News
Quebec drivers most satisfied with auto insurance, B.C. drivers the least: survey
May 14, 2012 by Canadian UnderwriterQuebec drivers are happiest with their auto insurance product, while British Columbia drivers are the most critical of theirs, based on a recent online survey conducted by InsurEye. The Canadian company provides online analysis to help buyers manage their insurance.…
Lloyd’s charts bold growth plan to 2025
May 14, 2012 by Canadian UnderwriterOne of the most recognizable brands in insurance is launching an ambitious strategy to become a “global hub for specialist insurance and reinsurance” over the next decade. Vision 2025 is Lloyd’s plan to “truly internationalize the Lloyd’s underwriting community” by…
Ironshore teams up with Mitsui Sumitomo to increase capacity to $25 million
May 14, 2012 by Canadian UnderwriterA consortium relationship with Mitsui Sumitomo has allowed Ironshore Canada Ltd. to increase its specialty casualty lines capacity to $25 million. Among other things, the increased capacity “satisfies a demand for higher limits by global and domestic clients who are…
The Co-operators to acquire G&F Insurance
May 14, 2012 by Canadian UnderwriterThe Co-operators has announced its intention to acquire G&F Financial Group’s general insurance assets and Autoplan appointment. The deal is subject to regulatory approval and is expected to close June 30, 2012, reports The Co-operators, a Canadian-owned multi-product insurance company.…
FSCO proposes aligning Ontario’s solvency standards with international standards
May 11, 2012 by Canadian UnderwriterThere would be no need for Ontario to maintain a separate and duplicative solvency regime for the few such companies that remain in the province under a Financial Services Commission of Ontario (FSCO) proposal. FSCO’s consultation paper, Improving Solvency Supervision…
Opportunity exists for B.C. condo unit owners to challenge fairness of deductible downloading bylaws
May 11, 2012 by Canadian UnderwriterB.C. condo unit owners have yet to take a run at challenging the fairness of deductible downloading bylaws of strata corporations, although case law seems aligned for such an opportunity. Krista Prockiw of Alexander Holburn Beaudin & Lang LLP mentioned…
Canadian Underwriter launches new real-time news feed
May 11, 2012 by Canadian UnderwriterCanadian Underwriter magazine has launched inswire, a new real-time information web stream for the property and casualty insurance market. Online visitors will gain entry to what amounts to an ‘insurance newswire’, benefiting from a real-time industry news feed streamed live…
Finance department receives mixed feedback on P&C demutualization
May 11, 2012 by Canadian UnderwriterA summary of submissions to the federal government on demutualization shows some important differences in viewpoints on how mutual property and casualty insurers should be allowed to become share companies. The Department of Finance received more than 80 submissions from…
Applying insurance deductibles to a condo building infested with marijuana grow-ops
May 11, 2012 by Canadian UnderwriterHere’s a quick math question for strata insurance experts: If there is a $50,000 policy deductible for each “occurrence” of illegal drug activity losses, and 29 out of 90 condo units in a single building are damaged because of marijuana…
Risk Control Technologies introduces iPad App
May 10, 2012 by Canadian UnderwriterLoss control managers now have access to an iPad app that provides another option for field inspectors using Risk Control Technologies Inc.’s RC inspection loss control solution. Users can complete their work in an offline state (if required), as well…
EGI witnesses improved results in Q1 2012
May 10, 2012 by Canadian UnderwriterEGI Financial Holdings Inc.’s net income for Q1 2012 rose 25% over the same period in 2011, largely in response to the numbers of written premiums and investment income. The company witnessed a 42% increase in written premiums in Q1 2012…
B.C.’s auto insurer commits to consulting with brokers about risk-based pricing
May 10, 2012 by Canadian UnderwriterBritish Columbia’s public auto insurer, the Insurance Corporation of B.C. (ICBC), has committed to consulting with the province’s brokers about a proposed shift to risk-based auto insurance pricing. The move represents one peg of ICBC’s much broader plan to modernize…