News
Auto fraud attempt in Manitoba foiled by police officer’s eye witness account
January 2, 2013 by Canadian UnderwriterA Winnipeg fraudster topped Manitoba Public Insurance’s (MPI) fraud list for 2012, receiving a $1,500 fine and being ordered to pay $60,000 in vehicle damages to the public insurer after pleading guilty to making a false statement under the provincial…
RIMS announces 2013 president, new board members
January 2, 2013 by Canadian UnderwriterRIMS, the Risk Management Society, has announced that John Phelps will lead the Society as president for the 2013 term, effective Jan. 1. Phelps is the Director of Business Risk Solutions for Blue Cross and Blue Shield of Florida, Inc. He…
CARSTAR launches 25 new locations across Canada
January 2, 2013 by Canadian UnderwriterCARSTAR Automotive Canada is entering 2013 with the launch of 25 new franchise partners across Canada. The company’s recent NAPA Autopro transition will account for the conversion of 20 new locations throughout Quebec in January, with more locations expected to…
Net income doubles for U.S. property and casualty insurance industry: A.M. Best
January 2, 2013 by Canadian UnderwriterA.M. Best Co. has announced that net income for the U.S. property and casualty industry for the first nine months of 2012 was US$31.2 billion, more than double the US$12.3 billion reported for the same period in 2011. In a…
Drivers urged to take care during winter months
January 2, 2013 by Canadian UnderwriterThe Insurance Corporation of B.C. (ICBC) has urged drivers to be prepared for challenging winter weather, reminding them just days before Christmas that December is traditionally a months that sees more crashes on British Columbia roads. ICBC reported last month…
Ottawa invites feedback on proposed risk, solvency guidelines for Canadian insurance firms
January 2, 2013 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has announced it is proposing a guideline for Own Risk and Solvency Assessments (ORSA) for federally-regulated property and casualty and life insurance firms. OSFI also announced Dec. 21 proposed amendments to…
Robert Purves replacing Paul Little as chairman of Echelon Insurance parent EGI Financial
December 21, 2012 by Canadian UnderwriterEGI Financial Holdings Inc. of Mississauga, Ont. announced Thursday the new chairman of its board of directors will be Robert Purves, chairman of Purves Redmond Ltd. In a press release, EGI said Paul Little, president of Westover Investments Inc., is…
ACE report warns of risks for renewable energy power plants
December 21, 2012 by Canadian UnderwriterACE Ltd.’s insurance retail division announced this week it published a white paper on the risks faced by operators of renewable energy plants. Renewable energy includes electricity produced by sources such as solar, wind, water, biomass and geothermal. “Operations can…
Campaign geared at helping residents guard against auto crime
December 21, 2012 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC), Kelowna RCMP and crime prevention volunteers have partnered to equip owners of certain older- model cars with a means to theft-proof their vehicles. As part of Operation Lock Up, which kicked into gear…
SCOR launches science foundation
December 21, 2012 by Canadian UnderwriterReinsurance company SCOR announced the launch of the SCOR Corporate Foundation for Science this week, a new initiative to support various scientific projects. “The SCOR Corporate Foundation for Science will lend its support to various different kinds of project, within…
Aviva plc to sell Aviva USA for $1.8 billion
December 21, 2012 by Canadian UnderwriterAviva plc announced Friday that it has agreed to sell Aviva USA Corp., its U.S. life and annuities business and related asset management operation, to Athene Holding Ltd., for $1.8 billion. “The transaction represents significant further progress in narrowing the…
Family cars outperform luxury models in new crash test
December 20, 2012 by Canadian UnderwriterThe 2013 Honda Accord 4-door and Suzuki Kizashi have been added to the Insurance Institute for Highway Safety’s (IIHS) list of safety picks after a new frontal crash test revealed the majority of evaluated family cars outperformed most of their…