News
Canadian reinsurers’ 2006 income highest in past four years
May 17, 2007 by Canadian UnderwriterCanadian reinsurers in 2006 collectively posted their highest net income in the past four years, according to data collected by the Reinsurance Research Council (RRC).The RRC data was presented by a panelist speaking at a Property Casualty Underwriter Club (PCUC)…
ICLR selects Co-Operators’ Bardswick as chairman
May 17, 2007 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has appointed Kathy Bardswick, CEO of The Co-Operators Group, as its new chairman, effective immediately.Bardswick will replace David Wilmot, who recently announced his intention to retire from the ICLR and his role as…
What’s New: In Brief (May 16, 2007)
May 16, 2007 by Canadian UnderwriterAxa has opted to maintain its status as a full partner of the Insurance Brokers Association of Canadas (IBAC) broker identity program, also known as the Bipper program, for 2007.We are pleased to support brokers across Canada in their successful…
75% chance of Category 3-5 hurricane hitting U.S. coastline in 2007
May 16, 2007 by Canadian UnderwriterThe 2007 hurricane season is likely going to be very active, with landfall probabilities well above their long-period averages.This is largely due to the rapid dissipation of El Nino conditions, according to researchers at the Colorado State Universitys Department of…
ING Canada promotes risk-based regulation
May 16, 2007 by Canadian UnderwriterING Canadas insurance subsidiaries will be adopting the Insurance Bureau of Canada (IBC)’s Standards of Sound Marketplace Practice, the company announced at its AGM on May 16.The primary objective of the IBC standards is to encourage the adoption of a…
Lower investment gains, underwriting income eat into ING’s 2007 Q1 profits
May 16, 2007 by Canadian UnderwriterING Canada Inc. (TSX: IIC) reported a 2007 Q1 net income of Cdn$126.2 million, down from Cdn$185.9 million recorded during the same quarter last year.Lower gains on invested assets and, to a lesser extent, underwriting results reduced our profitability, ING…
Retrocessional rates still high after 2004-05 hurricanes
May 15, 2007 by Canadian UnderwriterReinsurers are still feeling the pinch of high rates and tight capacity after disastrous losses between 2004 and 2005. In 2005 and 2006, pricing in the retro market did become extreme, David Priebe, head of specialty operations for reinsurance broker…
Alberta’s auto grid, city rates not up for discussion, brokers told
May 15, 2007 by Canadian UnderwriterAlbertas auto insurance rate grid is not up for discussion, and the particular grid rates for the cities of Edmonton and Calgary will not change as a result of the Alberta Automobile Insurance Rate Boards premium review, now underway, the…
Ontario court deems mosquito bite an accident
May 15, 2007 by Canadian UnderwriterOntarios Court of Appeal has deemed the 2002 biting of an outdoor worker by a West Nile Virus-carrying mosquito an accident and has awarded the worker $130,000 of coverage under his policy.Ryszard Kolbuc was working as a plasterer when he…
What’s New: In Brief (May 15, 2007)
May 15, 2007 by Canadian UnderwriterThe Co-Operators have appointed Bruce West as senior vice president and chief financial officer (CFO), effective June 4, 2007.West brings more than 25 years of progressive financial and managerial experience in operations, corporate development, and financial management to his new…
What’s New: In Brief (May 14, 2007)
May 14, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is sponsoring a symposium to discuss how to reduce the number of drivers on the road who are overtired. Police are able to pull over and charge those who are intoxicated, but there are…
Law Society to regulate SABS representatives
May 14, 2007 by Canadian UnderwriterThe Law Society of Upper Canada is now responsible in law for regulating independent paralegals, including Statutory Accident Benefits Schedule (SABS) representatives.FSCO has been consulting with the law society on how the transition to paralegal regulation by the law society…