News
Large capital cushion suppresses July reinsurance renewal rates: Guy Carpenter
July 2, 2010 by Canadian UnderwriterA large capital cushion continues to suppress global reinsurance rates, according to a briefing paper from reinsurance broker Guy Carpenter.“Further erosion of rates was evident at the July 1, 2010 reinsurance renewal,” Guy Carpenter says in its news briefing, posted…
Estimated $85 million in claims from Leamington, Ontario tornado
June 30, 2010 by Canadian UnderwriterThe Leamington tornado generated 4,750 home, commercial and auto claims totaling an estimated $85 million, a preliminary report finds. The majority of the claims were for homes, the Insurance Bureau of Canada says, based on data from PCS Canada. The…
MPI investigations saved more than $9 million in 2009
June 30, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI)’s special investigations unit saved approximately $9.3 million in 2009.The division investigated roughly 2,750 suspicious claims, including bodily injury, hit and run, auto theft, vandalism, suspected staged accidents or other forms of auto insurance fraud.Of the more…
CARSTAR raises more than $150,000 for North American charities
June 30, 2010 by Canadian UnderwriterCARSTAR Collision Centres raised more than $150,000 across North America for the Canadian Cystic Fibrosis Foundation, the Make-A-Wish Foundation in the United States, as well as local fundraising groups in their annual Soaps It Up car wash where volunteers helped wash…
SGI signs agreement with SQLiaison
June 30, 2010 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) will be implementing an insurance business intelligence (BI) program from SQLiaison. In addition to using the FellowDSS suite of analytic applications for the insurance industry, SGI also partners with SQLiaison in implementing and supporting large-scale insurance…
Hurricane Alex tracking to miss Gulf of Mexico’s BP oil spill, hit southern Texas
June 30, 2010 by Canadian UnderwriterHurricane Alex is expected to make landfall in southern Texas and northern Mexico on July 1, possibly as a Category 2 storm, reports the National Hurricane Center.Alex is the first hurricane of the 2010 season, and the first to occur…
IBC cautions Alberta rate board not to use cap-related reserve release to calculate 2010 premiums
June 29, 2010 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has cautioned the Alberta Insurance Rate Board (AIRB) not to include the impact of a 2009 reserve release by insurers when the board calculates its 2010 industry-wide annual rate adjustment.The AIRB held public hearings…
OSFI undertakes second study of proposed minimum capital test
June 29, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is undertaking a second quantitative impact study of its new minimum capital test, based on companies’ positions at year-end 2009.The second QIS is intended to test proposed changes to the Minimum…
XL extends recall coverage to products with contaminated ingredients
June 29, 2010 by Canadian UnderwriterXL Insurance launched coverage enhancement for adulterated ingredient product recalls.The product enhancement covers the recall of an insured’s product caused by an ingredient that is subject to a recall notice, even if there is no evidence that the insured’s product…
Zero adjustment needed for rates in Alberta: government’s actuary
June 29, 2010 by Canadian UnderwriterPreliminary industry-wide auto rate adjustment indications for Alberta hover around 0%, according to the province’s actuary, Oliver Wyman. The actuarial company estimates the required average auto premium to be $564 on the low frequency forecasts, $578 in the mid range…
SGI Canada sells shares of Maritime insurance agency
June 29, 2010 by Canadian UnderwriterSGI Canada has sold its shares in the Charlie Cooke Insurance Agency (CCIA). The sale is effective as of Jun. 1, 2010.SGI Canada, through its subsidiary SGI Canada Insurance Services Ltd., purchased the shares in 2002 for $691,341. The shares…
Intact funds climate change adaptation research
June 29, 2010 by Canadian UnderwriterIntact Financial Corporation and the University of Waterloo are launching a research project aimed at identifying initiatives and action plans to ensure better adaptation to the potential consequences of climate change. The three-year project, Climate Change Adaptation Project: Canada, is…