Topic
Insurance
Desjardins launches direct arm in Ontario
March 20, 2008 by Canadian UnderwriterDesjardins General Insurance (DGI) is now offering direct home and auto insurance in Ontario. “We’ve been planning and researching our launch into the Ontario mass market for some time,” Jean-Francois Chalifoux, general manager and senior executive vice-president at DGI said…
Northern hurricanes rare, but quicker than Gulf storms
March 20, 2008 by Canadian UnderwriterThe northeastern seaboard of North America is highly vulnerable to “northern hurricanes,” a rare form of storm that occurs much quicker than its Gulf of Mexico cousins, reported A.M. Best.These storms tend to be two to three times faster than…
BMO and Farm Mutual team up to provide financing to assist in broker perpetuation
March 20, 2008 by Canadian UnderwriterBMO Bank of Montreal and Farm Mutual Reinsurance Plan Inc. (FMRP) have launched a joint financing program designed to assist with the perpetuation of independent insurance brokerages. The Insurance Brokers Association of Ontario (IBAO), which initiated the partnership, issued a…
What’s New: In Brief (March 20, 2008)
March 20, 2008 by Canadian UnderwriterNinety-eight vehicles from a Burnaby-based research and training facility of the Insurance Corporation of British Columbia (ICBC) were sold without proper designation and disclosure to buyers, an internal investigation has confirmed.ICBC’s own investigation revealed the public insurer lacked clear and…
Quebec brokers lobby to disallow car dealers from selling replacement warranties
March 19, 2008 by Canadian UnderwriterThe Regroupement des cabinets de courtage d’assurances du Qubec (RCCAQ), Quebec’s broker association, is lobbying the province’s financial services regulator, L’Autorite des marches financiers (AMF), to disallow the province’s car dealers from distributing “replacement warranties.”Brokers have identified the replacement warranty…
Investors rank risk management on par with performance
March 19, 2008 by Canadian UnderwriterInvestors consider transparency and risk management to be just as important as performance when deciding whether to retain their managers of alternative investments, according to a PricewaterhouseCoopers (PwC) report. A global survey of 226 institutional investors and alternative investment providers…
Canadian property and casualty industry reports reduced profits in 2007
March 19, 2008 by Canadian UnderwriterThe net income of Canada’s property and casualty industry dropped to Cdn$4.008 billion in 2007, a 3.6% decrease over the Cdn$4.158 billion it recorded in 2006.MSA Research Inc. posted its year-end, aggregate financial data for 2007. In addition to the…
What’s New: In Brief (March 19, 2008)
March 19, 2008 by Canadian UnderwriterMonique F. Leroux has been elected president and CEO of Desjardins Group. She is the first woman elected as president and CEO of Desjardins Group, and currently serves as senior executive vice president and CFO. Leroux will officially assume her…
New coverage protects food industry against reputational damage following product recall
March 18, 2008 by Canadian UnderwriterFood producers must be better prepared to manage not only the possibility of a product recall, but any reputational damage that could sink the company as a result.“It takes 20 years to build a reputation, and about five minutes to…
What’s New: In Brief (March 18, 2008)
March 18, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) will be taking a phased-in approach to rate design changes targeting high-risk drivers, and delay the introduction of a second initiative targeting vehicles with multiple drivers (some of whom are high-risk).ICBC in Spring…
La Capitale reports increase net profits
March 18, 2008 by Canadian UnderwriterLa Capitale General Insurance’s net profits in the property and casualty insurance segment reached Cdn$33.3 million in 2007, an Cdn$11-million increase compared to 2006, the company reported.This sector showed marked overall growth of 8.6%, with total sales of Cdn$473 million,…
Court allows second-hand evidence in accident benefits case
March 18, 2008 by Canadian UnderwriterAn Ontario Superior Court judge has allowed hearsay medical and real estate evidence to be given at an accident benefits trial arising from an automobile accident because the victim has since moved to a foreign jurisdiction.Hong v. Song arises from…