Industry
Low interest rates have increased the risk for insurance companies worldwide but have produced some benefits for property and casualty firms, according to a recent report from ratings agency Standard & Poor’s Financial Services LLC. “For P/C insurers, although investment returns are depleted, low interest rates have had some benefits because of the resulting focus […]
By Canadian Underwriter | January 24, 2013
3 min read
Bermuda reinsurers have entered the year strong, withstanding natural catastrophe losses in 2012 well because of “strong capitalization and favorable risk management,” reports Fitch Ratings. While companies will take a hit to their fourth quarter earnings from 2012, October’s Hurricane Sandy was an “earnings event and not a capital event” for the 17 large publicly […]
1 min read
Canadian art owners should be looking into the true value of their collections and make sure they’re properly protected, especially following art losses from Hurricane Sandy, notes a prominent insurer. XL Group’s Fine Art and Specie insurance team suggests that more Canadians are looking into investing in art, leading to value increases. “Art is increasingly […]
Brigid Murphy, president and CEO of The Dominion, says she can see a time when telematics will be used to determine auto insurance premiums. “This is potentially a game changer from the automobile point of view,” Murphy said on Tuesday during a luncheon hosted by the Insurance Brokers of Toronto Region. “I have no doubt, […]
By Canadian Underwriter | January 23, 2013
Auto insurance rates in Ontario and Alberta decreased in the fourth quarter of 2012 over the same period the previous year, but increased in Quebec, suggests review from comparison website Kanetix.ca. Comparing rates in Q4 2012 with the same quarter of 2011, Kanetix analysis suggests a 3.3 % rate decrease in Ontario, 8.1% decrease in […]
Insurance respondents taking part in an investment outlook survey in the United Kingdom were least optimistic about global financial markets in 2013, reports CAMRADATA Analytical Services Limited, an investment information specialist. “It was the insurance respondents who were the gloomiest about the prospects for the year ahead,” CAMRADATA noted in a statement yesterday. The web-based […]
By Canadian Underwriter | January 22, 2013
2 min read
The Ontario government is proposing several regulatory amendments as part of ongoing efforts to fight auto insurance fraud in the province. The proposed regulatory changes include: The proposed changes come in part as a response to the final report from the Auto Insurance Anti-Fraud Task Force. That report outlined about 40 recommendations for fighting fraud, […]
Collision repair company CARSTAR Automotive Canada Inc. has appointed a new chief operating officer, as well as a new executive vice president and a new vice president of finance as part of a business transition plan in the works for three years. Michael Macaluso will work as the company’s COO, while Lisa Mercanti-Ladd has been […]
By Canadian Underwriter | January 21, 2013
The McLennan Group Insurance Inc. announced earlier this week the Insurance Programs for CARP Members mobile application is available now. Aptly named CARPMembers, the quick, easy and free app is available to current and future CARP members, notes a joint statement from McLennan Group Insurance, a nationally licensed personal lines brokerage owned by Northbridge Insurance […]
By Canadian Underwriter | January 18, 2013
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