Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked…
While it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and…
Trading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis. The broker consolidator says that, despite having sold off all its assets, the company still faces a multi-million-dollar shortfall in meeting debt…
Alberta’s auto insurance reform plans have received the final stamp of approval from the provincial cabinet, setting the launch date for the beginning of October this year. A committee of legislators is being put together to ensure a smooth transition…
U.S. property and casualty insurers brought home a return on equity (ROE) of 11.3% for the first quarter of this year with an underwriting profit of US$5.4 billion that saw the combined ratio dip year-on-year by more than six percentage…
While welcoming confirmation the New Brunswick government has abandoned the idea of a public auto insurance system, insurers remain concerned that the announced reforms will not reduce the cost of providing insurance. “We believe the government decision to preserve competition…
The first quarter financial results for U.S. insurers appears to confirm what many in the North American property and casualty insurance industry have come to suspect: that the pricing momentum of the “hard market” is rapidly disappearing like a wisp…
Brokers should have more technology options coming their way for web-based interaction with insurers, but those systems need not be exclusive of the CSIO portal, attendees of the Toronto Applied Systems Client Network (TASCNet) conference heard recently. While Applied Systems…
Following a decision by the Alberta Securities Commission (ASC), the founders of Anthony Clark International have been ordered to pay fines totaling $80,000 and been banned from the markets for six years each. Brothers Luciano John and Secondo Pietro Podorieszach…
The Insurance Corp. of B.C. (ICBC) has hired firm Ray & Berndtson Tanton Mitchell to find its new CEO following the announcement that Nick Geer will vacate the position. Geer joined ICBC as chair in 2001 and took over as…
The Insurance Bureau of Canada (IBC) is taking its “Rest up! Save your neck” program to New Brunswick this summer, with university students across the province educating drivers on proper headrest adjustment. Sixteen students will staff exhibits at community events…
Many firms toss around the term “value added services”. But, what does this really mean for the progressive broker?