Topic
Insurance
What’s New: In Brief (August 13, 2009)
August 13, 2009 by Canadian UnderwriterThe Economical Insurance Group, and Pembridge Insurance Company have committed to maintaining their investment as full partners of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program. Gore Mutual has invested as a full partner, as well. The cornerstone…
Saskatchewan regulator seeks comment on selling of incidental insurance products
August 13, 2009 by Canadian UnderwriterSaskatchewan’s Financial Services Commission is seeking comment on its proposal to enact a restricted licensing system for the purpose of regulating the selling of incidental insurance products.Saskatchewan’s insurance regulator is proposing to allow the General and Life Insurance Councils of…
Intact Financial reports decreased net income
August 12, 2009 by Canadian UnderwriterIntact Financial Corporation has reported a net income of Cdn$74.2 million for 2009 Q2, as compared to a net income of Cdn$112 million for 2008 Q2.The insurer’s combined ratio increased slightly quarter-over-quarter, from 95.6% in 2008 Q2 to 95.7%…
What’s New: In Brief (August 12, 2009)
August 12, 2009 by Canadian UnderwriterICBC’s reported profit for the first six months of 2009 is Cdn$277 million, up from Cdn$255 million for the same period in 2008. “The increase is the result of continued encouraging trends on claims, while ICBC is also managing its…
Insurer’s reserves “should almost never be ordered produced” in Ontario SABS cases: FSCO arbitrator
August 11, 2009 by Canadian UnderwriterAn insurer’s reserves “should almost never be ordered produced” in statutory accident benefits claims made under Ontario’s SABS legislation, an arbitrator for the Financial Services Commission of Ontario (FSCO) has found.Reserves are estimated amounts assigned by an insurer to account…
What’s New: In Brief (August 11, 2009)
August 11, 2009 by Canadian UnderwriterICBC has been awarded more than Cdn$600,000 in damages and interest by the B.C. Supreme Court after a lengthy trial related to an insurance fraud ring. The Supreme Court ruled in Insurance Corporation of British Columbia v. Suska that a…
What’s New: In Brief (August 10, 2009)
August 10, 2009 by Canadian UnderwriterSwiss Re has reported a net loss of CHF381 million (roughly the same amount in Canadian currency) for 2009 Q2 as compared to a profit of CHF564 million for 2008 Q2. Property and casualty operating income increased to CHF1 billion…
AIG posts first quarterly profit since 2007
August 10, 2009 by Canadian UnderwriterAmerican International Group Inc. (AIG) reported a net income of US$1.8 billion in 2009 Q2, its first quarterly profit since the third quarter of 2007.Commenting on the second quarter results, AIG chairman and CEO Edward M. Liddy said the results…
What’s New: In Brief (August 07, 2009)
August 7, 2009 by Canadian UnderwriterThus far, the current wildfires burning in British Columbia have not caused nearly as much property damage as the 2003 fires, experts say.Greg Thierman, manager of Crawford & Company (Canada)’s Kelowna branch, says that while the fires have come very…
Kingsway’s 2009 Q2 result reflects major transition
August 7, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX/NYSE: KFS) reported a net loss of US$38.4 million in 2009 Q2, compared with a US$6.3-million profit in 2008 Q2.The result reflects a company in the middle of a major transformation strategy — including a previously…
Claimants need to meet threshold of due diligence before applying for benefits from Ontario’s insurer of last resort
August 6, 2009 by Canadian UnderwriterAn insurance claimant and his or her legal representative need to meet a minimal threshold of due diligence before they approach the Ontario Motor Vehicle Accident Claims Fund as a “first insurer,” a FSCO arbitrator has found.The Motor Vehicle Accident…
RSA Canada gains ground in first half of 2009
August 6, 2009 by Canadian UnderwriterRSA’s Canadian operations reported an underwriting profit of Cdn$57 million for the first half of 2009, marking a Cdn$5-million increase over the same period of 2008.The company reported a combined ratio of 93.1%, marking a slight decrease from 93.7% in…