News
Canadian P&C industry’s key financial performance indicators all down in 2011 Q1
August 15, 2011 by Canadian UnderwriterCanada’s property and casualty insurance industry saw a 13.7% decrease in profits, a slower premium growth, an elevated combined ratio and a decreased investment yield in 2011 Q1, according to Swiss Re.In its Canadian Property & Casualty Quarterly for June…
OSFI reminds financial institutions of Canada’s economic sanctions against North Korea, Syria
August 15, 2011 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has posted notices to Canadian P&C insurance companies and other financial institutions following up on the economic sanctions Canada has imposed on the Democratic People’s Republic of Korea (DPRK) and Syria.OSFI…
Commercial soft market finally bottoms out, but still no sign of hard market
August 15, 2011 by Canadian UnderwriterA lack of substantive change in average renewal premiums in 2011 Q2 for three or four lines may indicate the soft commercial lines insurance market has finally bottomed out, according to the Risk and Insurance Management Society (RIMS) Benchmark Survey.The…
Sovereign debt crisis puts U.S. insurers’ risk profiles on shaky grounds
August 15, 2011 by Canadian UnderwriterContinuing economic weakness in certain European countries and the debt crisis in the United States has elevated the risk profile of U.S. insurers, reported A.M. Best Co.In a release, A.M. Best said that while it does not employ a “sovereign…
Shipowners’ Club takes clear-language approach to specialist yacht insurance
August 12, 2011 by Canadian UnderwriterThe Shipowners’ Club, one of few P&I Clubs to offer specialist yacht insurance, is taking a new, clear-language approach to yacht liability.The club is offering an all-risk policy that seeks to de-mystify aspects of the traditional wording contained in typical…
EGI Financial Holdings records fifth consecutive quarterly profit in 2011 Q2
August 12, 2011 by Canadian UnderwriterEGI Financial Holdings Inc (TSX: EFH) has reported a profit of $1.4 million for 2011 Q2, its fifth consecutive profitable quarter.The quarterly profit of $1.4 million in 2011 Q2 compared to a $2-million profit during 2010 Q2.The company’s net earned…
Insurers must move quickly to get second opinion when surveillance video contradicts opinion of retained health professional: arbitrator
August 11, 2011 by Canadian UnderwriterAn Ontario arbitrator has ordered a $6,000 special award against an insurer because the insurer relied too heavily on surveillance video in support of its monthly attendant care payments of more than $2,000, instead of relying on the advice of…
Saskatchewan sees spike in recent hail insurance claims activity
August 11, 2011 by Canadian UnderwriterSaskatchewan has seen a dramatic increase in hail insurance claims activity, according to the most recent bi-weekly report posted by the Canadian Crop Hail Association. “As of mid-week, the claim total had swelled to nearly 5,500, more than double the…
Ironshore Inc. announces launch of commercial crime unit
August 11, 2011 by Canadian UnderwriterIronshore Inc.’s Lloyd’s Pembroke Syndicate 4000 has launched a commercial crime unit as an expansion of its financial lines operations. Sarah Markham has been named director of the new unit, reporting to Christopher D. Brown, director and deputy underwriter of…
Counsel involved in professional indemnity for lawyers named to Nova Scotia Barristers’ Society
August 11, 2011 by Canadian UnderwriterDaniel M. Campbell of Cox & Palmer has become president of the Nova Scotia Barristers’ Society.Campbell has played an active role in both the Lawyers’ Insurance Association of Nova Scotia and the Canadian Lawyers’ Insurance Association, which provide professional liability…
London riots could cost “well over” Cdn$160 million
August 10, 2011 by Canadian UnderwriterCiting the Association of British Insurers, catastrophe modeler RMS estimates insured losses related to four days of riots that originated in London, United Kingdom will top out at “well over £100 million” (approximately Cdn$160.1 million).RMS quoted participants saying the violence…
FSCO charges Ontario Disability Management Inc. with auto insurance fraud
August 10, 2011 by Canadian UnderwriterOntario’s auto insurance regulator, the Financial Services Commission of Ontario (FSCO), has charged Ontario Disability Management Inc. and Aksana Miakouchkina (also known as Roxanne Mitch) with knowingly making false or misleading statements to an auto insurer to obtain payment for…