Industry
The government of British Columbia announced on Wednesday that it will no longer insure the high-end luxury car rate class – cars worth $150,000 and over – “so that the broader ratepayer is not subsidizing these cars.” The owners of these cars will have to go to private insurance instead, Minister of Transportation and Infrastructure […]
By Canadian Underwriter | November 24, 2016
4 min read
CALGARY – Alberta’s incoming carbon taxes will have a minimal effect on new oilsands development compared with oil prices and market access, says a new report. TD Bank economist Dina Ignjatovic said in the paper released Tuesday that if oil prices rise above US$60 a barrel then a carbon tax likely won’t make or break […]
By Jason Contant | November 23, 2016
2 min read
Real growth of direct premiums written in non-life insurance in Canada is expected to be 0.8% this year, but up to 1.7% in 2017 and 2.6% in 2018, according to Swiss Re’s Global insurance review and outlook for 2017/18. The report, released on Tuesday, said that growth in global non-life premiums is forecast to fall […]
By Canadian Underwriter | November 22, 2016
Intact Financial Corporation (IFC) announced on Monday that it has opened its third Intact Service Centre in Canada, this time in Toronto, so that Intact Insurance and belairdirect customers “can now experience a simpler, faster and more convenient auto claims process.” IFC opened its first service centre in Calgary on Feb. 22. The second service […]
By Canadian Underwriter | November 21, 2016
A bank holding a mortgage on property that a creditor is attempting to seize from the property owner is not precluded, by the Personal Information Protection and Electronic Documents Act, from disclosing the mortgage discharge statement to the creditor, the Supreme Court of Canada suggested in a ruling released Thursday. “The sensitivity of financial information, […]
By Canadian Underwriter | November 17, 2016
The Ontario government has announced that it will introduce legislation to establish the initial parameters for the Financial Services Regulatory Authority (FSRA), “a new independent and flexible regulator of financial services and pensions that, once established, would be more consumer-focused and improve protections for consumers, investors and pension plan beneficiaries.” Last November, a panel appointed […]
By Canadian Underwriter | November 14, 2016
3 min read
Lévis, Que.-based Desjardins General Insurance Group (DGIG) – a Desjardins Group subsidiary specializing in property and casualty insurance – has reported a net income of $12.1 million in the third quarter of 2016 ending Sept. 30, compared to a net loss of $32 million for the corresponding quarter in 2015. In its financial results released […]
It is too early to gauge the exact financial impact, on insurers, of Ontario auto changes that took effect this past June, and in the meantime, the mandated 15% rate reduction announced three years ago is still affecting loss ratios, an analyst with A.M. Best Company Inc. suggested Thursday. In a recent report, A.M. Best […]
By Jason Contant | November 13, 2016
5 min read
Allianz Group has reported that net income attributable to shareholders climbed 36.5% in the third quarter of this year ending Sept. 30 to 1.9 billion euros, due partly to better performance across its business segments. However, for the nine-month period ending Sept. 30, net income attributable to shareholders was 5.1 billion euros, down 1.1% from 5.2 […]
By Canadian Underwriter | November 11, 2016
Berkshire Hathaway Inc. reported Friday a 13% drop in its property & casualty premiums earned at its reinsurance group, while the primary insurers had a combined loss ratio of 61% during the third quarter of this year. For the three months ending Sept. 30, Berkshire Hathaway Reinsurance Group had P&C premiums earned of $1.164 billion, […]
By Canadian Underwriter | November 7, 2016
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