Topic
Mergers and Aqcuisitions
Chubb estimates nearly $300 million in first quarter cat losses
March 31, 2010 by Canadian UnderwriterThe Chubb Corporation estimates pre-tax losses from 2010 first-quarter catastrophes will be approximately $290 million ($189 million after-tax). Losses include the March northeast U.S. storm, other U.S. winter storms, the Chilean earthquake, the Australian storms, European windstorm Xynthia and other…
Credit scoring, higher home insurance premiums on the radar in New Brunswick
March 31, 2010 by Canadian UnderwriterAlthough 2009 has been “a year of stability” in the auto insurance market for consumers in New Brunswick, “lurking in the background” are such issues as credit scoring, the rise in home insurance premiums and the province’s minor injury cap,…
Canadian P&C insurers bear among the heaviest tax burdens in the world
March 30, 2010 by Canadian UnderwriterMore than 13% of the average cost to consumers of an insurance policy in Canada goes to fixed taxes and regulatory costs, said Barbara Sulzenko-Laurie, Insurance Bureau of Canada (IBC)’s vice president of policy.Sulzenko-Laurie spoke about the state of the…
Ontario auto cost insurers $900 million in 2009: IBC
March 30, 2010 by Canadian UnderwriterCanadian property and casualty insurers writing Ontario auto lost an astounding $907 million in 2009, said Barbara Sulzenko-Laurie, vice president of policy at the Insurance Bureau of Canada (IBC).Sulzenko-Laurie presented a ‘State of the Industry’ speech at the Swiss Re–IBC…
Insurance Brokers Association of Nova Scotia says province’s auto injury cap is “warranted,” but needs to be indexed
March 29, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Nova Scotia (IBANS) says limitations placed on pain and suffering awards in the province have “resulted in a satisfied consumer, a competitive marketplace and rate stability that has been continuous since 2003.”The association thus responded…
Wildfire risk under-priced in Canadian market: ICLR
March 26, 2010 by Canadian UnderwriterThe insurance industry “dodged a bullet” in 2009 with wildfire losses, but it currently has its “head in the sand” when it comes to pricing this risk, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR).McGillivray…
Insurance industry ranked “below average” for e-customer service
March 26, 2010 by Canadian UnderwriterThe insurance industry performed well in phone customer service, but was ranked as below average when it came to customer service through email or the Web, an eGain survey found.eGain Communications Corporation, a customer service software provider, evaluated multiple aspects…
Onus is not on an insurer to prove the lack of a settlement agreement: FSCO
March 25, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has reversed an arbitration decision that placed the onus on an insurer to prove that a disputed settlement offer of $17,000 had not been agreed upon.In Allstate Insurance Company of Canada and Edna…
Marsh Canada appointed advisor for energy retrofit company Greenscape
March 25, 2010 by Canadian UnderwriterGreenscape Capital Group Inc. has appointed Marsh Canada Limited as an advisor to the company, as Greenscape embarks on an aggressive growth phase of its energy retrofit business.Marsh’s Vancouver construction and design practice will provide insurance product placement, insurance and…
Quebec regulator cancels registration of two firms; fines two more
March 24, 2010 by Canadian UnderwriterThe Autorité des marches financiers (AMF) has cancelled the registration of two insurance firms and fined two others.The Quebec regulator cancelled Hampstead Cameron inc., a damage insurance firm’s registration, when Pierre Fecteau, the firm’s responsible officer, allegedly “made misrepresentations or…
B.C. Appeal Court orders ICBC to pay damages for injury sustained when vehicle is used to commit a crime
March 24, 2010 by Canadian UnderwriterB.C.’s Appeal Court has ordered the province’s public insurer to pay damages to a claimant who was injured by a van used to snatch her purse.Shirley Jane Hannah made a claim against the Insurance Corporation of British Columbia (ICBC) for…
FSCO itemizes research priorities related to auto insurance reforms
March 22, 2010 by Canadian UnderwriterThe future priorities of Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), include undertaking several studies intended to support the province’s forthcoming auto insurance reforms. In its draft June 2010 Statement of Priorities, FSCO itemizes several upcoming research…