News
Allstate reports strong net income for Q3, is well-positioned to take on Sandy losses: CEO
November 1, 2012 by Canadian UnderwriterAllstate Corp. has reported a net income of $723 million for the third quarter of the year, compared to $175 million for the same period in 2011, and remains “well-capitalized” to take on losses from post-tropical storm Sandy in the…
CAA Insurance Ontario introduces home equipment breakdown coverage
November 1, 2012 by Canadian UnderwriterCAA Insurance Company (Ontario) has introduced two new products, including a new product covering some types of damage to home equipment. The company has launched Home Equipment Breakdown coverage, which covers “appliances and electronics against mechanical, electrical or pressure-system breakdowns,”…
Insurance coverage balloons in African microinsurance markets
November 1, 2012 by Canadian UnderwriterUse of microinsurance among low-income households in Africa has grown more than 200% in the last three years and now benefits upwards of 44 million people, notes a new study published by Making Finance Work for Africa (MFW4A) and the…
Driving behaviour improves for Quebec young drivers using Mobiliz
November 1, 2012 by Canadian UnderwriterDriving behaviour has reportedly improved for 52% of the young drivers in Quebec who are currently taking part in a new auto insurance policy, even if those drivers only recently got insurance through Mobiliz. The Mobiliz auto insurance policy, launched…
Output from insurance carriers drops in August: StatsCan
October 31, 2012 by Canadian UnderwriterA decline in output from insurance carriers contributed to the overall drop in gross domestic product in August, Statistics Canada revealed Oct. 31. “After increasing for four consecutive months, the finance and insurance sector fell 0.3% in August, led by…
A.M. Best removes Aviva Canada ratings from under review
October 31, 2012 by Canadian UnderwriterA.M. Best Company has removed ratings of Aviva Canada and its affiliates from under review and affirmed its financial strength rating of “A,” or excellent, after the insurer’s parent company has shown improving risk adjusted capitalization. A.M. Best maintained Aviva…
Insured loss estimates from Sandy vary, could reach $15 billion
October 31, 2012 by Canadian UnderwriterInsured loss estimates from post-tropical storm Sandy are varying between $5 billion and $15 billion, with total economic damages estimated at upwards of $20 billion in some cases. Catastrophe modeling firm AIR Worldwide has estimated that insured losses to onshore…
Perceived fair settlement increases satisfaction with U.S. auto claims experience
October 31, 2012 by Canadian UnderwriterThe perception that settlement terms were fair drove claimant satisfaction with their claims experience for auto physical damage loss higher in 2012, despite the fact that overall consumers in the United States are paying more for out-of-pocket expenses, notes a…
Superstorm Sandy could trigger business interruption insurance losses: Fitch
October 30, 2012 by Canadian UnderwriterPost-tropical storm Sandy, which made landfall in New Jersey Monday night, has the potential to trigger large insurance claims under business interruption policies, according to ratings agency Fitch Inc., which notes many firms do not purchase contingent business interruption insurance…
Sandy calms in Canada, thousands still without power in Ontario
October 30, 2012 by Canadian UnderwriterSuperstorm Sandy has begun to weaken after causing major destruction in the eastern United States and some damage in Canada, although thousands of Ontario and Quebec residents remained without power Tuesday afternoon. As of 1:15 p.m. Tuesday, 70,000 customers were…
Crop hail payments for three prairie provinces estimated at $280 million in 2012
October 30, 2012 by Canadian UnderwriterCrop hail payments to prairie farmers are expected to be about $280 million for 2012, with the average loss per claim rising substantially more in year-over-year comparisons, the Canadian Crop Hail Association (CCHA) reports. Preliminary estimates peg crop hail claim…
P&C insurers well-positioned to take on losses from Sandy: A.M. Best
October 30, 2012 by Canadian UnderwriterA “relatively quiet” 2012 has left property and casualty insurers well-positioned to take on losses from the major storm that has hit the eastern United States, rating agency A.M. Best Company has said. “Superstorm” Sandy, which began as a hurricane…