News
AMF rules gap coverage guarantees are “insurance products” when not offered by vehicle creditors, lessors
May 10, 2010 by Canadian UnderwriterGap coverage insurance — which guarantees the difference between an outstanding loan balance on a vehicle and its value at the time of a total loss — counts as an “insurance product,” depending upon whom offers the product, Quebec’s insurance…
Cleanup costs vary widely for hydrocarbon spills (500-litre spill could cost between $3,000 and $200,000)
May 7, 2010 by Canadian UnderwriterThe typical cost of cleaning up a 500-litre hydrocarbon spill can range from $3,000 to $200,000, depending on a number of different factors, with the average running about $120,000, according to Mark Samis, vice president of operations with Environmental Remediation…
AIG International posts 2010 Q1 profit of $1.5 billion
May 7, 2010 by Canadian UnderwriterAmerican International Group Inc. (AIG) has reported a 2010 Q1 profit of $1.5 billion, up considerably from a net loss of $4.4 billion in 2009 Q1.AIG’s continuing insurance operations earned $2.2 billion before tax in the first quarter of 2010,…
A.M. Best affirms Peace Hills’ financial strength rating, improves outlook to ‘stable’
May 7, 2010 by Canadian UnderwriterA.M. Best Co. has revised its outlook for Peace Hills General Insurance Company (Alberta, Canada) to stable from negative, and affirmed the financial strength rating of B (Fair).“The revised outlook of Peace Hills reflects its improved risk-adjusted capitalization due primarily…
EGI Financial reports net loss of $1.8 million in 2010 Q1
May 7, 2010 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) reported a net loss of $1.8 million in 2010 Q1, marking a worsening from the net loss of $231,000 posted in 2009 Q1.The insurer posted an underwriting loss of $5.8 million in the first…
Compu-Quote launches Web-based rating tool for recreational vehicles and motorcycles
May 7, 2010 by Canadian UnderwriterCompu-Quote has launched its Motorcycle and Miscellaneous Vehicles quoting module to brokers in Alberta, Ontario and Quebec. The Motorcycle and Miscellaneous Vehicle (ATVs, snow vehicles, campers and trailers) Quoting Module is a Web-based service embedded in AutoRater. It provides full…
Hiring a lawyer can be a “cost-efficient” way to manage some exposures in Ontario’s expanded claims court
May 7, 2010 by Canadian UnderwriterHiring experienced counsel to help craft strategic offers of settlement might just be the most cost-effective way for an insurer to negotiate Ontario’s newly expanded small claims court, Todd J. McCarthy of Flaherty Dow Elliott & McCarthy told a Canadian…
Zurich reports 76% increase in 2010 Q1 net income
May 6, 2010 by Canadian UnderwriterZurich Financial Services Group reported a profit of $935 million for 2010 Q1, an increase of 76%. The company reported a return on equity of 13.2% for the first quarter. The general insurance segment posted gross written premiums and policies…
PPG launches Web-based marketing portal
May 6, 2010 by Canadian UnderwriterPPG has launched a Web-based marketing portal for its PPG collision repair shop customers. The portal, developed in conjunction with Infogroup Inc., will provide MVP collision centers and CertifiedFirst Network participants access to Canadian and U.S. business data, as well…
Canadian results buoy RSA group results in 2010 Q1
May 6, 2010 by Canadian UnderwriterRSA’s group results in 2010 Q1 have been buoyed by RSA Canada’s results, according to an RSA ‘Interim Management Statement’ posted on its Web site.Also, RSA stated its losses due to the Chilean earthquake were estimated to cost about £30…
Nancy McKinstry appointed as ICBC board chairwoman
May 6, 2010 by Canadian UnderwriterNancy McKinstry has been appointed chair of the board of directors of the Insurance Corporation of British Columbia (ICBC).McKinstry received the Order of Canada in 2005. She has served on corporate, university and non-profit boards in recent years, and spent…
Swiss Re anticipates $200-million loss resulting from oil rig explosion
May 6, 2010 by Canadian UnderwriterSwiss Re anticipates $200-million worth of pre-tax losses arising from the explosion of the Deepwater Horizon oil rig in the Gulf of Mexico. In its 2010 Q1 financial statements, the reinsurer said it expects the total insured market loss from…