News
Zurich in Canada to launch new Web-based system for builders risk policies
August 9, 2010 by Canadian UnderwriterZurich in Canada is poised to launch www.ZurichBuildersRisk.ca, a new Web-based system designed to rate, quote and issue builders risk policies in less than nine minutes.The new service provides course of construction coverage for new residential and commercial structures, renovation…
Repairs for hybrid vehicles cost more than repairs for non-hybrids
August 9, 2010 by Canadian UnderwriterClaims costs are higher for hybrid cars and SUVs than for non-hybrids, according to Mitchell International. In its Quarterly Feature of the Mitchell Industry Trends Report, Mitchell International says hybrids have higher collision claims frequencies and severity than non-hybrids.Overall, hybrids…
RSA creates new product for sellers of renewable energy
August 9, 2010 by Canadian UnderwriterRSA has launched a new product designed to protect homeowners and small businesses that sell renewable energy to the Ontario government in the event of lost income. The product covers the actual equipment against all risks of direct physical damage…
AMF investigates ex-insurance broker’s role in $1.4-million Ponzi scheme
August 6, 2010 by Canadian UnderwriterQuebec’s securities regulator, the Autorité des marchés financiers (AMF), has blocked the accounts and companies of a former insurance broker as part of its investigation into an alleged $1.4-million Ponzi scheme.Acting on the authority of an administrative tribunal, the Bureau…
Swiss Re reports surge in Q2 profits, despite large claims
August 6, 2010 by Canadian UnderwriterSwiss Re reported a surge in net income, going from a net loss of $342 million in 2009 Q2 to a net income of $812 million in 2010 Q2.Its property and casualty business suffered, however, as a result of higher-than-expected…
The NOAA lowers upper limits of its hurricane forecast
August 6, 2010 by Canadian UnderwriterThe National Oceanic and Atmosphere Administration (NOAA) has lowered the upper bounds of its 2010 hurricane season forecast.The NOAA’s updated forecast includes: •14 to 20 named storms (the initial forecast called for 14 to 23);•8 to 12 hurricanes (the initial…
Arbitrator calls on insurers to do “more careful” review of their medical reports
August 6, 2010 by Canadian UnderwriterAn Ontario arbitrator says insurers need to do a “more careful” review of their medical reports, in light of a case in which an insurer relied on medical assessments that the arbitrator ultimately found to be wrong or inconsistent.“It is…
Tank-to-tank transfer caused explosion at Sunrise Propane, Globe & Mail reports
August 5, 2010 by Canadian UnderwriterA hose failure that occurred during a banned tank-to-tank transfer process at Sunrise Propane in August 2008 caused a massive explosion at the propane plant that damaged several homes in a residential area of Toronto, according to a fire marshal’s…
Intact Financial reports a 62% increase in 2010 Q2 profit
August 5, 2010 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) reported a 62% increase in its 2010 Q2 profits, observing that its net income increased from $72.4 million in 2009 Q2 to $120.2 million.Overall, the company’s combined ratio improved by 2% during the quarter to…
RSA Canada reports improvement in underwriting profit in 2010 H1
August 5, 2010 by Canadian UnderwriterRSA Canada reported a $71-million underwriting profit in the first half of 2010, marking a $14-million improvement from the same period of 2009.The insurer’s combined operating ratio for the first six months of 2010 was 91.7%, a slight improvement from…
Aviva Canada increases operating profit in 2010 H1 about one-third
August 5, 2010 by Canadian Underwriter***CORRECTION*** This item initially appeared with a headline suggesting Aviva Canada had “nearly doubled” its operating profit, when in actual fact the profit increased by roughly one-third. Canadian Underwriter apologizes for the error. Aviva Canada Inc.’s general insurance unit…
Deepwater Horizon event predicted to cost insurers between $4 billion and $6 billion
August 4, 2010 by Canadian UnderwriterTowers Watson estimates the net insured losses arising from the Deepwater Horizon oil spill will be between $4 billion and $6 billion – not a major event for the property and casualty insurance industry.The total of the coverage limits of…