News
Dire need for investment in Canada’s road infrastructure
May 6, 2009 by Canadian UnderwriterCanadian roads are expected to remain significantly underfunded over the next five years, according to a KPMG report. Canadian road expenditure is predicted to grow by an average of 1% per year between 2009 and 2013, taking the total expenditure…
What’s New: In Brief (May 06, 2009)
May 6, 2009 by Canadian UnderwriterCARSTAR Automotive Canada is aiming to set a Guiness World Record for largest car wash during its sixth annual fundraiser ‘Soaps It Up National Car Wash Day.’ More than 125 ‘Soaps it Up’ events will be held at CARSTAR locations…
New Brunswick to enforce strict drinking and driving rule for new drivers
May 6, 2009 by Canadian UnderwriterAs of June 1, 2009 all New Brunswick motorists under the age of 21 and/or with a class 2 licence, must maintain a zero per cent blood-alcohol level when driving. The new rule will applie to all drivers under the…
What’s New: In Brief (May 05, 2009)
May 5, 2009 by Canadian UnderwriterCanadian Independent Adjusters’ Association — Ontario Region is hosting an education seminar on May 13, 2009. The half-day seminar will focus on two relevant issues facing adjusters today: ladder safety and transportation road safety. There are requirements under the Ontario…
B.C. and Alta credit union battle could impact national Bank Act war
May 5, 2009 by Canadian UnderwriterIf B.C. and Alberta credit unions are allowed to own or operate Alberta insurance brokerages as a result of harmonizing legislation between Alberta and B.C., that could have a huge impact on the national Bank Act issue. And yet, the…
CEO panel at IBAA heats up over use of credit scoring
May 5, 2009 by Canadian UnderwriterA lack of transparency and clarity in the regulations around the use of credit scoring are major obstacles to its widespread use in underwriting personal lines insurance policies, insurance company executives on a CEO panel told the annual general meeting…
Co-Operators reports Q1 net loss
May 5, 2009 by Canadian UnderwriterCo-Operators General Insurance Company reported a net loss of $6.4 million in 2009 Q1, compared to a net income of $5.9 million in 2008 Q1.Its minimum capital test score dropped to 200% in Q1 from 255% in 2008 Q1. Still,…
What’s New: In Brief (May 05, 2009)
May 5, 2009 by Canadian UnderwriterCanadian Independent Adjusters’ Association — Ontario Region is hosting an education seminar on May 13, 2009. The half-day seminar will focus on two relevant issues facing adjusters today: ladder safety and transportation road safety. There are requirements under the Ontario…
What’s New: In Brief (May 04, 2009)
May 4, 2009 by Canadian UnderwriterAon has reported a net income of US$280 million for 2009 Q1 as compared to US$218 million for 2008 Q1. Total revenue decreased 3% to US$1.9 billion due to a 10% decline in investment income, partially offset by a 7%…
Crawford reports decreased revenue in 2009 Q1
May 4, 2009 by Canadian UnderwriterCrawford & Company has reported net income for 2009 Q1 was US$3.1 million, as compared to US$9.1 million in the same quarter in 2008.Revenues, net income and diluted earnings per share in 2009 Q1 were negatively impacted by a number…
Time has come to “reset” Ontario auto system
May 4, 2009 by Canadian UnderwriterThe auto insurance reforms suggested by the Financial Services Commission of Ontario (FSCO) are essentially a wash, Barb Addie, a principal at Baron Actuaries, argued.Addie’s article, Ontario Auto – Control-Alt-Delete?, is featured in the MSA/Baron Outlook Report: Q4-2008.In it, she…
No sign of robust commercial market on the horizon
May 4, 2009 by Canadian UnderwriterThe grim results of 2008 are not enough to usher in a robust hard commercial market, according to Joel Baker, president and CEO of MSA Research Inc.In the MSA/Baron Outlook Report: Q4-2008, Baker outlines the reasons for his assessment.“Unlike personal…