Topic
Insurance
Ontario proposes road safety legislation aimed at young, novice drivers
November 18, 2008 by Canadian UnderwriterOntario has introduced new legislation designed to strengthen the province’s graduated licensing system, crack down on suspended drivers and help keep impaired drivers off roadways.Proposed changes to Ontario’s Graduated Licensing System would mean it would take a new driver 16…
Slightly more than half of Canadians use snow tires
November 18, 2008 by Canadian UnderwriterOnly 57% of Canadian drivers put snow tires on their cars; of the 43% who don’t, half (54%) are not willing to spend the money to do so, according to an RBC Insurance/Ipsos Reid consumer survey.The survey was conducted between…
What’s New: In Brief (November 18, 2008)
November 18, 2008 by Canadian UnderwriterGordon Kerr has accepted the role of CEO and chief agent of Arch Insurance Group’s Canadian insurance operations. Kerr was previously the chief operating officer of American International Group’s (AIG) Canadian commercial insurance operations.He replaces Michael Baxter, who will become…
What’s New: In Brief (November 18, 2008)
November 18, 2008 by Canadian UnderwriterBlake Craig, president of J. Leroy Gallant Insurance Limited, has been named president of the Insurance Brokers Association of Prince Edward Island.Craig succeeds the association’s past president, Karen Doiron, who currently serves on the board of directors for the Insurance…
Zurich’s Q3 profit drops on investments
November 18, 2008 by Canadian Underwriter*** CLARIFICATION/CORRECTION*** This item clarifies and corrects information contained in an item posted on Nov. 14. Zurich Financial Services has posted a Q3 net income after tax of US$154 million, marking a dramatic drop from the profit of US$1.5 billion…
CCIR misses opportunity to license incidental sellers of insurance: IBAC
November 17, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) says the Canadian Council of Insurance Regulators (CCIR) has “missed an opportunity” to implement a new licensing regime for sellers of incidental insurance products.The national insurance market conduct regulator has just released its…
Brokers losing competition with directs in advertising spending
November 17, 2008 by Canadian UnderwriterIn terms of total revenue dollars, the amount independent brokers are investing in advertising is roughly half of that needed in order to compete with direct writers, said Randy Carroll, president and CEO of the Insurance Brokers Association of Ontario.…
Capital markets, bad weather bite into Desjardins’ 2008 Q3 profits
November 17, 2008 by Canadian UnderwriterDesjardins Group reported a 2008 Q3 profit of Cdn$149 million, down Cdn$99 million or 39.9% from the corresponding quarter last year. The company’s quarterly return on equity (ROE) fell to 6.2% compared to 11.0% in 2007 Q3.“These results reflect the…
‘Evaluative’ mediators may reach agreements quicker than traditional ‘facilitative’ mediators
November 14, 2008 by Canadian UnderwriterIn insurance mediation, there are two different styles of mediators: facilitative and evaluative, and choosing the proper style could affect the timeliness of an agreement, Michael T.J. McGoey, defence counsel, Hughes Amys, told delegates at The Arc Group Canada’s third…
Most people fail in key negotiation technique; Arc delegates told
November 14, 2008 by Canadian UnderwriterListening is key in the art of negotiation and a technique most people fail to adhere to, Gordon Kirke, lawyer, principal KSR Sports Representatives Inc., told delegates at the third annual Arc Group Seminar in Toronto on Thursday. Kirke spoke…
Paris Re reports first quarterly loss in company’s history
November 14, 2008 by Canadian UnderwriterParis Re Holdings Limited reported a net operating loss of US$53.7 million for 2008 Q3, compared to a net operating income of US$90.0 million in 2007 Q3.The combined ratio was 135.1% for 2008 Q3, compared to 88.8% quarter-over-quarter.The combined ratio…
ICBC sees dip in profits due to investment losses
November 13, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) reported a profit of Cdn$437 million for the first nine months of 2008, 15% lower than for the same period last year of Cdn$513 million.”This decrease is largely the result of a decline…