News
Ontario auto insurers approved for rate increases averaging 5.61% in 2010 Q1
April 19, 2010 by Canadian UnderwriterOntario auto insurance rates continued their upward climb in 2010 Q1, with the province’s auto insurers getting approved rate increases averaging 5.61% when weighted by market share.“The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%,…
Ontario Court of Appeal finds trial judge did not ‘double deduct’ IRBs from jury award
April 19, 2010 by Canadian UnderwriterAs long as a trial judge has not directed a jury to deduct income replacement benefits (IRBs) from their jury award, the trial judge may deduct IRBs from the jury award without fear of “double deduction,” the Ontario’s Court of…
Larry Swets to become president and CEO of Kingsway Financial Services in July 2010
April 16, 2010 by Canadian UnderwriterKingsway Financial Services Inc. (TSX:KFS, NYSE:KFS) has announced that its president and CEO Colin Simpson, “having substantially completed the downsizing and restructuring of the Kingsway Group,” will resign on June 30, 2010 to pursue other career interests. Larry Swets, currently…
The Co-operators reports $74-million profit in 2009
April 16, 2010 by Canadian UnderwriterThe Co-operators General Insurance Company reported a net income of $74 million in 2009, marking an increase from 2008’s net income of $53 million.The insurer’s combined ratio improved in 2009 to 103.1% from 106.4% in 2008.Gross written premium increased from…
Manitoba proposes to make immobilizer/airbag tampering an offence
April 16, 2010 by Canadian UnderwriterManitoba is proposing changes to its Highway Traffic Act that would make it an offence to tamper with anti-theft immobilizers and airbag systems. The maximum fine for those in violation of the proposed legislation would be $5,000.“We believe it is…
ICBC profit increases in 2009, despite decrease in underwriting profit
April 16, 2010 by Canadian UnderwriterICBC reported a net income of $563 million in 2009, up from $497 million for 2008. Underwriting income dropped from $321 million in 2008 to $135 million in 2009.Claims and related costs increased to $2.97 billion in 2009 from $2.82…
Sharon Ludlow to take over from Jean-Jacques Henchoz as CEO of Swiss Re in Canada, effective June 1, 2010
April 16, 2010 by Canadian UnderwriterSharon Ludlow has been appointed CEO of Swiss Re in Canada and head of Canadian and English Caribbean operations, effective June 1, 2010. She will succeed Jean-Jacques Henchoz, who will return to Switzerland after five years in Canada.Ludlow currently serves…
Soft market in commercial lines continues unabated for seventh year: RIMS Benchmark Survey
April 15, 2010 by Canadian UnderwriterNow in its seventh year, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to the RIMS Benchmark Survey administered by Advisen Ltd. Average premiums in every line tracked by the survey fell in…
FSCO orders claimant to produce medical records of alleged prior accidents
April 15, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has ordered a claimant to produce OHIP records and the clinical notes of his family doctor dating back to motor vehicle accidents that allegedly occurred up to five years prior to the 2005…
Comic mascots pay off for insurers in social media campaigns
April 15, 2010 by Canadian UnderwriterThe huge popularity of comic mascots in social media has “paid dividends” to insurers who have invested in and executed them well, says Celent.In its report, Leveraging Social Networks: An In-Depth View for Insurers, Celent explores the applications of social…
Alberta introduces bill to tighten restrictions on distracted drivers
April 15, 2010 by Canadian UnderwriterNew legislation proposed by the Alberta government would restrict a vast number of activities behind the wheel, including personal grooming, manually inputting information into GPS or audio devices, CB radios (excluding commercial or search-and-rescue use) and texting. Bill 16, the…
OSFI issues guidelines on how to determine the actual cost of mortgage insurance
April 14, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has issued guidelines on implementing a new regulation that is designed to make sure that borrowers “do not pay a price for mortgage insurance that exceeds the true cost to the…