News

The economy is a relevant factor in rising claims loss costs, according to property and casualty claims officers surveyed by Tower Watson.The poor economy seems to have stimulated third-party losses, and a number of survey respondents reported increases in general…

The Financial Services Commission of Ontario (FSCO) has denied the appeal of an insurer that was ordered to pay auto insurance benefits to a man (now deceased) who suffered a stroke at about the same time he was involved in…

Canadian Imperial Bank of Commerce (CIBC) does not plan to establish standalone, insurance facilities of the type that Royal Bank of Canada is opening.In an interview with Bloomberg Business Week, CIBC CEO Gerald McCaughey is cited as saying CIBC won’t…

New Brunswick is amending its Insurance Act to prohibit the use of credit scoring for underwriting and rating practices in all classes of insurance.“Regulations will prohibit using credit scoring for underwriting and rating of property and casualty insurance, including automobile…

RSA Canada reported an underwriting profit in 2009 of $112 million, in spite of what the company described as tough economic conditions, a significant increase in weather losses and regulatory uncertainty in the auto market.Premiums increased to $1.8 billion, driven…

Eighty-three per cent of British Columbians are concerned about fraud, and 95% have taken preventative steps to avoid becoming a victim, according to the TD Canada Trust Fraud Prevention Month Poll.Conducted by Angus Reid, the survey asked questions of 1,059…

Aviva Canada is continuing to recruit new members to its executive team, following the appointment earlier this year of Maurice Tulloch as its CEO.James Russell has been appointed as Aviva Canada’s chief underwriting officer. Russell has held several executive roles…

It is premature to conclude that all parts of the world have experienced peak transmission of the H1N1 pandemic influenza, according to an emergency committee that advises the World Health Organization. Furthermore, additional time and information is needed to provide…

XL Insurance has appointed Seraina Maag as the chief executive of its North America Property and Casualty unit. She succeeds Dennis Kane, who is retiring at the end of the year.Maag most recently headed the Zurich North America commercial specialties…

W.R. Berkley Corporation reported a net income of $309 million in 2009, an increase over the $281 million it reported in 2008.The firm’s international operations reported a combined ratio of 100.1% for 2009, marking a slight decrease from 2008’s combined…

After a year in which trust in business sunk to historic lows, Canada stood out on the world stage with its increased trust in the insurance industry, according to the 2010 Edelman Trust Barometer.Conducted by public relations firm Edelman, the…

Ship owners experienced a more benign protection and indemnity (P&I) renewal at Feb 20, 2010, according to Aon Risk Services. General increases ranged between 0% and 12.5%, with a market average of 4.54%, the marine division of Aon reported. Owners…