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The Co-operators reports decreased net income in 2008

April 16, 2009 by Canadian Underwriter

The Co-operators has reported a net income of Cdn$82.4 million in 2008, a decrease from Cdn$158.7 million in 2007. “The Co-operators and its member-owners reflected upon a year marked by unprecedented economic upheaval and market volatility,” according to a company

News Insurance

Over-regulation poses real threat: survey

April 15, 2009 by Canadian Underwriter

The threat of over-regulation looms large for global insurance experts, according to results from a Geneva Association survey. In early April, 46 senior insurance experts and professionals from around the world, including 15 heads of supervisory and regulatory authorities, participated

News Insurance

Strict rate regulation contributes to solvency risk: PACICC report

April 15, 2009 by Canadian Underwriter

Inadequate pricing is the primary reason why insurers fail, and strict rate regulation is among several contributors to inadequate pricing, the Property and Casualty Insurance Compensation Corporation (PACICC) says in its recently released report, Why Insurers Fail: Inadequately Pricing the

News Insurance

PACICC calls for improved provincial financial reporting standards

April 15, 2009 by Canadian Underwriter

The Property and Casualty Insurance Compensation Corporation (PACICC) is planning to encourage legislative reforms that would align the financial reporting standards of provincially supervised insurance companies with those of federal and international solvency regulators.“PACICC continues to advocate improved public disclosure

News InsuranceMergers and Aqcuisitions

Alberta rate board receives no applications for basic auto rate increase in 2009 Q1

April 15, 2009 by Canadian Underwriter

There were no applications for increases of premium level for basic coverage for private passenger vehicles to the Alberta Insurance Rate Board in 2009 Q1.Only one change to the basic rate for private passenger vehicles was approved in Q1, and

News InsuranceMergers and Aqcuisitions

Collision repair shop audits show system is working: ICBC (April 14, 2009)

April 14, 2009 by Canadian Underwriter

Out of the thousands of random drop-ins at collision repair shops by ICBC, only 48 collision repair shops required a formal audit because of a suspected problem so far this year, according to the ICBC. Of the 48 audits, only

News Insurance

Collision repair shop audits show system is working: ICBC (April 14, 2009)

April 14, 2009 by Canadian Underwriter

Of the thousands of random drop-ins at collision repair shops by ICBC, only 48 collision repair shops required a formal audit because of a suspected problem so far this year, according to the ICBC. Of the 48 audits, only 39

News InsuranceMergers and Aqcuisitions

More vehicle weight, size enhances safety in multiple vehicle crashes

April 14, 2009 by Canadian Underwriter

Front-to-front crash tests, each involving a mini-car or a micro-car colliding with a mid-size model made by the same manufacturer, show how extra vehicle size and weight enhance occupant protection in collisions, the Insurance Institute for Highway Safety (IIHS) reports.The

News Insurance

New Brunswick collaborates with insurers, brokers to improve access to non-profit insurance

April 14, 2009 by Canadian Underwriter

The Province of New Brunswick has announced a formal collaboration with insurers and insurance brokers to help find the most appropriate insurance coverage for non-profit organizations at the most competitive rates available.Partners in the collaboration are the province’s Community Non-Profit

News Insurance

Stagnant premium growth key issue for coming decade

April 14, 2009 by Canadian Underwriter

Negative or stagnant premium growth will be a key issue for property and casualty insurers in industrialized countries, including Canada, during the next 10 years, says Standard & Poor’s.In its report, The Key Issues for Property/Casualty Insurers During the Next

News Insurance

U.S. P&C industry profits tumble 96.2% in 2008

April 13, 2009 by Canadian Underwriter

The net income of private U.S. property and casualty insurers tumbled 96.2% in 2008 — from US$62.5 billion in 2007 to US$2.4 billion in 2008, according to the Property Casualty Insurers Association of America (PCI) and Insurance Services Organization (ISO).The

News Climate ChangeInsurance

2008 record year for tornado losses in U.S.

April 13, 2009 by Canadian Underwriter

2008 was the worst year for catastrophe losses stemming from U.S.-based tornadoes, as well as among the worst years on record for the frequency of tornadoes, reports A.M. Best Company Inc.In its special report, Another Year, Another Record: Tornado Threat