News
QBE’s Americas division reports improved COR in 2011 H1
August 19, 2011 by Canadian UnderwriterQBE the Americas Division reported a combined ratio of 88.9% in the first half of 2011, marking an improvement from the 91% reported during the same period of 2010.Gross written premiums increased 50% to $3.5 billion in 2011 H1, compared…
Hail continues to batter Saskatchewan crops
August 19, 2011 by Canadian UnderwriterSaskatchewan continues to see an increase in crop hail claims, swelling from 5,500 two weeks ago to 7,900, reported the Canadian Crop Hail Associaiton (CCHA).The CCHA attributes the uptick to Aug. 6 storm activity, with areas in a line from…
BC’s Supreme Court orders hefty punitive damages in auto fraud ring case
August 18, 2011 by Canadian UnderwriterBritish Columbia’s Supreme Court has ordered fraudsters to repay ICBC more than $344,000 for claims incured as a result of an auto theft ring. In his written decision for ICBC v. Ben-Jaafar, Justice Cullen describes how the fraud ring made…
Canadians lack understanding of coverage and claims process: Allstate survey
August 18, 2011 by Canadian UnderwriterCanadians are buying insurance without understanding their coverage and do not know how to make a claim when the unexpected happens, according to a survey commissioned by Allstate Canada.Leger Marketing surveyed 1,514 Canadians, 18 years of age or older and…
Aviva Canada names Greg Dunn evp of Claims and Customer Service
August 18, 2011 by Canadian UnderwriterGreg Dunn has been appointed executive vice president of Claims and Customer Service Operations (C&CSO) at Aviva Canada. C&CSO comprises claims, complex claims, broker and customer care, strategy and shared services and performance assessment and analytics.Dunn joined Aviva Canada in…
Western Financial launches new direct arm to target Alberta’s urban markets
August 17, 2011 by Canadian UnderwriterWestern Financial Group, which provides insurance services in rural communities across Western Canada, is now setting its sights on Alberta’s urban markets.Western Direct Insurance, a new subsidiary of Western Financial Group, has begun offering direct home and auto insurance by…
Farmers’ Mutual establishes a ‘CARE’ committee to support communities
August 17, 2011 by Canadian UnderwriterFarmers’ Mutual Insurance has established a ‘CARE’ committee charged with the mission to Create A Ripple Effect. “Success is most impactful when it is invested and shared in meaningful ways,” Farmers’ president and CEO Tim Shauf said in a president’s…
Fairfax reports nearly quadruples Q2 net income
August 17, 2011 by Canadian UnderwriterFairfax Financial Holdings (TSX: FFH) reported a net income of $83.3 million in 2011 Q2, marking an increase from 2010 Q2’s net income of $23.7 million.The increase in earnings arose primarily from net gains on investments of $119.6 million during…
BC introducing changes to off-road vehicle licensing
August 17, 2011 by Canadian UnderwriterBritish Columbia is rolling out changes to its licensing requirements for off-road vehicles, reported the Times Colonist.As of Fall 2011, only a licence will be required for crossing highways at designated areas, rather than the operations permit currently required, Vivian…
AMF reviews reported bankruptcy of a firm offering replacement guarantees that were not covered by an insurer
August 16, 2011 by Canadian UnderwriterThe Autorité des marchés financiers (AMF) is reviewing a notification it received that the Courtier en service automobile (CSA), a firm offering replacement guarantees, filed for bankruptcy on Aug. 4, 2011. “The bankruptcy stems from claims filed by clients over…
Saskatchewan-licensed insurers see 20% increase in loss ratios between 2009 and 2010
August 16, 2011 by Canadian UnderwriterSaskatchewan property and casualty insurers saw a 20% increase in their loss ratios between 2009 and 2010, from 58.4% to 70.1%, reported the province’s Superintendent of Insurance in its 2010 Statistical Report. Overall, Saskatchewan property and casualty insurers saw an…
Conference Board of Canada sees weakening corporate profitability in Canada over the next six months
August 16, 2011 by Canadian UnderwriterThe Conference Board of Canada is suggesting a weakening of corporate profitability in Canada over the next six months. The conference board bases its observation on the fact that its Leading Indicator of Industry Profitability declined in July for the…