecutive year Johnson has rallied to support families in need through a national holiday food drive. Johnson employees donated non-perishable food items as well as grocery…
Alberta Court of Appeal finds policy endorsement in underinsured motorist case trumps 10-year limitation period in Limitations Act
December 16, 2011 by Canadian UnderwriterAlberta’s Court of Appeal has allowed a plaintiff to sue his own insurer with respect to an underinsured motorist case more than 10 years after the accident occurred, ruling that a contractual clause in the plaintiff’s policy endorsement trumped a…
Projected costs of Manitoba floods to exceed $800 million
December 16, 2011 by Canadian UnderwriterThe projected costs of widespread flooding in Manitoba this past spring will be $815 million, according to the government of Manitoba’s quarterly financial report. By the end of the second quarter, $437 million had been spent on the spring flood.…
U.S. commercial soft market cycle “broken”: MarketScout
December 16, 2011 by Canadian UnderwriterFor the first time in more than six years, the U.S. composite commercial market has seen an average rate increase, signalling the end of the soft market, according to MarketScout. Jumbo accounts, those worth more than $1 million, are the…
Quebec’s insurance regulator, insurers team up to simplify province’s auto policies
December 16, 2011 by Canadian UnderwriterQuebec’s insurance regulator is teaming up with the province’s auto insurance companies to simplify the province’s auto insurance policies.Autorité des marchés financiers (AMF) and Groupement des assureurs automobiles du Québec (GAA) announced on Dec. 16 that they have begun the…
STRONE Appoints Joe Pilarczyk as Director of Operations and Mike Kelly as Director of Business Development
December 16, 2011 Strone Restoration ProfessionalsSTRONE is pleased to announce the appointment of Joe Pilarcyzk to the role of Director of Operations. Joe’s contribution in management for the last seven and half years has proven to be a significant key to STRONE’s success. Joe’s extensive…