News
‘Outmoded’ understanding of risk management’s role may be hindering its development: report
November 23, 2010 by Canadian UnderwriterRisk management has emerged from the financial crisis with greater authority and visibility, but a lingering, outmoded view of risk managers as mere compliance officers may be limiting the potential of the discipline, according to a recent Economist Intelligence Unit…
CARSTAR celebrates groundbreaking of new headquarters in Hamilton
November 23, 2010 by Canadian UnderwriterCARSTAR Automotive Canada announced its intention to build a 16,000-square-foot head office in Hamilton, Ontario during a special groundbreaking ceremony on Nov. 22.The facility will be called CARSTAR Vision Park, “reflecting the company’s vision to be the leader in the…
Lack of winter tires won’t void coverage, but it may determine degree of fault: ICBC
November 23, 2010 by Canadian UnderwriterWinter tires are not mandatory in B.C., nor do they affect an insured’s insurance coverage or eligibility to make a claim, but ICBC still recommends their use.Driving without winter tires will not void your insurance in the event of a…
Western Financial, PetFirst Healthcare bring flexible coverage options to Canadian pet insurance market
November 23, 2010 by Canadian UnderwriterWestern Financial Insurance Company, PetFirst Healthcare and Petfinder.com have joined efforts to begin offering Canadian pet owners flexible insurance coverage for their pets.Underwritten in Canada by Western Financial Insurance Company, PetFirst Healthcare offers dog and cat owners four different coverage…
Insurer accounting standard draft contains “fundamental” changes for Canadian insurers: PwC
November 23, 2010 by Canadian UnderwriterThe most recent International Accounting Standards Board draft contains fundamental changes that would alter existing Canadian P&C valuation methods and the way that insurers’ income is presented, PricewaterhouseCooper’s said in its Fall 2010 Insurance Review.The proposals are the result of…
Vic Krauze appointed chairman and CEO of Willis North America
November 23, 2010 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings (NYSE: WSH) has appointed Vic Krauze as chairman and CEO of Willis North America. Krauze will report to Joe Plumeri, chairman and CEO of Willis Group, and will serve as a member of Willis’…
Ontario drivers show slight improvement in collision frequency: Allstate
November 22, 2010 by Canadian UnderwriterOntario drivers have improved slightly, based on a 2.2% decrease in the frequency of collisions between 2009 and 2010, according to Allstate Insurance Company of Canada’s Ontario Safe Driving Study.The study ranks the driving safety of communities and regions by…
Canadian securities regulators look for improved disclosure of executive compensation
November 22, 2010 by Canadian UnderwriterCanadian securities regulators are seeking public comment on proposed rule changes that would enhance the quality of disclosure of executive compensation.“The proposals clarify existing requirements and introduce new substantive requirements to enhance the quality of information disclosed by public companies…
Swiss Re appoints new CFO to Canadian operations
November 22, 2010 by Canadian UnderwriterSwiss Re has appointed Jonathan Turner as chief financial officer of its Canadian operations, effective Nov. 22, 2010. Turner joins Swiss Re from Ernst & Young, where he specialized in both the property and casualty and life and health insurance…
CAA Insurance to offer accident forgiveness endorsement in Nova Scotia
November 22, 2010 by Canadian UnderwriterCAA Insurance has received approval to offer an accident forgiveness endorsement in Nova Scotia.The ‘Forgive and Forget’ endorsement will provide clients with forgiveness for the first at-fault accident, meaning the incident will not affect the driver’s rating. To be eligible,…
B.C. Insurance Council places restrictions on SSEI Insurance Agency, suspends license of its sole officer and director
November 22, 2010 by Canadian UnderwriterThe Insurance Council of British Columbia has placed conditions on the license of SSEI Insurance Agency and suspended the license of its sole officer and director, Nicholas Di Perno, pending an investigation of misconduct allegedly occurring at the sports and…
Alberta insurers report improvement in Q3 results
November 19, 2010 by Canadian UnderwriterAlberta-incorporated property and casualty insurers continued to see improved results during the first three quarters of 2010, with consolidated net income increasing $10.25 million to $42.9 million over the same period of 2009.The figures reflect results reported by: Alberta Motor…