Topic
Mergers and Aqcuisitions
Construction costs see nominal increase in 2009: Xactware
March 10, 2010 by Canadian UnderwriterThe sluggish economy, combined with the downward trend of the housing market in 2008, might have played a role in keeping construction costs to nominal increases in 2009, according Xactware, a property claims software company. The global recession played a…
What’s New: In Brief (March 08, 2010)
March 8, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) intends to host more than 50 road show events to educate brokers about the amended automobile insurance regulations. “We are very pleased with the amendments,” stated IBAO CEO Randy Carroll. “Ontario brokers are…
Direct writer association challenges New Brunswick’s ban on use of credit scores
March 8, 2010 by Canadian UnderwriterThe Canadian Association of Direct Response Insurers (CADRI) has appealed to New Brunswick’s premier and minister of justice and consumer affairs to oppose the province’s proposed ban on the use of credit by home and auto insurers.The provincial government tabled…
Canadian Direct announces record quarterly profit in 2010 Q1
March 5, 2010 by Canadian UnderwriterCanadian Western Bank Group, which owns Canadian Direct Insurance Incorporated (Canadian Direct), a subsidiary that provides personal auto and home insurance to customers in B.C. and Alberta, reported a record quarterly profit in 2010 Q1.Canadian Direct Insurance Incorporated (Canadian Direct)…
Clarification (March 05, 2010)
March 5, 2010 by Canadian UnderwriterA ‘What’s New In Brief’ item published on Feb. 10, 2010 stated: “An Insurance Bureau of Canada (IBC) steering committee is recommending full adoption of the Health Claims for Auto Insurance (HCAI) electronic system for processing auto insurance health claims…
Aviva North America reports increased operating profit
March 4, 2010 by Canadian UnderwriterAviva has reported a preliminary International Financial Reporting Standard (IFRS) operating profit of £213 million (Cdn$330.2 million) for the North America division, compared to £149 million (Cdn$231 million) in 2008. “In Canada, where we are the second largest general insurer,…
What’s New: In Brief (March 04, 2010)
March 4, 2010 by Canadian UnderwriterThe B.C. government plans to take $778 million from the Insurance Corp. of B.C. over the next three years for general revenue, the Vancouver Sun has reported.“First revealed in the provincial budget Tuesday, the plan is for ICBC to transfer…
International insurers to absorb more of the hit in Chile than in Haiti: Insurance Information Institute
March 4, 2010 by Canadian UnderwriterReinsurers could bear upwards of three-quarters of insured losses from the Chilean earthquake, according to the Insurance Information Institute (III).Early estimates by AIR Worldwide place insured losses at more than $2 billion.Many large international insurers and reinsurers compete for business…
New Ontario auto insurance regulations to take effect Sept. 1, 2010
March 3, 2010 by Canadian UnderwriterRegulations for Ontario’s auto insurance reforms are now public, and will take effective on Sept. 1, 2010, the province’s insurance regulator has announced. The reforms include a new Statutory Accident Benefits Schedule (SABS) that will cap medical/rehabilitation and assessment/examination expenses…
Canadian natural disasters and resultant damages triple in two decades: ICLR report
March 3, 2010 by Canadian UnderwriterNatural disasters in Canada and damages arising from them have tripled since the 1980s, according to a comprehensive report published by the Institute for Catastrophic Loss Reduction (ICLR).“Canada has had a fair share of natural disasters,” says the 223-page report,…
New Ontario regulations to eliminate delays in benefit payments due to insurer disputes, ban credit scoring in auto lines
March 3, 2010 by Canadian UnderwriterNew auto insurance regulations to take effect in Ontario in September 2010 are designed to make it impossible for insurers to place an accident benefits claim on hold in order to resolve a dispute between insurers.In addition, Ontario regulations now…
Earthquake in Chile could exceed $2 billion in insured losses
March 1, 2010 by Canadian UnderwriterAn 8.8-magnitude earthquake struck central Chile on Feb. 27, leaving behind more than $2 billion in insured losses, according to AIR Worldwide. Total economic damages are anticipated to be between $15 and $20 billion — roughly 10% to 15% of…