Industry
TORONTO – Auto insurance rates in Ontario have dropped about 10 per cent on average in the past couple of years, putting the Liberal government two-thirds of the way to a goal that passed eight months ago. The Liberals promised in August 2013 to reduce car insurance premiums an average of 15 per cent by […]
By The Canadian Press | April 25, 2016
1 min read
Kingsway Financial Services Inc. of Toronto, whose products include non-standard auto in the United States, reported Friday it lost US$1.495 million during the three months ending March 31. Net premiums earned in the most recent quarter were $29.427 million, essentially unchanged from $29.03 million in Q1 2015. All figures are in U.S dollars. Net income […]
By Canadian Underwriter | April 25, 2016
2 min read
Allied World Assurance Company Holdings AG reported Tuesday its combined ratio deteriorated 7.9 points, from 88.1% during the first quarter of 2015 to 96% in the three months ending March 31, while net premiums written dropped 8.9%. Zug, Switzerland-based Allied World has a Toronto branch, from which it covers various property and liability lines in […]
By Canadian Underwriter | April 21, 2016
No country offering flood protection has got things “100% right,” but Insurance Bureau of Canada (IBC) will continue to refine its proposal for a national flood strategy that ensures all areas, even high-risk areas, are covered and that works for all stakeholders, IBC president and CEO Don Forgeron said Thursday. “In our estimation anyway, no […]
By Greg Meckbach | April 21, 2016
4 min read
Collaboration and consistency among Canada’s property and casualty insurers will be key as the industry looks to tackle top-of-mind issues – like the sharing economy and overland flood – in a rapidly changing and increasingly complex environment, Sylvie Paquette, chair of Insurance Bureau of Canada’s (IBC) Board of Directors, suggested at IBC’s Annual General Meeting […]
When a 15% retail sales tax on property and casualty insurance policies takes effect this July in Newfoundland and Labrador, that province will have the highest taxes on insurance premiums in Canada, an Insurance Bureau of Canada official suggests. The provincial government budget for the 2016-17 fiscal year was tabled April 14 by Cathy Bennett, […]
By Canadian Underwriter | April 19, 2016
The US$2.6-billion sale of Sirius International Insurance Group Ltd., which has a Toronto office, is now complete, White Mountains Insurance Group Ltd. announced Monday. Sirius International is now owned by Singapore-based CM International Holding Pte. Ltd., which is the investment arm of China Minsheng Investment Corp. Ltd. Sirius America’s offerings include p&c treaty reinsurance in […]
3 min read
Peer-to-peer car rental marketplace Turo is continuing its drive beyond U.S. borders, announcing Tuesday the company’s international expansion in Canada insured by Intact Financial Corporation (IFC). The move will empower “Canadians to turn their idle cars into earning engines and inject more personality and value into the car rental experience,” notes a statement from Turo, […]
Ottawa city council announced on Wednesday that it has approved new vehicle-for-hire regulations, making it one of the first Canadian jurisdictions to adopt regulations for private transportation companies (PTCs). In January, Edmonton became the first jurisdiction in Canada to legalize ridesharing services. But by March, officials with ridesharing company Uber said that they were suspending […]
By Canadian Underwriter | April 13, 2016
SAN DIEGO – Risk professionals from around the world rolled up their sleeves to use paintbrushes and other tools to provide schools in San Diego – host city of RIMS ’16: Go Beyond – with a facelift as part of the 10th RIMS Community Service Day. Kicking off the 2016 conference and exhibition, Community Service […]
By Jason Contant | April 10, 2016
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