News

Damage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of…

Markel Corp. has reported receiving a subpoena from the Northeast Regional Office of the U.S. Securities and Exchange Commission (SEC), which is conducting an inquiry into certain loss mitigation insurance products.In a recent filing with the SEC, Markel says it…

Canada’s home, car and business insurers and Ontario Safety League (OSL) are joining forces with the Insurance Bureau of Canada (IBC) to implement a province-wide community-driven program to help motorists get home safely during the holiday season. The vice-president of…

Auto accidents involving wildlife collisions peak in the month of November all across Canada due to mating season. Annually, accidents that result from large animals including deer, elk and moose crossing highways and crashing with cars can kill and injure…

Children involved in motor vehicle crashes may be at risk of suffering acute stress disorder (ASD) symptoms after the crash according to research based on a range of crash data from reports submitted to State Farm Insurance Companies, which indicates…

The Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George…

The Financial Services Commission of Ontario (FSCO) has amended the Statutory Accident Benefits Schedule (SABS) to eliminate the DAC system effective March 1, 2006, subject to transition provisions.The new regulations will continue to require a claimant to obtain an assessment…

Kingsway Financial Services Inc. (TSX:KFS) saw a third-quarter profit increase of 22.5% due to a decrease in expenses, which resulted in offsetting a drop in revenues.The insurer of high-risk drivers also reported a net income of $37.5 million ($0.66 per…

Montpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes…

The Toronto Stock Exchange has accepted a notice filed by Kingsway Financial Services Inc. (TSX:KFS) that states the insurers intention to make a Normal Course Issuer Bid.The notice provides that Kingsway may during the 12-month period commencing November 8, 2005…

Commercial insurance buyers are changing brokers, and company risk managers are more actively participating in the placement process and verifying broker information in the wake of regulatory investigations facing the insurance industry, an Advisen Ltd. study has found. In a…

Despite the devastating 2005 hurricane season along with an increasingly competitive market the property-casualty insurance industry is expected to enjoy relatively strong results from 2005 through to 2007, according to Conning Research and Consulting Inc.’s recent report “Property-Casualty Forecast &…