Topic
Insurance
Standard business interruption coverage not well-equipped to handle H1N1: Marsh
May 11, 2009 by Canadian UnderwriterInfluenza A (H1N1) could result in significant disruptions to the operation of a business, but there are few instances in which a standard business interruption policy will provide coverage, according to a recent Marsh report, Influenza A (H1N1) — Business…
What’s New: In Brief (May 11, 2009)
May 11, 2009 by Canadian UnderwriterRichard Hoskins has been appointed executive vice president and CFO of the North American region or Aviva North America effective May 11. Aviva’s North America region includes its U.S. life and annuity business and Canadian property and casualty company.Hoskins previously…
Alberta rate board seeks permission to move to file-and-use system for setting auto insurance rates
May 11, 2009 by Canadian UnderwriterThe Alberta Automobile Insurance Rate Board (AIRB), which regulates the province’s auto insurance rates, is seeking approval from the provincial government to introduce a new file-and-use system for determining auto insurance rates. In a “pure” file-and-use system, insurers can file…
Kingsway Financial Services to exit Canadian cross-border trucking business
May 8, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) has announced it intends to exit the Canadian cross-border trucking business and further reduce its staff head count in the wake of a 2009 Q1 loss.The company reported a 2009 Q1 net…
What’s New: In Brief (May 08, 2009)
May 8, 2009 by Canadian UnderwriterBCAA Insurance is introducing a 5% discount on collision premiums for vehicles equipped with Electronic Stability Control (ESC). ESC is a computer-controlled safety device that monitors the vehicle’s direction compared to the direction of the steering wheel. The device is…
EGI Financial Holdings posts 2009 Q1 loss of $230,000
May 8, 2009 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) reported a 2009 Q1 loss of $230,000, down 108.9% from its 2008 Q1 profit of about $2.6 million.“Despite our extensive re-engineering of the niche products division’s Emergency Travel Health (ETH) program and an encouraging…
AIG reports US$4.35 billion loss in 2009 Q1
May 8, 2009 by Canadian UnderwriterAmerican International Group Inc. (AIG) reported a 2009 Q1 net loss of US$4.35 billion, compared to 2008 Q1’s net loss of US$7.81 billion.General insurance net premiums written were US$10 billion in 2009 Q1, a 17.5% decline compared to the same…
Swiss Re reports drop in net income for Q1
May 7, 2009 by Canadian UnderwriterSwiss Re has reported a net profit of CHF150 million (Cdn$155 million) for 2009 Q1, as compared to CHF 600 million (Cdn$622 million) in 2008 Q1. Annualized return on equity was 2.9% for the 2009 Q1 compared to 8.5% for…
Zurich Financial Services reports 2009 Q1 net income decreases 75% from 2008 Q1
May 7, 2009 by Canadian UnderwriterZurich Financial Services Limited reported a 2009 Q1 profit of US$362 million, a decrease of 75% over the same period last year.The company’s general insurance segment reported gross written premiums and policy fees of US$9.8 billion, down 12% or 3%…
More than monitoring needed to decrease risky teenager driving behaviour
May 7, 2009 by Canadian UnderwriterMonitoring teenaged drivers helps to increase the use of seatbelts, but decreasing more complicated behaviour like speeding and sudden braking poses more difficulty, researchers at the Insurance Institute for Highway Safety (IIHS) found.In the study, In-Vehicle Monitoring and the Driving…
The Economical, Policy Works to introduce round-trip, commercial data exchange
May 7, 2009 by Canadian UnderwriterThe Economical Insurance Group (TEIG) has entered into an agreement with Policy Works Inc. to deliver a commercial lines data exchange solution between the Policy Works Commercial Management System (CMS) and TEIG’s brokerEXPRESS Web-quoting facility.Expected to be completed in Summer…
HCAI on track for voluntary rollout
May 6, 2009 by Canadian UnderwriterThe Health Claims for Auto Insurance (HCAI) is on track for a voluntary rollout at the end of summer, provided the testing phase meets required outcomes. Currently, the system is in an extended test cycle which will continue until July.…