Topic
Insurance
Collision severity, supplements use and OEM parts use in Canada all trend downwards in 2011 Q1: Mitchell
May 9, 2011 by Canadian UnderwriterAverage appraisal values for overall severity, the percentage of supplements prepared by estimators and the use of Original Equipment Manufacturer (OEM) parts all trended downwards in 2011 Q1, according to the latest Mitchell Industry Trends Report.In contrast, the use of…
AIR estimates insured losses from storm outbreak in Southern US as high as $5.5 billion
May 9, 2011 by Canadian UnderwriterAIR Worldwide estimates insured losses arising from the severe thunderstorm outbreak that struck the southern United States on Apr. 22-28 could range between $3.7 billion and $5.5 billion.The estimate includes damage to residential, commercial and industrial properties and their contents;…
The Economical sees net income gains in 2011 Q1
May 9, 2011 by Canadian UnderwriterThe Economical Insurance Group reported an increase in net income to $29 million in 2011 Q1 from $16 million in 2010 Q1.The insurer’s combined ratio also improved from 100.2% in 2010 Q1 to 93.6% in 2011 Q1, marking a return…
The Co-operators makes major contribution to brain injury treatment centre
May 9, 2011 by Canadian UnderwriterThe Co-operators has donated $100,000 to a centre for survivors of acquired brain injuries (ABI) in Guelph, Ontario.The ABI centre is the only one of its kind in Guelph, and is housed within St. Joseph’s Health Centre. Traumatic brain injury…
Risk managers from Japan share insights gained as a result of 2011 earthquake and tsunami
May 6, 2011 by Canadian UnderwriterJapan’s March 11, 2001 quake, tsunami and nuclear crisis reaffirmed lessons learned in the past, and yet still taught valuable new ones, according to delegates of the Japanese chapter of the Risk and Insurance Management Society (RIMS).Yoshi Hamaji, president of…
EGI Financial achieves underwriting profitability in its personal auto lines
May 6, 2011 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) reported a net income of $3 million in 2011 Q1, marking an increase of $4.8 million over 2010 Q1.The insurer also reported an improvement in its underwriting loss, quarter-over-quarter, improving from an underwriting loss…
Success of Somali pirates has spurred increased risk: Willis
May 6, 2011 by Canadian UnderwriterSomali pirates’ tactics have evolved to become more sophisticated and violent, including increased ransoms and hijacking periods, warns Willis’s Special Contingency Risks Limited (SCR) and the Maritime and Underwater Security Consultants (MUSC).An estimated $65 million has been paid in ransoms…
Proposed new business model for ICBC would see premium increases for traffic violations such as speeding
May 6, 2011 by Canadian UnderwriterDrivers in B.C. who speed or commit other traffic violations may see their insurance premiums increase if the Insurance Corporation of B.C. (ICBC) receives approval from the regulator for its proposed new ‘Driving Record Model.’The Driving Record Model is among…
Total insured losses for U.S. storms in April expected to top $4 billion: Aon Benfield
May 6, 2011 by Canadian UnderwriterAon Benfield reports that at least five separate severe weather outbreaks occurred across central and eastern sections of the United States during April 2011, resulting in combined insured losses in excess of $4 billion. A current tally of April’s storm…
Lower sublimits may be added to coverages after Japanese quake, tsunami
May 5, 2011 by Canadian UnderwriterThe Japanese earthquake, tsunami and resultant radiation contamination will likely result in much lower sublimits being added to coverages, particularly contingent time element coverages, said Duncan Ellis, managing director at Marsh USA.A sublimit is a limitation on the amount of…
Saskatchewan removes access to auto injury benefits for convicted car thieves
May 5, 2011 by Canadian UnderwriterThe Saskatchewan government introduced the necessary amendments to its auto insurance legislation to remove access to all auto injury benefits for convicted car thieves.Under the current legislation, convicted auto thieves injured in a motor vehicle collision can access all the…
To the “disappointment” of brokers, Nova Scotia offers $1.8-million payroll rebate to promote growth of TD Insurance
May 5, 2011 by Canadian UnderwriterThe Government of Nova Scotia is offering a $1.8-million payroll rebate to support the expansion in Halifax of TD Insurance in Halifax, which plans to create up to 140 new full-time jobs over the next six years.The Insurance Brokers Association…