Industry
Use of microinsurance among low-income households in Africa has grown more than 200% in the last three years and now benefits upwards of 44 million people, notes a new study published by Making Finance Work for Africa (MFW4A) and the Munich Re Foundation. The vast majority of Africans with insurance are covered by life insurance, […]
By Canadian Underwriter | November 1, 2012
1 min read
Driving behaviour has reportedly improved for 52% of the young drivers in Quebec who are currently taking part in a new auto insurance policy, even if those drivers only recently got insurance through Mobiliz. The Mobiliz auto insurance policy, launched this past April by Industrial Alliance, Insurance and Financial Services Inc., encourages young people to […]
2 min read
A decline in output from insurance carriers contributed to the overall drop in gross domestic product in August, Statistics Canada revealed Oct. 31. “After increasing for four consecutive months, the finance and insurance sector fell 0.3% in August, led by decreased output of security brokerages (from reduced volume of trading on the stock exchanges) and […]
By Canadian Underwriter | October 31, 2012
A.M. Best Company has removed ratings of Aviva Canada and its affiliates from under review and affirmed its financial strength rating of “A,” or excellent, after the insurer’s parent company has shown improving risk adjusted capitalization. A.M. Best maintained Aviva Canada’s under review status in June because of strategic evaluation and management changes of its […]
The perception that settlement terms were fair drove claimant satisfaction with their claims experience for auto physical damage loss higher in 2012, despite the fact that overall consumers in the United States are paying more for out-of-pocket expenses, notes a new J.D. Power and Associates study. Data for the J.D. Power and Associates 2012 U.S. […]
Several independent claims services and restoration companies are ramping up their resources for the inevitable losses to occur from Hurricane Sandy in the eastern United States and Canada. Crawford and Company Canada has said its adjusters in southern Ontario, southern Quebec and Atlantic Canada are ready to assist with claims. “The adjusters we have in […]
By Canadian Underwriter | October 29, 2012
3 min read
Spanish insurance company Mapfre announced Oct. 26 its financial results for the first nine months of 2012, recording a 13% increase in gross written and accepted premiums, from 14.66 billion euros in 2011 to 16.57 billion euros this year. Mapfre’s activities in Canada are carried out by Norassist Inc. and Canadian Roadside and Recovery Inc., […]
By Canadian Underwriter | October 26, 2012
Toronto-based insurance and investment firm Fairfax Financial Holdings Ltd. has released financial results for the period ending Sept. 30, recording a 43% drop year-over-year in third-quarter revenue, a 96% drop in net earnings and a 5.6% increase in net premiums written by the insurance and reinsurance operations. Though premiums increased, the third-quarter results were affected […]
Co-operators General Insurance Company announced its third quarter financials for 2012 on Oct. 25, including consolidated net income of $12.6 million compared with $6.2 million for the same period last year. Direct written premium (DWP) in the third quarter, ended Sept. 30, has increased by 2.7% to $561.4 million compared to Q3 2011. Those figures […]
By Canadian Underwriter | October 25, 2012
Online insurance marketplace Kanetix, known for comparing auto and property insurance rates, has expanded its mortgage rate comparison services to allow Ontario consumers to lock in rates and get pre-approved online. The company has partnered with credit reporting agency Equifax, as well as Invis-Mortgage Intelligence, which has a wide network of lenders in Canada for […]
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