News
Ontario Tories schedule auto insurance round table in Brampton
May 10, 2013 by Canadian UnderwriterThe Ontario Progressive Conservative Party plans to hold a round table on auto insurance May 13 in Brampton, with the intent of discussing the party’s proposals to reform policy. When the minority Liberal government released its budget May 2, it…
Profit improvement for U.S. P&C industry to continue in 2013: Fitch
May 10, 2013 by Canadian UnderwriterThe property and casualty insurance industry in the United States is set to continue seeing profit improvements through this year, after solid growth in 2012, according to a Fitch Ratings report released Friday. Despite more than $20 billion in fourth-quarter…
Catlin Group reports 12% increase in GWP for first quarter
May 10, 2013 by Canadian UnderwriterBermuda-based international specialty insurer and reinsurer Catlin Group has reported $948 million in net premiums earned for the first quarter of the year, a 12% increase over the same period last year. The company had a 12% increase in its…
Non-standard auto in Ontario contributes to Q1 underwriting loss for EGI
May 10, 2013 by Canadian UnderwriterEGI Financial Holdings Inc., a carrier whose lines include non-standard auto, reported Thursday a net loss of $910,000 in the first quarter of this year, attributing its results in part to a “long winter” in Ontario and the settlement of…
Manitoba government proposes stricter seatbelt requirements
May 10, 2013 by Canadian UnderwriterThe Manitoba government has proposed amendments to the province’s Highway Traffic Act that would require stricter seatbelt use. Under the proposed amendments, each passenger in a vehicle would be required to occupy a seat and use the seatbelt provided. Passengers…
New Brunswick’s higher cap for minor auto collision injuries to take effect July 1
May 9, 2013 by Canadian UnderwriterThe New Brunswick government has announced that the raised damages cap for people suffering minor personal injuries from auto collisions will take effect this summer. The new raised cap of $7,500 (up from $2,500) will take effect on July 1,…
Ontario court rules against City of Hamilton for refusing to participate in mediation over auto accident injury claim
May 9, 2013 by Canadian UnderwriterThe Ontario Court of Appeal ruled Tuesday against the City of Hamilton over its refusal to participate in mediation for an auto injury claim. The appeal court overturned one of the findings of a decision by the Ontario Superior Court…
Insurance industry poised to play key role in food security, risk issues over next decade
May 9, 2013 by Canadian UnderwriterFood security and challenges related to the supply and distribution of food globally will be major risk issues over the next decade, and the insurance industry can play a key role in risk mitigation and helping to protect both businesses…
69% of surveyed Canadian businesses experienced cyber attack in a 12-month period: report
May 9, 2013 by Canadian UnderwriterPreparedness against cyber crime among Canadian businesses is lacking despite seven in 10 polled organizations being the victim of a cyber attack, suggests a survey released this week by the International Cyber Security Protection Alliance (ICSPA). “Across business communities, there…
Allianz names new chief agent for Canada
May 9, 2013 by Canadian UnderwriterAllianz has named a new chief agent for its Global Corporate and Specialty business in Canada, effective Aug. 1, as the company aims to grow its gross written premiums in Canada to $340 million this year. Kevin Leong will take…
Cell phone use in fatal crashes often unreported, U.S. study says
May 8, 2013 by Canadian UnderwriterMany fatal auto collisions in the United States involve cell phone use, but many of those aren’t included in a national database as crashes involving cell phones, according to a new research report from the National Safety Council (NSC). For…
Net income down, gross written premiums up at Economical in Q1
May 8, 2013 by Canadian UnderwriterEconomical Insurance reported Wednesday consolidated net income of $26.9 million for the first quarter of the year, a decrease of $13.6 million from the same period last year, which it said is due mainly to “a reduction in realized gains.”…