News
The Co-operators sells property adjacent to headquarters to condo developer
January 19, 2011 by Canadian UnderwriterThe Co-operators has sold property adjacent to its headquarters in downtown Guelph, Ontario to a Tricar, luxury condo developer. The sale is subject to closing conditions and securing the appropriate planning approvals. The sum of the sale was not disclosed.…
Capital abundance, competition represent biggest challenges now facing Canadian P&C insurers: CEO
January 19, 2011 by Canadian UnderwriterCapital abundance and intense competition are the biggest challenges now facing Canada’s property and casualty insurance industry, according to Ellen Moore, president and CEO of Chubb Insurance Company of Canada.Canada’s marketplace has roughly $2.5 billion to $3 billion in capital…
Aon see airline market as “soft,” despite lead and hull and liability numbers
January 18, 2011 by Canadian UnderwriterDespite lead hull and liability premium numbers, the airline insurance market appears to be in the process of soiftening, according to the December 2010 edition of Aon’s Airline Insurance Market News.“The 19% average premium increase in November is influenced by…
GrowthWorks Atlantic Venture Fund invests $1 million in ClearRisk
January 18, 2011 by Canadian UnderwriterGrowthWorks Atlantic Venture Fund has made a $1-million investment in ClearRisk Inc., which provides Web-based risk management solutions for the insurance industry and small to medium size enterprises.Based in Newfoundland and Labrador, ClearRisk will use proceeds from the financing to…
Full disclosure necessary when payments made to property managers for insurance placement: BC Insurance Council
January 18, 2011 by Canadian UnderwriterThe Insurance Council of British Columbia is reminding insurance agents that any payments made to a property manager of a condo building or other third party must first be disclosed to the strata corporation.A strata corporation is a legal entity…
HCAI to become mandatory on Feb. 1
January 18, 2011 by Canadian UnderwriterThe use of the Health Claims for Auto Insurance (HCAI) system will become mandatory for all health care facilities and providers on Feb. 1, 2011.On that date, every Ontario health care facility (and any associated health care provider) that submits…
Sectors with high environmental risks should be tying executive compensation to mitigating risks
January 18, 2011 by Canadian UnderwriterSectors highly exposed to environmental risks, such as oil sands and gas companies, need to a better job of disclosing to investors how they use executive compensation to stimulate action on mitigating the environmental, social and governance (ESG) risks that…
Celine Dion sings praises for CARSTAR’s social media campaign
January 18, 2011 by Canadian UnderwriterCARSTAR Collision Centre’s social media campaign to raise funds for the Canadian Cystic Fibrosis Foundation has caught the eye of Canadian songstress Celine Dion. For every “like” CARSTAR Collision Centres receives on its Facebook page (www.facebook.com/carstarcanada), the company will donate $1 to…
FSCO approves average auto rate increase of 1.93% in 2010 Q4
January 17, 2011 by Canadian UnderwriterOntario’s financial regulator, the Financial Services Commission of Ontario (FSCO), approved an overall average auto insurance rate increase of 1.93% in 2010 Q4.For the 54.15% of the market that had rate changes approved in 2010 Q4, the average rate change…
Scientists propose “the Other Big One” storm scenario in California
January 17, 2011 by Canadian UnderwriterScientists at the U.S. Geological Survey unveiled a potential one-in-100-year or one-in-200-year storm scenario in California that could result in more than $300 billion in damage, putting it in the same category as the San Andreas earthquakes.Under this scenario, a…
Nova Scotia launches Web page to solicit public opinion on Auto Insurance Review
January 17, 2011 by Canadian UnderwriterThe Government of Nova Scotia has launched a new Web site soliciting input from the public as part of its Auto Insurance Review.“We want to make sure that the voice of auto insurance consumers is heard,” said Graham Steele, minister…
Andy Hall returns to CNA Financial Corporation
January 17, 2011 by Canadian UnderwriterAndy Hall is returning to CNA Financial Corporation as branch vice president of its Seattle office.Hall joined CNA in 1990, and held a number of branch and leadership positions, eventually serving as the president and chief operating officer of CNA…