Segment
Claims
Reinsurers see property lines portfolios increase, casualty lines decrease
November 26, 2007 by Canadian UnderwriterReinsurers are shuffling the mix of their property and casualty lines in an environment of declining catastrophes and deteriorating rates, according to A.M. Best.As our casualty lines have shrunk, property has become a larger part of the portfolio than in…
Fatal stabbing of cabbie not an accident: FSCO
November 23, 2007 by Canadian UnderwriterAn insurer was right to deny accident benefits to the widow of a taxi cab driver whose husband was stabbed to death while on duty, ruled a Financial Services Commission of Ontario (FSCO) arbitrator.Morteza Khorasani died as a result of…
Canadian P&C insurers’ profits predicted to fall Cdn$1 billion between 2006 and 2007
November 22, 2007 by Canadian UnderwriterPricing and claims trends in Canadas property and casualty industry over the past year suggest Canadian insurers will see a Cdn$1-billion drop in net income between 2006 and 2007, according to KPMG senior manager Blair Manktelow.Speaking at KPMGs 16th annual…
Hot economy in Western Canada poses challenges
November 21, 2007 by Canadian UnderwriterThe red-hot economy in Western Canada is posing challenges of increasing claims costs and talent retention issues for insurers, Diane Brickner, president and CEO of Peace Hills Insurance Company, told delegates of the North American Insurance Conference, in Tampa, Florida.While…
Neck pain most frequent injury in car crashes: ICBC
November 21, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) says neck pain is the most frequent type of injury reported in motor vehicle crashes.Citing statistics from 2002-06, John Gane, ICBCs manager of vehicle safety and research, says: “More than 70% of people…
P&I claims and premiums on the rise, Aon report says
November 20, 2007 by Canadian UnderwriterThe surge in costly in protection and indemnity (P&I) pool claims in 2006 could be a sign of the times, as booming shipping operations become more expensive, according to Aons P&I Pre-renewal Report 2007. In anticipation, P&I clubs are already…
What’s New: In Brief (November 19, 2007)
November 19, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) is supplying 4,000 magenta blankets featuring the BIP logo to patrols across Canada, part of a new partnership with the Canadian Ski Patrol System (CSPS). The BIP logo – or the logo promoting…
Desjardins General Insurance Group reports 2007 Q3 gains
November 15, 2007 by Canadian UnderwriterDespite reporting gains in its general insurance operations, Desjardins Group, an integrated cooperative financial group, recorded combined surplus earnings in 2007 Q3 of Cdn$248 million, down Cdn$80 million or 24.4% from the same quarter of 2006. This decrease was primarily…
IBC asks governments to upgrade city infrastructures, adapt to climate change
November 14, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is calling on Canadian municipal, provincial and federal governments to improve urban infrastructure so as to mitigate property damage caused by storms in an age of climate change.The Insurance Bureau of Canada will insist…
British Columbia winter storm season underway
November 13, 2007 by Canadian UnderwriterA post-remembrance day windstorm has served as a reminder that the British Columbia winter storm season is underway, and residents should be prepared for future severe storms, the Insurance Bureau of Canada (IBC) warns. Roughly 90,000 B.C. Hydro customers were…
ICBC reports increasing profits and claims costs
November 9, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has reported strong financial results for the first nine months of 2007, but remains cautious of increasing claims costs.Net income for the first nine months of 2007 was Cdn$526 million, an increase of…
ING Canada reports 40% slip in profits
November 7, 2007 by Canadian UnderwriterING Canada has reported a Cdn$64-million decrease in its 2007 Q3 profits. This year, the company reported a 2007 Q3 net income of Cdn$92 million, down from Cdn$156.8 million over the same period last year. For the first nine months…