News
Insurance Institute completes third research study on the industry’s workforce
November 27, 2012 by Canadian UnderwriterThe Insurance Institute has completed its third research report on the industry’s workforce issues, set to be released in January 2013. Read more about the Insurance Institute’s demographic studies here. A Demographic Analysis of the P&C Insurance Industry in Canada…
GTA has highest collision rate in Ontario: Allstate study
November 27, 2012 by Canadian UnderwriterThe Greater Toronto Area (GTA) has the highest collision rate in Ontario, while drivers in the province’s northern region have the fewest collisions, according to a new study from Allstate Canada. As part of its annual Ontario Safe Driving Study,…
National Insurance Crime Bureau estimates 230,000 vehicles damaged from Sandy
November 27, 2012 by Canadian UnderwriterThe National Insurance Crime Bureau in the U.S. has revised its preliminary estimate of vehicles damaged from “superstorm” Sandy to be 230,000. About 130,000 of those are in New York and 60,000 in New Jersey, according to the NICB. The…
Toronto-based firm Onex to acquire USI for $2.3 billion
November 27, 2012 by Canadian UnderwriterThe private equity firm Onex Corporation announced Monday it has agreed to acquire USI, one of the largest insurance brokers in the United States, for US$2.3 billion. The equity investment of approximately $700 million will be made by Onex Partners…
Draft demutualization regulations promised, but not yet released
November 27, 2012 by Angela Stelmakowich, EditorEconomical Insurance is anticipating that long-awaited federal regulations governing demutualization in Canada’s property and casualty insurance industry will likely require some level of sharing of demutualization benefits with non-mutual policyholders. “Economical has consistently and forcefully advocated that mutual policyholders, as…
Estimates on Sandy’s insured losses updated
November 26, 2012 by Canadian UnderwriterAIR Worldwide has updated its estimates of insured losses from post-tropical cyclone Sandy to between US$16 billion and US$22 billion. The updated estimate is a result of the latest available information on surge height and extent from the U.S. Geological…
Auto repair chain Carrossier ProColor to represent CSN Collision in Quebec
November 26, 2012 by Canadian UnderwriterCSN Collision & Glass of Toronto announced this week it has entered a “strategic alliance” with Laval, Que.-based Carrossier ProColor to operate a “network” of more than 265 auto collision repair facilities. “A national network of collision repair facilities is…
Toyota Prius has low theft rate in U.S. says NICB
November 26, 2012 by Greg Meckbach, Associate EditorToyota’s Prius hybrid-electric vehicle has a very low theft rate in the U.S., according to a recent report from the National Insurance Crime Bureau (NICB). There have been 2,439 Toyota Prii stolen in the U.S. between Sept. 4, 2000 and…
Some anti-fraud task force recommendations need work: OTLA
November 26, 2012 by Harmeet Singh, Online EditorThe Ontario Trial Lawyers Association (OTLA) has responded the recent final report from a task force on auto insurance fraud in the province, and while it says it’s supportive of most recommendations, some of them could use some work. Among…
Sandy’s claims burden for Swiss Re estimated at $900 million
November 26, 2012 by Canadian UnderwriterSwiss Re Group is currently estimating claims flowing from Hurricane Sandy will be about US$900 million, net of retrocession and before tax, although the company emphasizes approximations are subject to change. Hurricane Sandy affected the Caribbean and the Bahamas. In…
Assured Automotive forms eastern Ontario subsidiary with collision centre acquisitions
November 23, 2012 by Greg Meckbach, Associate EditorAssured Automotive of Toronto announced this week that it has formed a new company operating five auto collision repair centres in the Ottawa area. On Oct. 1, Assured acquired Frank & Guy Auto Body Ltd., which was owned by Guy…
Gross written premiums up, profits down at Desjardins General Insurance
November 23, 2012 by Canadian UnderwriterDesjardins General Insurance Group released Friday financial data for the third quarter, reporting net income of $22.8 million on gross written premiums of $517 million. Gross written premiums for the third quarter were up 9.1% from the same period in…