News
SGI to cut auto insurance rates by 7.1%
May 10, 2007 by Canadian UnderwriterThe Saskatchewan government approved changes to auto insurance rates that will translate to an average rate cut of 7.1%, reports the CBC.In February of this year Saskatchewan Government Insurance (SGI) applied to the Saskatchewan Rate Review Panel to generally reduce…
What’s New: In Brief (May 10, 2007)
May 10, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has issued a statement warning BC drivers to prepare and beware of flooding. According to BCs Ministry of Environment, warmer temperatures and snowmelt combined with high volume precipitation could increase the risk of…
Alberta brokers association changes name, personnel
May 10, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Alberta [IBAA] has made several adjustments during its recent convention in Jasper Alberta, one of which was a name change.At its AGM on May 7, the association voted to drop the word independent from its…
Report links loyalty and satisfaction in collision repair
May 9, 2007 by Canadian UnderwriterMitchell International has released a report examining owner/policy-holders experience with direct repair programs and the impact on satisfaction and loyalty. According to researchers, in the collision repair industry, customer satisfaction and customer loyalty are more closely linked than in other…
Crawford launches Canadian commercial auto services branch
May 9, 2007 by Canadian UnderwriterCrawford & Company (Canada) Inc. has announced the creation of a commercial auto services branch, which will oversee programs in the commercial auto sector. Working with Crawfords global branch network, this new team will manage programs within the commercial auto…
ICBC reports Q1 profits of $111 million
May 9, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has reported net income of $111 million for the 2007-Q1, an increase from 2006-Q1s $85 million. According to an ICBC statement there were more than 64,000 crashes in the first three months of…
Privacy commissioner calls for action against identity theft
May 9, 2007 by Canadian UnderwriterCanadas privacy commissioner is imploring governments and businesses to take action against identity theft, calling it a pervasive problem for Canadians.Commissioner Jennifer Stoddart addressed the Standing Committee on Access to Information, Privacy and Ethics, which just released a study on…
What’s New: In Brief (May 08, 2007)
May 8, 2007 by Canadian UnderwriterAfter 20 years of service at BDC, Brian K. Hammond, director, risk management and insurance, is retiring. During Brians time with us, BDC has benefited from his sound advice, and wise counsel on risk management, insurance matters and claim-related problems,…
Swiss Re reports 54% revenue increase in Q1 over 2006-Q1
May 8, 2007 by Canadian UnderwriterSwiss Re has increased its earnings by 54% in Q1-2007 over Q1-2006. The company has reported earnings of CHF1.3 billion (approximately Cdn $1.18 billion).Swiss Re had a good start to 2007, Jacques Aigrain, CEO for Swiss Re, said in a…
IPCC notes link between insurance practices and climate change
May 8, 2007 by Canadian UnderwriterThe Intergovernmental Panel on Climate Change (IPCC) points to changes in insurance practices as an indirect form of climate change policy in its its fourth report, Climate Change 2007. According to the panel, there is growing evidence that decisions concerning…
MMC reports Q1 profits of Cdn$3.1 billion
May 8, 2007 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported revenues of US$2.8 billion [approximately Cdn$3.1 billion] and a profit of $1.5 billion [approximately Cdn$1.66 billion] in its risk and insurance services during the 2007 Q1, an increase of 1% from 2006 Q1.Marshs…
ICLR unveils tornado- and winter storm-resistant home
May 7, 2007 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) is unveiling a winter storm- and tornado-resistant home in Edmonton, Alberta.The home retrofit includes: anchoring cabinets, office equipment and bedroom furniture to walls; bracing TV stands, televisions and refrigerators with appliance straps; outfitting…