News
Mild winter boosts Intact’s 2012 Q1 results
May 2, 2012 by Canadian UnderwriterBuoyed by reduced claims frequencies because of mild weather and Ontario’s auto insurance reforms, Intact Financial Corporation reported a 2012 Q1 profit of $177 million, 13% higher in year-over-year comparisons. “This was a particularly strong quarter as we continued to…
Intact to acquire JEVCO for $530 million
May 2, 2012 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) has entered into an agreement to acquire JEVCO Insurance Company from The Westaim Corporation (TSX: WED) for $530 million. JEVCO is a provider of specialty and niche products for individuals and businesses in Canada with…
Proposed Vancouver bylaw would require companies shipping oil by tanker to carry enough marine insurance to pay for spill
May 1, 2012 by Canadian UnderwriterVancouver city council is considering a bylaw proposal put forward by Mayor Gregor Robertson to have companies that ship oil by tanker to carry enough marine insurance to cover costs should a spill occur. If passed, the bylaw would require…
Manitoba introduces legislation to protect consumers against unfair car repair bills
May 1, 2012 by Canadian UnderwriterManitoba has proposed new legislation intended to protect consumers against unfair car repair bills. The rules would apply to repairs done by businesses to vehicles such as cars, trucks, or motorcycles. They would not apply to repairs completed as part…
B.C. court orders limited disclosure of Facebook profile and vacation photos
May 1, 2012 by Canadian UnderwriterThe B.C. Supreme Court has ordered a law school graduate student injured in a car accident to disclose Facebook and vacation photos showing her participating in physical activities. The plaintiff in the case, Tamara Fric, is claiming for damages resulting…
Ontario auto insurance rates decline by 0.18% in 2012 Q1
May 1, 2012 by Canadian UnderwriterOntario auto insurance rate filings approved during 2012 Q1 declined an average of 0.18%, based on the entire market. Rate filings for the Top 5 individual companies, ranked in order of market share, are: 1) State Farm Mutual Automobile Insurance…
Auto insurance improvements offset by catastrophes in 2011
May 1, 2012 by Canadian UnderwriterSomewhat encouraging results on the auto insurance front were offset by catastrophes that blighted the Canadian and global landscape in 2011. “Auto results improved only in Ontario where the direct auto loss ratio dropped by 18.5 points following a disastrous…
Proposed NDP private members’ bill would hike auto insurance rates in Ontario substantially: Liberal MPP
April 30, 2012 by Canadian UnderwriterOntario drivers would see auto insurance rates go up, and skyrocket in some parts of the province, if legislative amendments proposed by the NDP get the green light, a Liberal MPP suggests — a claim the NDP denies. Banning the…
U.S. consumers remained predominantly loyal to their auto insurers in 2011: J.D. Power
April 30, 2012 by Canadian UnderwriterU.S. auto insurance companies are spending more money to entice consumers, but without apparent effect, notes the J.D. Power and Associates 2012 U.S. Insurance Shopping Study released on Apr. 30. Now in its sixth year, the study examines consumer shopping…
FSCO issues consumer warnings about unlicensed brokerages, insurance card scams
April 30, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a number of consumer warnings over the past few weeks, publicizing the names of unlicensed insurance brokerages and releasing details of fraudulent insurance card scams. In unrelated posts, FSCO has cautioned…
Olympic Games gets $7-billion backing for terrorism coverage
April 30, 2012 by Canadian UnderwriterA state-backed British reinsurer that covers terrorism-related property losses is providing $7.3 billion in insurance protection for the Olympic Games in London this summer, according to Reuters. Pool Re, set up in 1993 after bombings by the Irish Republican Army…
OSFI considers incorporating risk management benefits of diversification into its capital testing of insurers
April 30, 2012 by Canadian UnderwriterCORRECTION: This article first appeared on Apr. 20 with incorrect information. The version below represents the amended version, based on a follow-up interview with the Office of the Superintendent of Financial Institutions (OSFI). Canadian Underwriter apologizes for the errors contained…