News
Ontario PC leader to address IBAO Annual Convention delegates
October 18, 2010 by Canadian UnderwriterTim Hudak, leader of the Progressive Conservative Party of Ontario, will serve as a keynote speaker at the Insurance Brokers Association of Ontario (IBAO)’s Annual Convention.Hudak will deliver his speech on Thursday, Oct. 21 at 9:15 am. The Convention runs…
Theft of companies’ electronic data outstrips theft of physical assets: fraud study
October 18, 2010 by Canadian UnderwriterTheft of information and electronic data at global companies has overtaken physical theft for the first time, according to the latest edition of the Kroll Annual Global Fraud Report. The 2010 study shows the amount businesses lost to fraud rose…
Canadian small businesses don’t plan to change their insurance programs despite weather losses: poll
October 18, 2010 by Canadian UnderwriterSmall business owners in Canada were increasingly affected by inclement weather in 2009, but they aren’t prepared to change their insurance programs because of it, according to a recent Leger Marketing poll.RSA Canada commissioned the poll, which found that 98%…
Brokers launch online MBA and H.B.Com programs
October 18, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) and its member associations have launched online Master of Business Administration (MBA) and Honours Bachelor of Commerce (H.B.Com) programs. The degree programs are available to insurance brokers across Canada through an exclusive arrangement…
Ontario personal auto approved rate changes virtually flat: FSCO
October 15, 2010 by Canadian UnderwriterOntario’s auto insurance rates decreased by an average of 0.21% in 2010 Q3, when weighted by market share.Rate filings approved by the Financial Services Commission of Ontario (FSCO) during 2010 Q3 averaged negative 0.09%, based on the entire market.Only three…
Lloyd’s syndicate structure benefits from desire to spread counterparty risk: Ironshore Inc. chairman
October 15, 2010 by Canadian UnderwriterLloyd’s of London is a reaping the rewards of a market trend to spread counterparty risk in the wake of the 2008-09 financial crisis, Ironshore chairman Ron Sandler said in an Oct. 15 speech in Toronto.“Risk managers and brokers are…
Contracts with SGI no longer required to licence vehicles in Saskatchewan
October 15, 2010 by Canadian UnderwriterSaskatchewan motorists will be able to buy or renew vehicle licences at agencies that do not have contracts with SGI Canada, effective Jan. 1, 2011.Previously, only insurance brokers holding contracts with SGI could sell or renew vehicle licences. Saskatchewan’s policy…
Energy market remains flat, despite losses: Aon survey
October 15, 2010 by Canadian UnderwriterIt would take a further loss of $5 billion or greater in the energy insurance market to end the current flat – bordering on soft – market, according to an Aon survey.Aon polled delegates at its 10th Middle East Energy…
Insurers weather 2008-09 financial crisis partly because of lessons learned in 2002
October 15, 2010 by Canadian UnderwriterProperty and casualty insurers fared better than their banking counterparts during the 2008-09 financial crisis partly because the insurance industry learned its lessons from the soft market crisis in 1999-2002, the chairman of Ironshore Inc. said in an Oct. 15…
Intense competition and capital overabundance define U.S. commercial insurance market in 2010 Q3: Marsh
October 14, 2010 by Canadian UnderwriterIntense competition and overabundance of capacity continue to define the U.S. commercial insurance market, Marsh says in its report, U.S. Insurance Market Report 2010, Third Quarter Update: Insureds Net Benefits as Downward Rate Pressures Persist. Marsh’s report found that property…
Securities lawsuits ramp up even as credit crisis winds down
October 14, 2010 by Canadian UnderwriterThe credit crisis may have abated, but the pace of securities lawsuit filings in the United States has quickened, according to an Advisen report.The report, sponsored by Ace, notes 284 securities lawsuits have been filed so far in 2010 Q3.…
Integro now poised to operate as reinsurance brokerage in United States
October 14, 2010 by Canadian UnderwriterIntegro announced its acquisition of ReSource Intermediaries, a move that positions Integro to add reinsurance brokerage services to its U.S. roster.ReSource Intermediaries is a full-service reinsurance brokerage based in San Fransisco. Its client base includes insurance companies; alternative risk entities…