Industry
Co-operators General Insurance is among a handful of Guelph-based firms appearing in the Globe and Mail’s Report on Business magazine annual ranking by dollar profit. The insurance firm ranked 111 for the 2005 years profit of just over CD$132 million. This position represents a 5% drop from last years ranking of 104. The Co-operators slight […]
By Canadian Underwriter | July 6, 2006
2 min read
ING Group has signed into a US$1.02 billion (800 million), five-year outsourcing deal, which will cover the installation and servicing of office equipment.This deal is part of ING’s broad strategy to cut costs and represents the Company’s most recent outsourcing agreement. ING has already signed two other outsourcing agreements this year. The other agreements include: […]
By Canadian Underwriter | July 5, 2006
Aon Corp. (NYSE: AOC) has reached a definitive agreement to sell Aon Warranty Group (AWG) and its worldwide operations to Onex Partners. Among the AWG businesses to be sold to Onex, an affiliate of Toronto-based Onex Corp., is Virginia Surety Company. The acquisition is subject to conditions including the receipt of required regulatory approvals, and […]
By Canadian Underwriter | July 4, 2006
1 min read
A new Canadian insurance conference, planned for the end of September 2007, will bring together CEOs and senior executives of the property and casualty insurance industry.The inaugural National Insurance Conference of Canada (NICC) will be held in Montreal from Sept. 30 to Oct. 2, 2007. MSA Research president Joel Baker is heading up the NICC. […]
Insurers should be aware of changes made 10 years ago to standards for testing fire suppression systems
By Larry Watson, Director of Loss Control, ING Canada | June 30, 2006
6 min read
Clear policy literature and taking enough time to explain policies to consumers should help improve the industry's public image
By Trish Tervit, Senior Consultant, Environics Communications | June 30, 2006
Some time ago, the Canadian Bankers Association (CBA) requested we “correct” an online news piece published on the Canadian Underwriter (CU) Web site. The article was about a Supreme Court challenge related to the sale of creditor insurance in Alberta bank branches. In Canada Western Bank v. Alberta, eight major banks asked the Supreme Court […]
By David Gambrill | June 30, 2006
3 min read
A 2006 “mega-hurricane” causing damages of more than US$100 billion would likely result in a failure rate of between 3% and 7% of insurers with related catastrophe exposure, according to an A.M. Best report. “A.M. Best’s statistical analysis of two hypothetical mega-hurricanes…suggests that anywhere from 20 to 40 insurers, or 3% to 7% of all […]
June 30, 2006
Desjardins reports premium, investment increases
Standard & Poor’s (S&P’s) says the outlooks on both personal and commercial lines of the North American property and casualty insurance sector remain stable. The ratings agency based its assessment on two main observations: 1) more moderate price declines have been seen during the year and 2) hurricane claims activity will result in pricing increases. […]
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