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IBC image rating matches all-time high

April 18, 2008 by Canadian Underwriter

Insurance Bureau of Canada’s public image rating has matched its all-time high of 5.8 out of 10, according to Mike Donoghue, chair of the IBC board of directors. The improved perception of the industry boosts the Bureau’s credibility when speaking…

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New technology allows insight into driving habits

April 18, 2008 by Canadian Underwriter

Technologies such as event data recorders, telematics, and on-board video recorders offer an unprecedented level of insight into drivers’ behaviors, potentially leading to a more personalized approach to assessing risk, a report by Celent says. Telematics and event data recording…

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Court distinguishes between pollution-related losses and claims

April 18, 2008 by Canadian Underwriter

In a commercial D&O policy, exclusions for “pollution-related losses” are not the same thing as exclusions for “pollution-related claims,” the Ontario Court of Appeal has ruled.In Boliden Ltd. v. Liberty Mutual Insurance Company, Liberty issued a directors’ and officers’ liability…

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The Co-operators increases profit by $21 million in 2007

April 17, 2008 by Canadian Underwriter

The Co-operators Group Ltd. announced a net income of Cdn$154.8 million in 2007, up from Cdn$133.4 million the previous year. “The strong financial performance allowed the organization to make an unprecedented contribution of more than [Cdn]$1 million to The Co-operators…

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What’s New: In Brief (April 17, 2008)

April 17, 2008 by Canadian Underwriter

Last year proved to be a buyer’s market for the insurance industry; barring any catastrophes in 2008, the price of premiums will likely continue to trend downwards, according to the Risk and Insurance Management Society (RIMS) 2008 Benchmark Survey.The survey…

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Canadian Underwriter receives multiple KRW award nominations

April 17, 2008 by Canadian Underwriter

Canadian Underwriter has received seven nominations in the 2008 Canadian Business Press (CBP) ‘Kenneth R. Wilson Editorial Excellence Awards.’The nominations are in different award categories. These include: best editorial, best professional article, best merchandising/marketing article, best feature article, best news…

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What’s New: In Brief (April 17, 2008)

April 17, 2008 by Canadian Underwriter

John McGlynn, president and CEO of Kingsway General Insurance Company, accepted Toronto Insurance Women’s Association (TIWA)’s Patron of the Year Award.Kingsway was recognized for encouraging the personal and professional growth of its employees and supporting the common good of society…

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U.S. property/casualty industry sees first drop in net premium written since 1943

April 17, 2008 by Canadian Underwriter

Net income for the U.S. property and casualty industry fell to US$66.5 billion in 2007 from US$71.3 billion in 2006, according to an A.M. Best special report. The industry also saw its underwriting profits wilt, shrinking to US$22.1 billion in…

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Aggressive growth in unusual lines could be early warning indicator of potential insolvency

April 16, 2008 by Canadian Underwriter

It’s common for the management of an insurer facing insolvency to engage in aggressive marketing practices, according to a 2007 study conducted by the Property and Casualty Insurance Compensation Corporation (PACICC).The study, ‘Why Insurers Fail,’ was presented at PACICC’s annual…

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Continued softening expected in property catastrophe reinsurance

April 16, 2008 by Canadian Underwriter

Traditional property catastrophe reinsurance program pricing is anticipated to continue softening during mid-year renewals, according to Aon Re Global analysis. Price reductions will be a higher priority for cedents, while terms and conditions are expected to improve, Aon Corporation notes…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (April 16, 2008)

April 16, 2008 by Canadian Underwriter

IntegResource Canada, a restoration company, has announced that Genesis Restorations is now a partner contractor. “Genesis is a valued addition to our national network, and will provide exceptional restoration service in the Vancouver, Fraser Valley and Okanagan regions,” IntegResource Canada…

News InsuranceMergers and Aqcuisitions

Court dismisses appeal on declaratory benefits

April 16, 2008 by Canadian Underwriter

The Ontario Court of Appeal has dismissed an insurer’s appeal, ruling that a trial judge did not overstep the SABS when granting declaratory benefits.In Monks v. ING Insurance Company of Canada, Suzanne Monks was rendered an incomplete quadriplegic following three…