News
Canadian P&C underwriting profits shrink in 2009 Q2: OSFI figures
September 4, 2009 by Canadian UnderwriterFederally regulated Canadian property and casualty insurers reported a decline in 2009 Q2 profits — sliding from a net income of Cdn$1.42 billion in 2008 Q2 to a profit of Cdn$1.07 billion during the same period this year.Recent figures posted…
What’s New: In Brief (September 04, 2009)
September 4, 2009 by Canadian UnderwriterInsurers expect to pay out more than Cdn$6 million to clients for repairs to homes, cars and businesses damaged after a force F2 tornado tore through the town of Mont-Laurier, Quebec on Aug. 4, 2009.Despite the storm’s short duration, the…
Offshore energy renewals likely to remain flat: Aon
September 4, 2009 by Canadian UnderwriterInsurance premiums are predicted to remain flat for offshore energy business for October’s renewals, dependent on location, loss history and limit sought, according to Aon. At the beginning of 2009, rates were expected to rise between 15% and 20%, according…
Insurers must collaborate with public policy makers to mitigate climate risk
September 4, 2009 by Canadian UnderwriterInsurers must continue to work with public policy makers to allow insurance companies to deliver more climate risk mitigation measures at an accelerated pace, according to a Zurich white paper. Zurich’s report, The Climate Risk Challenge: The role of insurance…
Ontario court awards record auto injury amount of Cdn$18.4 million
September 3, 2009 by Canadian UnderwriterA 22-year-old Beeton, Ontario woman who suffered a serious brain injury in a 2002 auto accident has received a court award of Cdn$18.4 million. The sum, awarded by the Ontario Superior Court, is thought to be the highest-ever damage award…
Negative outlook for global reinsurance sector: Fitch
September 3, 2009 by Canadian UnderwriterThe outlook on the global reinsurance sector remains negative, due to potential inability of reinsurers in the current economic environment to replenish capital if they suffered large catastrophe losses, according to Fitch Ratings. Historically, this heightened vulnerability for the reinsurance…
Manitoba’s Driver Safety Rating comes into effect in early 2010
September 2, 2009 by Canadian UnderwriterManitoba Public Insurance (MPI)’s Driver Safety Rating (DSR) system will begin on Mar. 1, 2010. The objective of DSR is to reward safe driving based on a system of premium decreases or increases tied to safe and risky driving behaviours,…
Canadian P&C market “stable,” but earnings pressure will continue: A.M. Best
September 2, 2009 by Canadian UnderwriterAlthough global financial markets have improved substantially since March 2009, earnings and capitalizations in the Canadian property and casualty insurance market are expected to remain under some pressure, according to a special report by A.M. Best.The full report, Canadian Insurers…
What’s New: In Brief (September 01, 2009)
September 1, 2009 by Canadian UnderwriterSCM Risk Management Services and Compu-Quote have partnered to develop a data validation service, providing an accreditation process for information submitted by consumers to insurance brokers during the quoting process.Compu-Quote will receive information from SCM Risk Management Services to validate…
Canadian P&C insurers continue to suffer from recessionary conditions: Swiss Re
September 1, 2009 by Canadian UnderwriterCanadian property and casualty insurers continued to suffer from recessionary conditions in 2009 Q1, with underwriting profitability continuing to deteriorate, Swiss Re observed in its July 2009 edition of Canadian Property & Casualty Quarterly.Overall, the Canadian property and casualty industry…
Insurer must show due diligence before voiding policy based on unreported “material change in risk”
August 31, 2009 by Canadian UnderwriterAn insurance company cannot void an auto insurance policy because it is not informed of a “material change in the risk,” unless the company takes steps to ascertain this material change itself — including obtaining the driving record of a…
What’s New: In Brief (August 31, 2009)
August 31, 2009 by Canadian UnderwriterMarkel International has reached an agreement to acquire Elliott Special Risks (ESR). Markel International is a specialty property and casualty insurer based in London, England. ESR is based in Canada, and provides insurance underwriting and administrative services on behalf of…