Topic
Insurance
U.S. p&c industry regained ground, but not fully recovered in 2009
March 11, 2010 by Canadian UnderwriterThe U.S. property and casualty industry’s net income nearly tripled in 2009 to $35 billion, reports Highline Data Performance Monitor.The Performance Monitor aggregates financial data reported by individual insurance companies each quarter.Highline attributes the steep rise in net income to…
What’s New: In Brief (March 11, 2010)
March 11, 2010 by Canadian UnderwriterA 48-year-old Sault Ste Marie resident has been charged with five courts of fraud and five counts of theft after allegedly misappropriating client’s funds as an insurance agent. As of press time the allegations have not been proven in a…
Quebec broker association launches television marketing campaign
March 11, 2010 by Canadian UnderwriterThe Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) has launched its most aggressive media campaign promoting the independent broker channel in that province.The association has invested $750,000 to create and air four 30-second television ads on the networks…
What’s New: In Brief (March 10, 2010)
March 10, 2010 by Canadian UnderwriterSwiss Re estimates total insured losses for the insurance sector arising from the earthquake in Chile will be between $4 billion and $7 billion.The reinsurer anticipates its loss arising from the quake will be $500 million before tax. The magnitude…
What’s New: In Brief (March 10, 2010)
March 10, 2010 by Canadian UnderwriterNearly 300 immobilizer-equipped vehicles in Manitoba were stolen last year because the keys were either left in the ignition or elsewhere in the passenger compartment, Manitoba Public Insurance reported.The immobilized vehicles were stolen after owners had left their keys in…
Fulfilling legal obligation to advise of policy cancellation does not prove insured knew his policy had been cancelled: FSCO
March 10, 2010 by Canadian UnderwriterAn insurer that has satisfied its legal requirement for policy cancellation has not automatically proven that the insured knew his policy had been cancelled, an Ontario arbitrator has ruled.In Ersin Aksoy and Markel Insurance Company of Canada, the Financial Services…
Construction costs see nominal increase in 2009: Xactware
March 10, 2010 by Canadian UnderwriterThe sluggish economy, combined with the downward trend of the housing market in 2008, might have played a role in keeping construction costs to nominal increases in 2009, according Xactware, a property claims software company. The global recession played a…
Fairfax Financial maintains strong investment gains in 2009
March 9, 2010 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH and FFH.U) has reported net earnings of $856.8 million in 2009, marking a decrease from the $1.4 billion reported in 2008.Its combined ratio for last year was 99.8%, marking an improvement from 2008’s consolidated…
What’s New: In Brief (March 09, 2010)
March 9, 2010 by Canadian UnderwriterPartnerRe expects the total insured industry losses from the Feb. 27, 2010 earthquake in Chile to be between $6 billion and $10 billion. The company expects its claims relating to the earthquake to be between $220 million and $320 million.The…
What’s New: In Brief (March 09, 2010)
March 9, 2010 by Canadian UnderwriterIntact Insurance is congratulating the winners of the 37th annual Canadian Sport Awards, which honour athletic excellence and leadership.The company was a premier sponsor of Speed Skating Canada, and is sending additional congratulations to members of the national team. Christine…
Canadian P&C companies back into an underwriting profit in 2009: SCOR Report
March 9, 2010 by Canadian UnderwriterThirty-nine Canadian P&C insurers canvassed in The 2009 SCOR Report reported a collective underwriting profit of $213 million in 2009, up from a collective underwriting loss of $196.3 million in 2008.Although the 2009 underwriting result represented a significant improvement over…
Advocis calls on CCIR for improved implementation of harmonized rules
March 8, 2010 by Canadian UnderwriterAdvocis, The Financial Advisors Association of Canada, is calling on the Canadian Council of Insurance Regulators (CCIR) to find some way to better harmonize the nation-wide implementation of its regulatory solutions.“There has been much progress on developing, through national organizations,…