Topic
Insurance
For Aviva plc, Canada’s good weather in 2010 Q1 makes up for Europe’s bad weather
May 11, 2010 by Canadian UnderwriterCanada’s good weather in 2010 Q1 helped offset a higher-than-normal claims volume in Europe during the first quarter, Aviva plc reported.“Claims were higher than expected in the first quarter because of adverse weather in the U.K. and Europe, but these…
Corporations to maintain spending discipline despite economic recovery, study finds
May 11, 2010 by Canadian UnderwriterLower budgets and spending discipline established by companies during the economic downturn will likely remain even if the economy recovers, a CFO Research survey found.CFO Research Services, in collaboration with American Express, surveyed 479 senior finance executives across a wide…
B.C. solicitor general considers making driving records public
May 10, 2010 by Canadian UnderwriterBritish Columbia’s solicitor general is mulling over the idea of making driving records — including impaired driving infractions — public, reports the Times Colonist.Mike de Jong, B.C.’s solicitor general, told the Times Colonist he would consider setting up a system…
MPI working to solve computer problems
May 10, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI) has made “significant progress” to correct problems plaguing its computer system.The problem stems from an issue with one of MPI’s data banks, an MPI release says.“We expect all Autopac agents and service centres will have some…
Hurdles to growth likely to create shifts in global mutual landscape: A.M. Best
May 10, 2010 by Canadian UnderwriterAlthough mutual insurers generally fared the economic downturn better than their non-mutual insurer counterparts, mutuals’ growth potential may be limited in the post-recession economy, A.M. Best reports.The limited growth potential will likely lead to more affiliations, partnerships and joint ventures,…
OSFI calls on board members to help avert next financial crisis
May 10, 2010 by Canadian UnderwriterBoard directors of financial institutions “need to take better ownership for averting the next [financial] crisis,” says Canada’s solvency supervisor.This means board directors should take a more active role in supervising and the risk management decisions of corporate management, said…
AMF rules gap coverage guarantees are “insurance products” when not offered by vehicle creditors, lessors
May 10, 2010 by Canadian UnderwriterGap coverage insurance — which guarantees the difference between an outstanding loan balance on a vehicle and its value at the time of a total loss — counts as an “insurance product,” depending upon whom offers the product, Quebec’s insurance…
Cleanup costs vary widely for hydrocarbon spills (500-litre spill could cost between $3,000 and $200,000)
May 7, 2010 by Canadian UnderwriterThe typical cost of cleaning up a 500-litre hydrocarbon spill can range from $3,000 to $200,000, depending on a number of different factors, with the average running about $120,000, according to Mark Samis, vice president of operations with Environmental Remediation…
AIG International posts 2010 Q1 profit of $1.5 billion
May 7, 2010 by Canadian UnderwriterAmerican International Group Inc. (AIG) has reported a 2010 Q1 profit of $1.5 billion, up considerably from a net loss of $4.4 billion in 2009 Q1.AIG’s continuing insurance operations earned $2.2 billion before tax in the first quarter of 2010,…
A.M. Best affirms Peace Hills’ financial strength rating, improves outlook to ‘stable’
May 7, 2010 by Canadian UnderwriterA.M. Best Co. has revised its outlook for Peace Hills General Insurance Company (Alberta, Canada) to stable from negative, and affirmed the financial strength rating of B (Fair).“The revised outlook of Peace Hills reflects its improved risk-adjusted capitalization due primarily…
EGI Financial reports net loss of $1.8 million in 2010 Q1
May 7, 2010 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) reported a net loss of $1.8 million in 2010 Q1, marking a worsening from the net loss of $231,000 posted in 2009 Q1.The insurer posted an underwriting loss of $5.8 million in the first…
Compu-Quote launches Web-based rating tool for recreational vehicles and motorcycles
May 7, 2010 by Canadian UnderwriterCompu-Quote has launched its Motorcycle and Miscellaneous Vehicles quoting module to brokers in Alberta, Ontario and Quebec. The Motorcycle and Miscellaneous Vehicle (ATVs, snow vehicles, campers and trailers) Quoting Module is a Web-based service embedded in AutoRater. It provides full…