News
Market-based approach to auto insurance better than strict regulatory approach: Insurance Research Council
February 27, 2012 by Canadian UnderwriterA market-based approach to setting rates in automobile insurance would have long-term positive effects for both insurers and consumers, according to the Insurance Research Council (IRC). The IRC examined automobile insurance markets in three states — South Carolina (reformed in…
AMF seeks consultation on regulating sale of insurance online
February 27, 2012 by Canadian UnderwriterThe Autorité des marches financiers (AMF) has launched a consultation paper on the regulation of the sale of insurance products through the Internet. “Some industry participants see the current framework as restricting online transactions, whereas others view it as more…
Berkshire Hathaway’s P&C operations report ninth consecutive year of underwriting profit, but profits shrunk in 2011
February 27, 2012 by Canadian UnderwriterBerkshire Hathaway Inc.’s property and casualty insurance operations have recorded their ninth straight year of a total underwriting profit, although the underwriting profit in 2011 was down significantly due in part to large catastrophe losses affecting the industry as a…
FirstOnSite opens new branch in St. Catharines, Ontario
February 27, 2012 by Canadian UnderwriterFirstOnSite Restoration has opened its newest branch in St. Catharines, Ontario. The St. Catharines branch, located at 207 St. Paul Street West, will be led by Tom Baldassarra, a project manager at FirstOnSite. Baldassarra serves as a member of FirstOnSite’s…
Manitoba police have handed out 500 traffic violations in 2012 involving driving while using cell phones and texting
February 27, 2012 by Canadian UnderwriterPolice in Manitoba have handed out more than 500 handheld, cell phone or texting traffic violations throughout the province thus far in 2012. Even so, Manitoba Public Insurance (MPI) cites a recent survey showing that even though drivers have been…
More Canadians admit to using cell phones while driving than a decade ago
February 24, 2012 by Canadian UnderwriterThe number of Canadian drivers that admit to using their cell phones while behind the wheel increased 15.8% since 2001, according to the Traffic Injury Research Foundation (TIRF). In a recent Road Safety Monitor poll, TIRF found that more than…
FSCO reserves decision on awarding costs against paralegal pursuing an AB arbitration on behalf of his deceased client
February 24, 2012 by Canadian UnderwriterA Financial Services Commission of Ontario (FSCO) arbitrator in an accident benefits case has reserved a final decision on whether to award costs against a paralegal who brought an application for arbitration on behalf of his client — apparently without…
FSCO to host webinar on rate filing
February 24, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is holding a webcast to raise awareness of the rate filing process requirements on Mar. 5, 2012. The free webcast will be available in French and English. It will take participants through the…
Desjardins P&C segment reports 25.5% increase in total income
February 24, 2012 by Canadian UnderwriterDesjardins Group’s Property and Casualty Insurance segment reported a total income of $2.04 billion in 2011, a 25.5% increase over 2010’s total income. The company cites a $261-million increase in net premiums as a contributing factor for the increase in…
Metal and wire theft is on the increase: City of Surrey, B.C.
February 24, 2012 by Canadian UnderwriterMetal theft, including the theft of copper wiring, is a growing problem, according to the City of Surrey, B.C. “Both local and international supply and demand strongly influence wire and metal theft,” the City of Surrey says in a post…
Swiss Re reports increase in 2011 net income, despite impact of natural catastrophes
February 24, 2012 by Canadian UnderwriterCORRECTION: In a news item posted on Feb. 23, Canadian Underwriter incorrectly stated that Swiss Re’s 2011 net income declined, when it had in fact increased. Canadian Underwriter apologizes for making this error, and the item below includes the correct…
RSA launches app for home and auto customers
February 23, 2012 by Canadian UnderwriterRSA Canada has launched a mobile app that offers both home and auto claim reporting. The app is available on BlackBerry, iPhone and Android platforms. With it, RSA customers can report a home or auto claim, locate their broker, access…