Topic
Insurance
B.C. credit union sells P&C subsidiary to The Co-operators
July 21, 2009 by Canadian UnderwriterVancity, Canada’s largest credit union, has agreed to sell Vancity Insurance Services Limited (VISL) — its subsidiary for home, auto, travel and business insurance — to The Co-operators.The price tag of the deal, which is subject to regulatory approvals, was…
Wildfires spread through Kelowna
July 21, 2009 by Canadian UnderwriterThree fires are currently raging through the Kelowna area of B.C., forcing more than 11,000 residents to evacuate their homes. There are three separate fires in the Kelowna area. One is in the Glenrosa area and is estimated to be…
What’s New: In Brief (July 20, 2009)
July 20, 2009 by Canadian UnderwriterAon Reed Stenhouse Inc. has acquired IAO Actuarial Consulting Services. The terms of the deal were not announced.IAO’s capabilities will be integrated into Aon’s Global Risk Consulting business, which provides a range of services from risk identification and control to…
A.M. Best stress test may give companies more leeway in meeting capital requirements
July 20, 2009 by Canadian UnderwriterA.M. Best has revised how it plans to apply its Natural Catastrophe Stress Test (NCST), potentially giving insurance companies leeway in meeting risk-adjusted capital requirements in the aftermath of a reasonably severe catastrophe.The stress test considers a company’s balance sheet…
What’s New: In Brief (July 17, 2009)
July 17, 2009 by Canadian UnderwriterSouth Barrie Collision Centre raised $6,000 for the City of Barrie’s Royal Victoria Hospital through its charity car wash event.On July 11, members of South Barrie Collision Centre washed more than 80 cars to raise the funds. The money was…
Fatal trucking collisions in BC often single-vehicle incidents
July 17, 2009 by Canadian UnderwriterCompared to other regions, fatal collisions involving heavy trucks in British Columbia were more likely to involve truck drivers who are 41 and older or truck drivers who are speeding, according to a report by the Traffic Injury Research Foundation.…
What’s New: In Brief (July 16, 2009)
July 16, 2009 by Canadian UnderwriterTravelers Guarantee Company of Canada is providing broader coverage for directors and officers of Canadian publicly traded companies in one endorsement.Travelers Executive Choice CanadianEdge is for Canadian public companies with a market capitalization of Cdn$1 billion or less.In addition to…
Ontario auto insurers increase rates on average by nearly 6% in Q2
July 16, 2009 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) approved an average rate increase of 5.86% for auto insurance, when weighted by market share, in 2009 Q2.Belair Insurance Company Inc. received approval for a decrease of 0.47%. It was the only insurer…
Fewer companies than expected plan to scale back risk management departments
July 15, 2009 by Canadian UnderwriterThe adoption of enterprise risk management seems to have reached a plateau at 65% of firms, according to a joint Marsh and Risk and Insurance Management Society report.In the sixth annual Excellence in Risk Management VI: Strategic Risk Management in…
What’s New: In Brief (July 15, 2009)
July 15, 2009 by Canadian UnderwriterDamage insurance companies in Quebec reported net earnings of Cdn$2.5 billion in 2008, a 51.3% drop compared to 2007, according to the 2008 report on insurance released by the Autorité des marchés financiers (AMF). Minister of Finance Raymond Bachand tabled…
Economy may be contributing to lower online Ontario auto insurance quotes
July 14, 2009 by Canadian UnderwriterThe impact of the current economic recession might explain why Ontario’s average lowest online auto quote decreased by 2.4% between 2009 Q2 and 2008 Q2, says Kanetix, an online marketplace for insurance quotes and mortgage rates.The counterintuitive result is featured…
Enhanced seat belt reminders reduce fatalities, increase belt usage
July 14, 2009 by Canadian UnderwriterEnhanced safety belt reminders in new vehicles has increased driver safety belt usage and reduced driver fatalities, according to a report by the Insurance Institute for Highway Safety (IIHS).In its most recent issue of Status Report, the IIHS notes that…