Industry
New technology may herald the rise of a new, multi-channel distribution model
By Brad Smith, President, ReMark Americas | August 31, 2006
5 min read
The new CSIO XML standard for commercial lines represents a move towards true data exchange between brokers and carriers
By Lorin McCaffrey, Senior Product Developer, Policy Works. | August 31, 2006
Fairfax Financial Holdings Ltd. (TSX and NYSE:FFH) announced 2006 Q2 earnings of US$223.6 million, and has decided on the commutation of its Swiss Re cover worth US$1 billion. In a press release, the company also said it will issue a restatement of its earnings, based on an analysis of its 2001 figures. The combined ratio […]
August 31, 2006
2 min read
Co-operators General Insurance Company has reported a 2006 Q2 consolidated after-tax net income of CD$49.6 million, compared to the CD$32.4 million profit for the same period in 2005. Gross written premium in the second quarter increased 4.3%, to CD$602.8 million, compared to CD$577.9 million in the second quarter of 2005, the company reported in a […]
1 min read
Alberta’s mandatory auto insurance premiums are about to drop by 3% as of Nov. 1, 2006. The reduction will be effective when Alberta drivers renew their mandatory coverage. Alberta auto insurance premiums have reduced by 18% since legislative reforms were introduced in 2004. When the automobile insurance reforms went into effect on Oct. 1, 2004, […]
Lloyd’s of London in Canada paid out more for claims in 2005 than it collected in premium, Lloyd’s chairman, Lord Levene, indicated in a July speech to the Vancouver Board of Trade. “What we’ve seen in Canada has caused a few frown lines,” Levene said in the text of his speech. “In 2005, Lloyd’s underwriters […]
Opposition Liberals in New Brunswick have called for a public insurance system, criticizing rate increases for owners of recreational vehicles. Canadian Press, Insurance Critic Denis Landry said some people with motorcycles, snowmobiles and all-terrain vehicles have seen their rates increase by as much as 233% this year. Landry is reported as saying the situation would […]
Munich Re, Swiss Re Group, Berkshire Hathaway Group, Hannover Re and Lloyd’s of London are A.M. Best’s Top 5 reinsurers in 2006, based on consolidated gross premium written in 2005, according to the ratings agency. “Ranked by 2005 gross written premium in U.S. dollars, 2006’s Top five groups accounted for 52% of the total gross […]
Underwriting within the Canadian commercial property segment during 2005 saw a sharp increase in net loss ratio, dampening overall industry results.Events that contributed to the poor results include the Suncor Oil Sands Facility and increased storm activity throughout the country including a catastrophic storm in Ontario, according to A.M. Best Ratings Co. Additionally, A.M. Best […]
By Canadian Underwriter | August 31, 2006
Information and Privacy Commissioner Frank Work has upheld the decision of Alberta Finance (the “Public Body”) to refuse access to the draft KPMG actuarial report that helped set the rate for basic automobile insurance in 2003. A press release from the Office of the Information and Privacy Commissioner of Alberta indicates that, “the Applicant had […]
By Canadian Underwriter | August 29, 2006
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