News
$74 billion loss needed to trigger US hard market: Advisen
February 2, 2011 by Canadian UnderwriterHard market conditions would be triggered by a $74-billion loss of excess capacity in the U.S. commercial insurance market, according to Advisen. In its ‘QuickNote: $74 billion away from a hard market,’ Advisen cites surging supply – explained by rebounding…
Auto collision appraisal values in Canada decrease in 2010 Q4: Mitchell
February 2, 2011 by Canadian UnderwriterAuto collision appraisal values, collision losses, comprehensive losses, third-party property damage and supplemental estimates in Canada all decreased in 2010 Q4, according to the 2011 Q1 Mitchell International Industry Trends Report.The report by Mitchell cites figures related to Canada’s auto…
A.M. Best assigns Everest a ‘superior’ financial strength rating
February 1, 2011 by Canadian UnderwriterA.M. Best Co. has assigned a financial strength rating of A+ (Superior) to Everest Insurance Company of Canada (EvCan). The outlook is stable, according to A.M. Best. Everest is licensed to write property, automobile, surety, liability and other classes of…
Forensic Investigations acquires Mustang
February 1, 2011 by Canadian UnderwriterForensic Investigations Canada Inc. (FIC) acquired Mustang Investigations Inc. “We’re very excited by the coming together of our two companies,” says Corey Smith, president of FIC said. The combined organization – which will operate as Forensic Investigations Canada – will…
Cunningham Lindsey appoints 15 new managers
February 1, 2011 by Canadian UnderwriterCunningham Lindsey Canada has appointed 11 new regional managers and four new Ontario branch managers The regional managers include:• Andrew Hernandez, regional manager for the British Columbia Region – he was previously executive general adjuster and district manager for Vancouver…
B.C. Supreme Court orders couple to reimburse ICBC for auto fraud
February 1, 2011 by Canadian UnderwriterThe B.C. Supreme Court ordered a Maple Ridge couple to reimburse ICBC more than $100,000 after being convicted of falsely claiming their expensive, leased truck was stolen, ICBC reported. Ronald and Jeannette LeBlanc reported their Chevrolet Super Sport Roadster truck…
Red light cameras proven to reduce fatal crashes at intersections: IIHS
February 1, 2011 by Canadian UnderwriterRed light cameras decreased the number of vehicles running red lights by 24%, adding up to 74 fewer fatal red light running crashes, and saving approximately 83 lives, reported the Insurance Institute for Highway Safety (IIHS). The rate of all…
Insurance processes are increasing operating costs for Manitoba collision repair centres: report
January 31, 2011 by Canadian UnderwriterInsurance-related business processes – including supplemental estimates and parts procurement – are extending repair times and driving up operating costs for Manitoba’s collision repair industry, according to the January 2010 Manitoba Collision Repair Industry Study.Meyers Norris Penny, an accounting firm,…
Chubb Corporation estimates its Australian flood losses to be between $75 million and $100 million
January 31, 2011 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] said its preliminary estimate of losses due to the floods in Australia would be in the range of $75 million to $100 million before tax. The company reported this estimate in its 2010 Q4 results,…
Crawford and North Waterloo Farmers Mutual launch Crawford’s Contractor Connection program
January 31, 2011 by Canadian UnderwriterCrawford & Company (Canada) Inc. and The North Waterloo Farmers Mutual have launched Crawford’s Contractor Connection program at North Waterloo. Contractor Connection provides insurers with a managed repair network for residential and commercial property claims programs in the Canadian insurance…
Wendy Hillier joins Intact as vice president
January 31, 2011 by Canadian UnderwriterWendy Hillier has joined Intact Financial Corporation as vice president of procurement and claims supply chain. Hillier has held several key management positions with major insurance companies and has worked with all aspects of claims operations, including setting up high-performing…
B.C. Insurance Council announces new rule for placing coverage with unauthorized insurers
January 31, 2011 by Canadian UnderwriterA new rule outlining procedures that B.C. brokers must follow when placing coverage with an unauthorized insurer will take effect on Feb. 28, 2011. Section 76(1)(c) of the Financial Institutions Act in British Columbia provides a limited exemption from the…