News
Home and auto insurance comparison website launches in Alberta
October 2, 2012 by Canadian UnderwriterA home and auto insurance comparison website has launched in Alberta after reported success in Ontario. InsuranceHunter.ca provides three “competitive quotes in three minutes,” using its own comparison technology, according to a statement from the site. After choosing a quote,…
Bundled policies mean higher U.S. homeowner satisfaction: J.D. Power survey
October 2, 2012 by Canadian UnderwriterInsurers have a greater chance of achieving customer satisfaction if they bundle other policies with a homeowner policy, notes the most recent version of J.D. Power and Associates U.S. national homeowners insurance study. The 12th edition of the survey shows…
Commercial prices climb in second quarter
October 2, 2012 by Canadian UnderwriterRates for commercial insurance increased by an average 6% in the second quarter of 2012, marking the sixth consecutive quarter that aggregate prices rose for all commercial lines, notes a recent survey by Towers Watson. Price increases were seen in…
Honda issues recall for 30,000 Accords in Canada
October 1, 2012 by Canadian UnderwriterHonda Canada has issued a recall for about 30,000 Accord V6 models in the country after a power steering part problem that could potentially cause a fire. The models included in the recall are those between 2003 and 2007. Exposure…
Preparedness demands leaders who envision big-picture issues
October 1, 2012 by Canadian UnderwriterPreparedness in the event of a catastrophic event could prove the difference between life and death, economic resilience and recovery, Don Forgeron, president and CEO of the Insurance Bureau of Canada, told delegates to the National Insurance Conference of Canada…
Low interest rates will persist: TD chief economist
October 1, 2012 by Canadian UnderwriterThe low interest rate environment in Canada likely will persist over the next few years, with the Bank of Canada likely to stick to small incremental increases, says TD Bank Financial Group’s chief economist. Rates between now and mid-2015 will…
RSA Canada closes acquisition of L’Union Canadienne
October 1, 2012 by Canadian UnderwriterInsurance group RSA Canada has closed its acquisition of intermediated property and casualty insurer L’Union Canadienne after receiving necessary regulatory approval. RSA announced its agreement to buy the Quebec-based insurer in June for $150 million. L’Union Canadienne is the province’s…
Investor group to buy Cunningham Lindsey
October 1, 2012 by Canadian UnderwriterAn investor group led by private equity firm CVC Capital Partners has announced it will acquire majority ownership in international claims adjuster Cunningham Lindsey after a recapitalization agreement. Stone Point Capital has had a majority ownership of Cunningham Lindsey since…
Cleanup efforts begin after major flooding in U.K.
September 28, 2012 by Canadian UnderwriterCleanup efforts have begun in England following major flooding, caused by intense September storms. The Environment Agency is now focusing on pumping away flood water and clearing debris from rivers, it said. “River levels are receding but it will take…
Why cyber liability policies are finally taking off
September 28, 2012 by Canadian UnderwriterAs prominent corporations and even government agencies have faced highly public data breaches in recent years, cyber liability policies are gaining more attention and prominence in the insurance industry. Cyber policies have been around for the past 10 to 15…
A.M. Best affirms ratings for Old Republic Canada
September 28, 2012 by Canadian UnderwriterA.M. best has affirmed ratings for Hamilton, Ont.’s Old Republic Insurance Company of Canada. The insurance company has a financial strength rating (FSR) of “A” (excellent) and issuer credit rating of “a.” Best also affirmed ratings for various other United…
Ontario Court of Appeal overturns lower court’s decision in catastrophic impairment case
September 28, 2012 by Canadian UnderwriterThe Ontario Court of Appeal has found in favour of a woman claiming catastrophic impairment from her insurer, Aviva Canada, overturning a lower court’s decision. Pastore v. Aviva Canada Inc. concerns a woman who was injured after being hit by…