News
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…
New Brunswick releases discussion paper on credit scoring, suggests wiggle room in proposed ban on residential property lines
May 6, 2010 by Canadian UnderwriterNew Brunswick’s superintendent of insurance has issued a discussion paper on credit scoring, in which the regulator says the use of credit scoring for underwriting auto insurance should be banned, but it is willing to discuss the appropriateness of applying…
ICLR unveils wildfire resilient home in Alberta
May 5, 2010 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has retrofitted a home in Jasper, Alberta to be wildfire resistant. The Jasper home retrofit includes:• cedar roof shingles replaced with asphalt shingles;• cedar siding replaced by stucco;• coniferous bushes replaced with deciduous…
Aviva Canada puts up $1 million for second round of Aviva Community Fund
May 5, 2010 by Canadian UnderwriterThe Aviva Community Fund competition will return again this year, with Aviva Canada offering $1 million to support community initiatives across Canada. This doubles the company’s $500,000 pledge in 2009.The second installment of the competition will begin in the fall.…
Canada re-introduces auto theft legislation
May 5, 2010 by Canadian UnderwriterCanada’s Department of Justice has re-introduced a bill in the Senate that seeks to create a separate offence for motor vehicle theft and stop the trafficking of property obtained by crime.“Our government is taking action to protect Canadians, their property…
The Co-operators reduces carbon footprint by 12%
May 5, 2010 by Canadian UnderwriterThe Co-operators reduced its carbon footprint by 12% in 2009, compared to 2007 baseline measurements, according to The Co-operators Sustainability Report 2009.After energy assessments at nine of its corporate offices, The Co-Operators implemented a number of energy efficiency improvements. For…
Mild winter boosts Intact’s 2010 Q1 results
May 5, 2010 by Canadian UnderwriterA mild winter and improving market conditions have boosted Intact Financial Corporation’s 2010 Q1 results.The company’s 2010 Q1 profit was $119.7 million, compared to a $36.3-million loss during the same period last year. The company’s combined ratio improved six percentage…
FM Global launches “Risk Improvement” endorsements
May 5, 2010 by Canadian UnderwriterFM Global has introduced Sustainability Select, a two-part coverage endorsement to its all-risk FM Global Advantage Policy.The Risk Improvement Coverage Endorsement allows clients to improve the “risk quality” at the location where the loss occurred, an FM Global release says.…
Size matters in commercial lines: MSA/Baron Report
May 4, 2010 by Canadian UnderwriterSize does matter when it comes to writing commercial lines, although the effects vary depending upon whether Canadian commercial insurers are writing property or liability insurance, according to the Q4-2009 MSA/Baron Outlook Report.In her article ‘Commercial Lines — Does Size…
OSFI’s IFRS conversion guidelines address structured settlements
May 4, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has issued draft accounting guidelines related to IFRS conversion, including guidelines for structured settlements.The full guidelines are available at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=3698In Bulletin D-5, OSFI issues guidelines on the reporting by a property…
New Brunswick brings limitation periods in line with Ontario, Saskatchewan
May 4, 2010 by Canadian UnderwriterRecent changes to New Brunswick’s general limitation periods bring the province’s laws in line with those of Ontario and Saskatchewan.Section 5 of New Brunswick’s Limitation of Actions Act now provides that the “basic” limitation for motor vehicle accidents, claims in…
Comprehensive deductibles in U.S. rising much faster than collision deductibles: Mitchell
May 4, 2010 by Canadian UnderwriterComprehensive deductibles are rising almost twice as fast (160% faster) than collision deductibles in the U.S. auto insurance industry, according to Mitchell International. Mitchell used data that included deductibles from 2003 to 2009 for collision and comprehensive losses. It found…