Industry
The aerospace insurance market softened in 2007, responding to the high level of capacity and low level of losses in the aviation industry over the past five years, according to Aon’s Aerospace Insurance Market Review of 2007. “The average 6% reduction in lead premium was not as significant as the fall witnessed in the airline […]
By Canadian Underwriter | March 6, 2008
2 min read
Zurich Financial Services Group has reached an agreement in principle to convey the rights to access renewals on its North American commercial small business solutions (SBS) book of business to Truck Insurance Exchange.Truck Insurance Exchange is one of the Farmers Exchanges. Management of the SBS book of business will transfer to Farmers Group Inc. The […]
1 min read
Western Financial Group intends to submit a proposal to acquire the assets and liabilities of Community Savings & Credit Union (Community Savings) of Red Deer, Alberta. Community Savings is the second largest credit union in Alberta, with assets of Cdn$2.72 billion.Scott Tannas, the president and CEO of Western Financial Group, said his company “informed the […]
The U.S. Council of Insurance Agents and Brokers has asked the World Federation of Insurance Intermediaries (WFII) to review trade barriers and regulations that might impede the placement of global commercial risks.WFII is composed of 100 agent/broker associations representing insurance intermediaries in more than 80 countries around the world. The Insurance Brokers Association of Canada […]
The Insurance Bureau of Canada (IBC) has launched a new consumer education campaign to “create insurance-savvy consumers.”The Web-based campaign is designed around survey results demonstrating that Canadians “don’t know how much they don’t know” about insurance, in the words of IBC president and CEO Mark Yakabuski.The poll of 3,220 Canadians was conducted on behalf of […]
By Canadian Underwriter | March 5, 2008
A surprising number of Canadians lack a basic understanding of some of the most fundamental concepts of insurance, according to research conducted on behalf of the Insurance Bureau of Canada (IBC).In a study of 3,220 Canadians, undertaken by the research firm Pollara, only a small majority (58%) of respondents knew that when a person pays […]
Royal & SunAlliance (R&SA) has continued its investment as a full partner of the Broker Identity Program for 2008, the Insurance Brokers Association of Canada (IBAC) announced in a release. “For many years, R&SA has sponsored IBAC’s broker education campaign and we are proud to continue as a full partner of the Broker Identity Program,” […]
Aviva Canada Inc. has been awarded a three-year accreditation for its injury claims management programs from the Commission on Accreditation for Rehabilitation Facilities (CARF). Aviva is the first insurer in North America to receive this internationally recognized accreditation. CARF accreditation provides Aviva and its Premiere Healthcare Network with an independent endorsement of its customer care […]
An insurer’s contractual obligations in an auto injury case can be severed from the main negligence action against a driver even though the two legal proceedings share “some common question of law or fact” as long as the severance expedites the trial process for the plaintiff, the Nova Scotia Court of Appeal has ruled.In Kirby […]
By Canadian Underwriter | March 4, 2008
Fitch Ratings has given the Bermuda property and casualty insurance and reinsurance market a ‘stable’ outlook, drawing attention to the challenges the market will face in the near future as a result of the current soft market.”Scenarios that could lead Fitch to change its Bermuda market rating outlook to negative include evidence that the current […]
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