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Direct writers predicted to erode market share of independent channel in Canada (June 26, 2008)

June 26, 2008 by Canadian Underwriter

Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked…

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Direct writers predicted to erode market share of independent channel in Canada (June 26, 2008)

June 26, 2008 by Canadian Underwriter

Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked…

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What’s New: In Brief (June 26, 2008)

June 26, 2008 by Canadian Underwriter

The Windsor-Essex Regional Chamber of Commerce has named Windsor CARSTAR Collision the 2008 Service Company of the Year. The Chamber’s annual business excellence awards honour those who go above and beyond establishing successful businesses; they also recognize people who contribute…

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U.S. P&C net income falls nearly 50%

June 26, 2008 by Canadian Underwriter

The U.S. property and casualty industry’s net income fell 49.3% in 2008 Q1, from US$16.2 billion in 2007 Q1 to US$8.2 billion this year. Reflecting the declines in net income, the P&C industry’s annualized rate of return on average policyholders’…

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Declining premium growth, diminished auto returns cited as obstacles for 2008

June 26, 2008 by Canadian Underwriter

Lack of premium growth nationwide and diminished results in the Ontario auto segment have constrained results for Canadian property and casualty insurers in the past year, according to a recent report published by Standard & Poor’s Ratings Services. Although 2007…

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EGI rights offering anticipated to gross over $20 million

June 25, 2008 by Canadian Underwriter

EGI Financial Holdings Inc. has announced it is conducting a rights offering that is expected to result in gross proceeds of approximately Cdn$20.1 million. The company says the proceeds will be used for general corporate purposes, which could include financing…

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Canada’s insurance market has Cdn$11 billion in excess capital

June 25, 2008 by Canadian Underwriter

Canada’s insurance market has Cdn$11 billion in excess capacity, enough to underwrite another replica of Canada, which could fuel a soft market well into 2012.Joel Baker, president of MSA Research, made the above observation and prediction as a panelist at…

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What’s New: In Brief (June 25, 2008)

June 25, 2008 by Canadian Underwriter

More than 3,000 people are injured and 116 people are killed, on average, in nearly 5,000 alcohol-related crashed in British Columbia each year, according to ICBC. The public auto insurer says these stats translate into more than Cdn$140 million in…

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Children’s evidence in auto accident does not require a caution to the jury: Appeal Court

June 25, 2008 by Canadian Underwriter

Children’s evidence is not inherently any more or less reliable than an adult’s evidence when it comes to apportioning contributory negligence in a motor vehicle accident, Ontario’s Court of Appeal has upheld in Jones v. Niklaus. The court thus applied…

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OSFI concerned about politicization of auto insurance product

June 24, 2008 by Canadian Underwriter

Canada’s federal solvency regulator is concerned the country’s auto insurance product will become “politicized” if minor injury caps are upheld to be unconstitutional and auto premium prices escalate much more beyond where they are now.Bruce Thompson, the director of the…

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Pawnshop founder neither employed nor self-employed at time of accident: arbitrator

June 24, 2008 by Canadian Underwriter

A man who claimed to be in the process of establishing a pawnshop when he was injured in a 1999 auto accident is not entitled to receive income replacement benefits or non-earner benefits, an Ontario arbitrator has found.Joseph Richard Ovila…

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Global non-life premium growth expected to stagnate, at best: Swiss Re

June 24, 2008 by Canadian Underwriter

World insurance premium income grew 3.3% in real terms in 2007, reaching US$4.06 trillion, with global non-life premium growth slowing to 0.7% in real terms, totalling US$1.668 trillion, according to a Swiss Re sigma study.The results from six major primary…