News
Investors rank risk management on par with performance
March 19, 2008 by Canadian UnderwriterInvestors consider transparency and risk management to be just as important as performance when deciding whether to retain their managers of alternative investments, according to a PricewaterhouseCoopers (PwC) report. A global survey of 226 institutional investors and alternative investment providers…
Canadian property and casualty industry reports reduced profits in 2007
March 19, 2008 by Canadian UnderwriterThe net income of Canada’s property and casualty industry dropped to Cdn$4.008 billion in 2007, a 3.6% decrease over the Cdn$4.158 billion it recorded in 2006.MSA Research Inc. posted its year-end, aggregate financial data for 2007. In addition to the…
What’s New: In Brief (March 19, 2008)
March 19, 2008 by Canadian UnderwriterMonique F. Leroux has been elected president and CEO of Desjardins Group. She is the first woman elected as president and CEO of Desjardins Group, and currently serves as senior executive vice president and CFO. Leroux will officially assume her…
New coverage protects food industry against reputational damage following product recall
March 18, 2008 by Canadian UnderwriterFood producers must be better prepared to manage not only the possibility of a product recall, but any reputational damage that could sink the company as a result.“It takes 20 years to build a reputation, and about five minutes to…
What’s New: In Brief (March 18, 2008)
March 18, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) will be taking a phased-in approach to rate design changes targeting high-risk drivers, and delay the introduction of a second initiative targeting vehicles with multiple drivers (some of whom are high-risk).ICBC in Spring…
La Capitale reports increase net profits
March 18, 2008 by Canadian UnderwriterLa Capitale General Insurance’s net profits in the property and casualty insurance segment reached Cdn$33.3 million in 2007, an Cdn$11-million increase compared to 2006, the company reported.This sector showed marked overall growth of 8.6%, with total sales of Cdn$473 million,…
Court allows second-hand evidence in accident benefits case
March 18, 2008 by Canadian UnderwriterAn Ontario Superior Court judge has allowed hearsay medical and real estate evidence to be given at an accident benefits trial arising from an automobile accident because the victim has since moved to a foreign jurisdiction.Hong v. Song arises from…
In Memoriam: Ted Belton
March 17, 2008 by Canadian UnderwriterTed Belton, who dedicated half a century of his life to the Canadian insurance industry, died of a cardiac arrest in Toronto on Mar. 12.Belton is perhaps best known as the president and C.E.O. of Edward F. Belton Enterprises Inc.…
Willis CEO lists eight megatrends that could affect industry in the future
March 17, 2008 by Canadian UnderwriterToday’s risks are increasingly being shaped by a number of different factors, including globalization, global warming, terrorism, and cyber risk and credit risk, according to Joseph Plumeri, chairman of Willis Group Holdings. Historically, the risks were property, casualty, marine, aerospace,…
Reinsurance industry sees slight improvement in combined ratio
March 17, 2008 by Canadian UnderwriterA group of 20 U.S. property-casualty reinsurers wrote US$22.7 billion of net premiums during 2007, a decrease of US$3.1 billion over the same period in 2006.A Reinsurance Association of America (RAA) study notes the combined ratio for the group was…
Average annual cost of auto repair expected to rise
March 17, 2008 by Canadian UnderwriterThe average annual cost of automotive repair is forecasted to increase to Cdn$1,141 in 2010 from Cdn$1,044 in 2006, according to the 2007 Outlook Study released by the Automotive Industries Association (AIA) of Canada. In the period spanning from 2001…
FSCO arbitrator requires disclosure of intended tort action against insurer
March 14, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has ordered Eva Wren, an applicant for arbitration with State Farm Mutual Automobile Insurance Company, to provide written notification as to whether or not she intends to advance a tort claim against the…