News
What’s New: In Brief (July 20, 2009)
July 20, 2009 by Canadian UnderwriterAon Reed Stenhouse Inc. has acquired IAO Actuarial Consulting Services. The terms of the deal were not announced.IAO’s capabilities will be integrated into Aon’s Global Risk Consulting business, which provides a range of services from risk identification and control to…
A.M. Best stress test may give companies more leeway in meeting capital requirements
July 20, 2009 by Canadian UnderwriterA.M. Best has revised how it plans to apply its Natural Catastrophe Stress Test (NCST), potentially giving insurance companies leeway in meeting risk-adjusted capital requirements in the aftermath of a reasonably severe catastrophe.The stress test considers a company’s balance sheet…
What’s New: In Brief (July 17, 2009)
July 17, 2009 by Canadian UnderwriterSouth Barrie Collision Centre raised $6,000 for the City of Barrie’s Royal Victoria Hospital through its charity car wash event.On July 11, members of South Barrie Collision Centre washed more than 80 cars to raise the funds. The money was…
Fatal trucking collisions in BC often single-vehicle incidents
July 17, 2009 by Canadian UnderwriterCompared to other regions, fatal collisions involving heavy trucks in British Columbia were more likely to involve truck drivers who are 41 and older or truck drivers who are speeding, according to a report by the Traffic Injury Research Foundation.…
What’s New: In Brief (July 16, 2009)
July 16, 2009 by Canadian UnderwriterTravelers Guarantee Company of Canada is providing broader coverage for directors and officers of Canadian publicly traded companies in one endorsement.Travelers Executive Choice CanadianEdge is for Canadian public companies with a market capitalization of Cdn$1 billion or less.In addition to…
Ontario auto insurers increase rates on average by nearly 6% in Q2
July 16, 2009 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) approved an average rate increase of 5.86% for auto insurance, when weighted by market share, in 2009 Q2.Belair Insurance Company Inc. received approval for a decrease of 0.47%. It was the only insurer…
Fewer companies than expected plan to scale back risk management departments
July 15, 2009 by Canadian UnderwriterThe adoption of enterprise risk management seems to have reached a plateau at 65% of firms, according to a joint Marsh and Risk and Insurance Management Society report.In the sixth annual Excellence in Risk Management VI: Strategic Risk Management in…
What’s New: In Brief (July 15, 2009)
July 15, 2009 by Canadian UnderwriterDamage insurance companies in Quebec reported net earnings of Cdn$2.5 billion in 2008, a 51.3% drop compared to 2007, according to the 2008 report on insurance released by the Autorité des marchés financiers (AMF). Minister of Finance Raymond Bachand tabled…
Economy may be contributing to lower online Ontario auto insurance quotes
July 14, 2009 by Canadian UnderwriterThe impact of the current economic recession might explain why Ontario’s average lowest online auto quote decreased by 2.4% between 2009 Q2 and 2008 Q2, says Kanetix, an online marketplace for insurance quotes and mortgage rates.The counterintuitive result is featured…
Enhanced seat belt reminders reduce fatalities, increase belt usage
July 14, 2009 by Canadian UnderwriterEnhanced safety belt reminders in new vehicles has increased driver safety belt usage and reduced driver fatalities, according to a report by the Insurance Institute for Highway Safety (IIHS).In its most recent issue of Status Report, the IIHS notes that…
New VOC regulations published
July 13, 2009 by Canadian UnderwriterThe government of Canada has published the regulations surrounding low-Volatile Organic Compound (VOC) automotive refinishing products. The regulations introduce VOC concentration limits for 14 categories of coatings and surface cleaners, which are used for refinishing or repairing the painted surfaces…
MPI reports increase in Q1 net income, despite rising claims costs
July 13, 2009 by Canadian UnderwriterManitoba Public Insurance reported a net income of $17.3 million for 2009 Q1, marking a $10.2-million increase over the same period of 2008.MPI attributes the increase in net income to stable claims costs — assisted in part by a 21.9%…