News
Cat risk expert to host workshop on natural catastrophes and the global supply chain
May 6, 2013 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction will be hosting a workshop this month on how global catastrophes affect the supply chain. Catastrophic risk expert Paul Cutbush, senior vice president of Catastrophe Management at Aon Benfield Canada, will host the May…
Insurance Bureau advises Canadians on emergency preparedness
May 6, 2013 by Canadian UnderwriterOn the first day of Emergency Preparedness week, the Insurance Bureau of Canada was advising people Monday in Atlantic Canada and British Columbia to learn how to protect themselves from hurricanes and earthquakes. “IBC has made adapting to severe weather…
Decrease in indexed price of vehicle parts market basket: Mitchell
May 6, 2013 by Canadian UnderwriterThere was a decrease in the indexed price of vehicle parts for the market basket for the first time in the 10 years Mitchell International has been collecting data, according to company’s latest Industry Trends Report — Auto Physical Damage…
Specialty insurance company says municipal liability reforms needed to avoid crisis
May 6, 2013 by Canadian UnderwriterCosts in the municipal liability insurance market in Ontario have been escalating substantially over the past few years, and reforms are needed now to avoid an insurance crisis, Frank Cowan Company says. The Princeton, Ont.-based specialty insurance company, which offers…
Central Ontario township hit by flooding seeks disaster declaration
May 6, 2013 by Canadian UnderwriterThe Township of Ramara, a community east of Lake Simcoe and about 80 km north of Toronto, is calling on Ontario’s minister of municipal affairs to declare the flood-damaged part of the township a disaster area. “If the minister does…
Insurance Information Institute urges U.S. residents to consider flood policies as hurricane season approaches
May 3, 2013 by Canadian UnderwriterThe Insurance Information Institute in the U.S. is reminding residents there to consider flood insurance protection, with less than a month before the Atlantic hurricane season begins. Early predictions are indicating that this year’s season, which begins June 1, will…
Technology is affecting the way customers deal with their auto insurer: J.D. Power
May 3, 2013 by Canadian UnderwriterMainstream adoption of technology is having a major effect on the way auto insurance customers interact with their insurance provider, according to the J.D. Power & Associates 2013 Canadian Auto Insurance Satisfaction Study. As many as one-third of all…
XL Group has solid first quarter, with $350.8 million in net income
May 3, 2013 by Canadian UnderwriterXL Group plc (NYSE: XL) has released its financial results for the first quarter of the year, reporting a net income of $350.8 million, up significantly from $176.6 million in the same quarter of 2012. For the three months ended…
Marsh & McLennan Group reports strong first quarter with net income of $413 million
May 3, 2013 by Canadian UnderwriterMarsh & McLennan Companies has reported a strong start to the year in its first quarter financial earnings, recording net income of $413 million, compared with $347 million in the same quarter last year. For the three months ended March…
AIG reports 2013 Q1 net income of $2.2 billion
May 3, 2013 by Canadian UnderwriterAmerican International Group, Inc.’s (AIG) financial results for 2013 Q1 compared to 2012 Q1 – which show a significant hike in insurance operating income – offer encouragement to move forward with efforts to achieve the company’s 2015 aspirational goals. On…
Industry response to Ontario budget mainly positive, while political opposition remains
May 2, 2013 by Harmeet Singh, Online EditorIndustry response to the Ontario government’s budget, tabled Thursday, was mainly positive, with the Insurance Bureau of Canada welcoming the potential fraud tackling measures and other reforms, but opposition response has signalled that changes may not come quickly. Don Forgeron,…
Ontario budget proposes changes to rate-filing process, regulation to reach 15% reduction target
May 2, 2013 by Harmeet Singh, Online EditorOntario’s Liberal government released its 2013 budget Thursday, outlining potential changes to the rate filing process, the return-on-equity benchmark for insurers and measures aimed at addressing fraud, all part of the larger target of a 15% average reduction in auto…