News
Insured losses from Thailand flood likely to range from $4.5 billion to $5.85 billion
November 4, 2011 by Canadian UnderwriterThailand’s Office of Insurance Commission (OIC) estimates the insured losses caused by flooding so far to be US$4.5 billion, reported Guy Carpenter. The country has experienced its worst flooding in years over the past few months, leaving more than 420…
Craig Kielburger to serve as keynote speaker at Insurance Institute’s Toronto convocation
November 4, 2011 by Canadian UnderwriterCanadian activist Craig Kielburger will serve as the keynote speaker at The Insurance Institute of Ontario’s Toronto Convocation & Awards Night on Jan. 26, 2012.Keilburger, founder of the international charity Free the Children, is one of the youngest recipients of…
CGI and SAS team up to launch fraud detection service for P&C insurers
November 4, 2011 by Canadian UnderwriterCGI Group Inc. has developed a service, powered by SAS, that is designed to assist Canadian property and casualty insurers detect insurance fraud. The fraud detection solution will provide participating insurers with access to a service that leverages policy and…
Chubb launches online risk management resource
November 4, 2011 by Canadian UnderwriterThe Chubb Group of Insurance Companies has launched an interactive online resource and community addressing risk management challenges for businesses and individuals.‘Risk Conversation,’ can be found at www.riskconversation.com, includes loss prevention information, blogs and risk assessment tools that help users…
Supreme Court decision in hyperlinks and defamation case may have opened more doors than it closed: Norton Rose
November 3, 2011 by Canadian UnderwriterThe Supreme Court of Canada may have raised more questions than it answered when it decided Wayne Crookes, et al. v. Jon Newton, a libel matter related to Web site hyperlinks, according to a recent Norton Rose Group ‘Legal Update.’In…
Insurance sector positioned for surge in demand: Willis
November 3, 2011 by Canadian UnderwriterThe stability of the global insurance sector and its ability to absorb massive catastrophe losses could signal a sharp increase in demand in the near future, Willis suggested in a report. In its report, Marketplace Realities: Solid Footing and a…
The Co-operators reports Q3 profit of $6.2 million, cites improved Ontario auto results
November 3, 2011 by Canadian UnderwriterThe Co-operators General Insurance Company reported a Q3 profit of $6.2 million, marking a dramatic improvement from its 2010 Q3 loss of $8.9 million.The combined ratio (excluding the market yield adjustment) for 2011 Q3 was 101.1%, marking an improvement from…
Western Financial acquires Saskatchewan brokerage
November 3, 2011 by Canadian UnderwriterWestern Financial Group has acquired Watrous Insurance Brokers Ltd. in Watrous, Saskatchewan. The Watrous brokerage, which has been serving the community since 1989, will now operate as a Western Financial Group office. The Western office will remain at 107 Main…
Swiss Re reports $1.3 billion Q3 profit
November 3, 2011 by Canadian UnderwriterSwiss Re reported a 2011 Q3 net income of $1.3 billion, marking an 11% increase from its 2010 Q3 net income of $600 million. The reinsurer’s property and casualty unit reported an increase in combined ratio to 80.8%, from 2010…
RSA Canada’s acquisition of GCAN features prominently on parent company’s bottom line
November 3, 2011 by Canadian UnderwriterRSA Canada’s acquisition of GCAN last year proved to be a significant component of the premium growth RSA’s parent company in the United Kingdom reported in 2011 Q3.The RSA Group’s international net written premiums of £2.992 billion [Cdn$4.8 billion] were…
Geneva Association formerly requests G-20 recognize insurers as distinct from banks
November 2, 2011 by Canadian UnderwriterThe Geneva Association, an international insurance sector think tank, is asking the G-20 to formally recognise that traditional insurance activities do not give rise to systemic risk.In an open letter to the finance ministers of the G-20 states, the Geneva…
Intact reports slight decrease in Q3 net income
November 2, 2011 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) reported a net income of $101 million in 2011 Q3, marking an $8-million decrease from 2010 Q3’s net income.The decrease reflects $29-million worth of integration-related costs recorded in 2011 Q3 following Intact’s acquisition of AXA…