Industry
The average annual cost of automotive repair is forecasted to increase to Cdn$1,141 in 2010 from Cdn$1,044 in 2006, according to the 2007 Outlook Study released by the Automotive Industries Association (AIA) of Canada. In the period spanning from 2001 to 2006, the average annual growth rate in repair costs was 3.1%, the study shows. […]
By Canadian Underwriter | March 17, 2008
1 min read
The Financial Services Commission of Ontario (FSCO) has ordered Eva Wren, an applicant for arbitration with State Farm Mutual Automobile Insurance Company, to provide written notification as to whether or not she intends to advance a tort claim against the insurer.Reyn claims to have been injured in an August 2005 motor vehicle collision. She applied […]
By Canadian Underwriter | March 14, 2008
The Risk and Insurance Management Society (RIMS) has expressed concern about how to apply Standard & Poor’s (S&P’s) proposal to implement an enterprise risk management (ERM) analysis for credit ratings of non-financial companies. Overall, RIMS commends S&P’s work to elevate the visibility of ERM in businesses and supports S&P’s adoption of an ERM framework as […]
Robert J. Dunn has been named vice chairman of Integro Canada Ltd.Dunn joined Integro in 2005 as managing principal and has successfully established the Integro operation in Montreal. He will continue to manage the Montreal office, which specializes in construction, financial institutions, professional liability and management liability. “I am delighted to recognize Bob’s dedication and […]
The Insurance Corporation of British Columbia (ICBC) has reported a profit of Cdn$642 million for 2007, an increase over 2006’s Cdn$350 million.The corporation also reported high customer satisfaction scores for last year and announced that it would be cutting its optional coverage rates in 2008.ICBC reported Cdn$3.572 billion in premiums written for 2007, a slight […]
By Canadian Underwriter | March 13, 2008
Injury risk decreases as vehicle roof strength increases, according to a report by the Insurance Institute for Highway Safety (IIHS). This is a different conclusion from other studies, which found that roof strength had little or no effect on the likelihood of injury, an IIHS release says. Injury rates vary considerably among vehicles in rollovers, […]
2 min read
Red-light camera intersections established to improve traffic safety by discouraging drivers from running red lights have actually increased the number of intersection crashes, a University of South Florida Health Review article suggests.The University of South Florida research cites a number of studies, including a 2003 Ontario study, in support of its contention that red-light cameras […]
Financial Services Commission of Ontario (FSCO) has temporarily suspended the Health Claims for Auto Insurance Guideline (HCAI) at the request of the Insurance Bureau of Canada (IBC). In a letter to the Ontario insurance regulator dated Mar. 10, 2008, IBC recommended the suspension of the operations of HCAI by the close of the business day […]
By Canadian Underwriter | March 12, 2008
Saskatchewan’s insurance brokers are at odds with the province’s credit unions over regulations that allow credit unions to operate insurance brokerages only if the brokerages are “separate and distinct” from credit union premises.The province’s Credit Union Insurance Business Regulations state: “No credit union shall carry on business in Canada in premises that are adjacent to […]
By following five core strategies, managing general agents (MGAs) and managing general underwriters (MGUs) can maximize opportunities and succeed in soft market conditions, says Guy Carpenter & Company LLC.The reinsurance broker’s paper, ‘Optimize in a Soft Market, Succeed in Any Market Five Strategies for MGAs and MGUs,’ outlines five key “high-gain” strategies for business improvement […]
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