Topic
Insurance
CSIO recognizes The Economical for its ‘Insurance on Demand’ solution
May 12, 2011 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) has presented its 2010 CSIO Annual Achievement Award to The Economical Insurance Group (TEIG) for the insurer’s Insurance on Demand solution.CSIO gives out an award each year to one of its members…
Aviva Canada offers insurance quotes online
May 12, 2011 by Canadian UnderwriterConsumers can now get insurance quotes online at avivacanada.com. “The new capability connects consumers to a local broker of their choosing (where available) and allows them to obtain a no-obligation insurance quote for their home or vehicle, all from the…
CCIR establishes committee to publish disciplinary data from regulators across Canada
May 12, 2011 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has created a Disciplinary Information Committee that will publish disciplinary data from regulators across Canada.The committee will look into ways to make disciplinary data across the country available and accessible from a central…
Captives should be prepared to commit more capital to their reserves under Solvency II: A.M. Best
May 12, 2011 by Canadian UnderwriterRegulatory requirements for captives located in the European Union are certain to increase dramatically – as much as three- to fourfold – under Solvency II, warns A.M. Best.In its report, Solvency II to Transform the EU Captive Industry, A.M. Best…
BC’s regulator adopts three-year interval for capital adequacy tests
May 11, 2011 by Canadian UnderwriterBritish Columbia’s Financial Institutions Commission (FICOM) requires provincially incorporated insurers to conduct dynamic capital adequacy tests (DCAT) in no more than three-year intervals.The Office of the Superintendent of Insurance (OSFI), on the other hand, requires federally regulated insurers to prepare…
Fairfax reports $239.5 million Q1 loss, cites natural catastrophe losses
May 11, 2011 by Canadian UnderwriterFairfax has seen a drop in its Q1 earnings, going from a profit of $419.3 million in 2010 Q1 to a net loss of $239.5 million in 2011 Q1.The company cites catastrophe losses of $418.4 million – $311.3 million arising…
Cunningham Lindsey Canada announces senior level appointments
May 11, 2011 by Canadian UnderwriterCunningham Lindsey Canada has announced a series of appointments, including vice president of business development and two branch manager positions.Michael Butler joins CLC as vice president of national business development. Butler has more than 20 years of insurance marketing and…
Quebec regulator offers $1.6 million in compensation to victims of investment scheme in connection with former insurance broker
May 11, 2011 by Canadian UnderwriterQuebec’s financial services regulator, the Autorité des marchés financiers (AMF), is paying out $1.6 million in compensation to 28 investors defrauded in an investment scam in connection with former insurance broker and financial advisor Carole Morinville.In August 2010, the AMF…
Manitoba court green-lights election of appraisal and arbitration process seven years after loss date
May 11, 2011 by Canadian UnderwriterOver the objections of Temple Insurance Company, the Court of Queen’s Bench of Manitoba has allowed a dispute around a builders’ risk property insurance policy to proceed to the appraisal process seven years after the initial loss date. The Winnipeg…
EQECAT updates insured loss estimate for Japanese quake, tsunami to between $22 billion and $39 billion
May 10, 2011 by Canadian UnderwriterEQECAT significantly increased its estimate of insured losses arising from the Mar. 11 Tohoku, Japan earthquake and tsunami, now saying the natural catastrophe could cost insurers between $22 billion and $39 billion. The catastrophe modeler initially estimated insured damages of…
The Co-operators attributes positive Q1 earnings to home insurance portfolio
May 10, 2011 by Canadian UnderwriterCo-operators General Insurance Company posted a consolidated net income of $25.8 million in 2011 Q1, compared to $31.8 million for the same quarter in 2010.“Earnings in the first quarter were positively impacted by strong results in the home insurance portfolio…
Munich Re posts loss for Q1 due to natural catastrophes
May 10, 2011 by Canadian UnderwriterMunich Re posted a consolidated loss of €948 million ($1.4 billion) for 2011 Q1, due to exceptionally high costs for natural catastrophes. Despite the loss in the first quarter, Munich Re still expects to record a profit for the current…