Topic
Mergers and Aqcuisitions
IBC encourages flood mitigation techniques in Manitoba
March 22, 2010 by Canadian UnderwriterCanada’s home, business and auto insurers are doing public education in Manitoba, noting The Red River is expected to peak in Winnipeg in early April, two weeks earlier than usual. “While it is predicted that recent warm, dry weather and…
Carstar adds three more locations to its network
March 22, 2010 by Canadian UnderwriterCarstar Automotive Canada Inc. has added three new locations to its network: Coquitlam, B.C., Scarborough North East, Ontario, and Welland, Ontario.Darko Zukina is the owner and operator of Carstar Coquitlam. Zukina has been in the collision repair industry for nearly…
Federal opposition calling for amendments to Motor Vehicle Safety Act
March 19, 2010 by Canadian UnderwriterFollowing hearings into the Toyota recall, the New Democrat Party is calling for the government to reform the Motor Vehicle Safety Act that would empower Transport Canada. NDP MP Brian Masse is calling for Transport Canada to have the power…
Majority of Canadian P&C market reports 2009 underwriting loss: MSA Research
March 18, 2010 by Canadian UnderwriterMore than half (51%) of the 216 insurance companies reporting 2009 year-end data to MSA Research posted an underwriting income for the year.Eighty-eight of the 216 companies reported a combined ratio of 100% or more. MSA Research has posted a…
RIBO to release best practices to aid brokers with auto reforms
March 18, 2010 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO), a self-regulating body for the province’s brokers, will be preparing best practices for its membership to help brokers understand their obligations toward clients with respect to the auto reforms.In its spring bulletin, RIBO…
Underwriting profits modestly improved in 2009: Fitch
March 18, 2010 by Canadian UnderwriterUnderwriting profits for the US property and casualty insurers were modestly better in 2009, reports FitchRatings. The modest improvement was due to the combined impact of unusually light catastrophe losses and favourable loss reserves, according to Fitch’s Property/Casualty Insurers’ Year-End…
FSCO revises requirements for auto insurance certificates
March 17, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released its new requirements for its ‘Certificate of Automobile Insurance’ form to reflect the government’s reforms.The new certificate must be used for all policies that are issued or renewed on or after…
A.M. Best affirms The Co-operators’ ratings
March 17, 2010 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the subsidiaries of The Co-operators Group Limited (The Co-operators). The FSR of A- (Excellent) have been affirmed for Co-Operators General Insurance Company.The outlook for…
Saskatoon motorists asked to report suspected drunk drivers
March 17, 2010 by Canadian UnderwriterA new pilot program in Saskatoon, Report Impaired Drivers (RID), encourages residents to call 9-1-1 to report suspected impaired drivers to the police. “Drinking and driving continues to be the number one contributing factor in fatal collisions in Saskatchewan,” June…
A.M. Best affirms Chubb’s rating
March 17, 2010 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior) and issuer credit ratings (ICR) of “aa+” of the Chubb Group of Insurance Companies (Chubb Group) and its property/casualty members. The outlook for all ratings is stable,…
Alberta incorporated insurers showed signs of recovery in 2009
March 17, 2010 by Canadian UnderwriterAlberta incorporated property and casualty companies reported a collective net income of $40.7 million in 2009, marking an improvement from 2008’s consolidated net income of $29 million, according to postings by Alberta’s Superintendent of Insurance.The figures include:• Alberta Motor Insurance…
OSFI 2009 year-end results show more deterioration in personal auto accident lines
March 16, 2010 by Canadian UnderwriterAuto lines, particularly the personal accident category, for federally regulated Canadian and foreign property and casualty insurers continued to deteriorate, according to 2009 figures posted by the Office of the Superintendent of Financial Institutions (OSFI).OSFI figures show that in the…