Industry
The Insurance Corporation of British Columbia (ICBC), the Province of B.C. and police have launched a new initiative meant to put the brakes on intersection collisions, which represent about six of every 10 crashes in the province. Given 241 intersection collisions each day, in addition to an annual injury toll of approximately 51,000, the high-risk […]
By Canadian Underwriter | May 3, 2012
1 min read
Co-operators General Insurance Company (Co-operators General) reported its 2012 Q1 profit increased to $66.5 million from $25.8 million during the same period last year. “Earnings in the first quarter were positively impacted by favourable claims results from the Ontario auto insurance market and the mild winter, which reduced the number of weather-related claims,” said Kathy […]
Regulation is the number one challenge facing the U.S. insurance industry despite the financial burden associated with the elevated number of catastrophes in 2011, a Lloyd’s survey of insurance executives in April reveals. Lloyd’s canvassed 100 insurance executives at the Risk and Insurance Management (RIMS) conference in Philadelphia last month. Executives were asked to assess […]
The Canadian trucking industry has gained access to Contractor Management Services’ (CMS) propriety technology through NAL Insurance. CMS and NAL Insurance have partnered to help NAL’s client companies and independent contractors lower costs, reduce risk and ensure compliance, notes a statement from CMS. The technology will provide access to a real-time online platform, where posts […]
Crawford & Company (Canada) Inc. has named five adjusters as Global Technical Services (GTSSM) leaders within the areas of commercial property, transportation, environmental and media, entertainment and contingency. “The GTS leaders in each of these groups are experts in their fields, knowledgeable about industry trends, competitive practices and the needs of their clients,” said Paul […]
2 min read
Although some mutuals are being encouraged to explore new lines of business or enter new territories, a report from Wills Re cautions this is intrinsically riskier for the insurers, adding that mutuals should ensure any such move is a good fit before proceeding. Among the reasons for encouraging new business “is the potential benefit from […]
By Canadian Underwriter | May 2, 2012
InsureEye Inc. has introduced an online service intended to enhance transparency and provide consumers with a sneak peek at reviews for home, auto and life insurance. Touted as a first in Canada, the independent and consumer-driven tool was rolled out in April. Beyond gaining access to more than 600 reviews for home, auto and life […]
A.M. Best Co. has upgraded its issuer credit ratings (ICR) to ‘a+’ from ‘a’ and affirmed the financial strength rating (FSR) of A (Excellent) of the non-life North American operating subsidiaries of SCOR SE (SCOR) (France). Subsidiaries include SCOR Canada Reinsurance Company (Toronto, Ontario), SCOR Reinsurance Company (New York, NY) and General Security Indemnity Company […]
Buoyed by reduced claims frequencies because of mild weather and Ontario’s auto insurance reforms, Intact Financial Corporation reported a 2012 Q1 profit of $177 million, 13% higher in year-over-year comparisons. “This was a particularly strong quarter as we continued to reap the benefits from our robust auto and home initiatives and our results were helped […]
Intact Financial Corporation (TSX: IFC) has entered into an agreement to acquire JEVCO Insurance Company from The Westaim Corporation (TSX: WED) for $530 million. JEVCO is a provider of specialty and niche products for individuals and businesses in Canada with approximately $350 million in direct premiums written in 2011 (based on industry data and public […]
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