Industry
The Regroupement des cabinets de courtage d’assurances du Qubec (RCCAQ), Quebec’s broker association, is lobbying the province’s financial services regulator, L’Autorite des marches financiers (AMF), to disallow the province’s car dealers from distributing “replacement warranties.”Brokers have identified the replacement warranty as an insurance product. As such, brokers are telling the AMF that car dealers are […]
By Canadian Underwriter | March 19, 2008
2 min read
Investors 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 found the quality of compliance and risk management process (41% of investors) and transparency (41% […]
The 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 reduced profits, MSA figures also show increasing loss ratios and combined ratios.The 2007 net loss […]
1 min read
Monique 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 position following Desjardins Group’s annual general meeting on Mar. 29 in Quebec City. “I […]
The 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 2007 announced plans to charge high-risk drivers higher premium rates than other drivers. But following […]
By Canadian Underwriter | March 18, 2008
La 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, La Capitale noted in a release. The auto insurance line posted excellent results, with premium […]
An 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 a 2002 motor vehicle accident in which Eugene Song was a passenger in a vehicle […]
Ted 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. and Forecast Publishers, the publisher of The Belton Report. The Belton Report, discontinued upon Belton’s […]
By Canadian Underwriter | March 17, 2008
Today’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, executive risks, and so forth, according to speaking notes from a presentation Plumeri gave at […]
A 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 94.7%, a slight improvement over the 94.9% combined ratio reported for 2006.The combined ratio is […]
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