Industry
Nearly half (48%) of polled drivers in British Columbia “plan to or already have put winter tires on their vehicle in anticipation of another heavy winter this year,” the Insurance Corporation of British Columbia (ICBC) reported on Monday. The survey was conducted earlier this month with an ICBC customer advisory panel of 1,147 respondents. Snow […]
By Canadian Underwriter | October 31, 2017
3 min read
TD Insurance has confirmed that it will be moving its call centre operations in Edmonton to Halifax and Saint John next year. “After careful consideration, we have made the decision to move our TD Insurance call centre operations that are currently in Edmonton to Halifax and Saint John, effective March 2, 2018,” wrote Crystal Jongeward, […]
By Jason Contant | October 31, 2017
2 min read
Axis Capital Holdings Ltd. has had a 60-point deterioration in its third-quarter combined ratio, with US$576 million in pre-tax net losses, net of reinstatement premiums from three hurricanes alone, the Bermuda-based insurer announced. Pembroke, Bermuda-based Axis Capital, which has a branch office in Toronto, reported Thursday a current accident year loss ratio of 126.2% during […]
A newly launched Auto Insurance Price Index from comparison site LowestRates.ca has found that auto insurance rates are dropping in Ontario, but rising in Alberta. Released on Monday, the index report tracks the average cost of consumer auto insurance on a quarterly basis using proprietary data from “the hundreds of thousands of Canadians who get […]
By Jason Contant | October 30, 2017
Toronto-based Kingsway Financial Services Inc. announced on Friday a net loss attributable to common shareholders of US$1.6 million in the third quarter of 2017 compared to net income attributable to common shareholders of US$1.4 million in Q3 2016. “An estimated US$1.6 million of gross losses during the third quarter because of Hurricanes Harvey and Irma […]
By Canadian Underwriter | October 30, 2017
Co-operators General Insurance Company has reported a consolidated net loss of $7.4 million for the third quarter of 2017 ending Sept. 30 compared to net income of $16.3 million for the same quarter of 2016. Guelph, Ont.-based The Co-operators released its financial results late Thursday. The company reported a combined ratio excluding market yield adjustment […]
By Canadian Underwriter | October 27, 2017
Acquisitions by insurers “have had an impact on valuations” of brokerages, but the price a brokerage owner could get be selling the business is also affected by factors such as growth and profitability, insurance carrier chief executives suggested Thursday. “Insurer acquisitions have had an impact on valuations, so for brokers who are looking to sell, […]
By Jason Contant | October 27, 2017
4 min read
Markel Corporation has reported a combined ratio of 134% for the third quarter of 2017 ending Sept. 30 compared to 98% in the same quarter last year. For the first nine months of the year, the combined ratio was 108%, compared to 93% in 9M 2016, Glen Allen, Va.-based Markel said in its third quarter […]
Economical Insurance is looking to “expand its appetite and capabilities into other segments” of the market as it prepares for an initial public offering, president and chief executive officer Rowan Saunders suggested Thursday to Ontario brokers in Ottawa, while Gore Mutual’s CEO confirmed her firm does not have plans to either demutualize or to launch […]
By Jason Contant | October 26, 2017
VANCOUVER – As Canadian cities continue to wage a regulatory crack down on online home-rental platforms, Airbnb maintains it’s open to regulation provided new rules don’t penalize casual users and recognize not every host runs a full-fledged business. Vancouver and Toronto are both weighing imposing a number of restrictions on users, while Quebec, the first […]
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