Industry
Federally regulated Canadian property and casualty insurers saw their profits increase by just over $1 billion in 2011 despite static net investment income and claims ratios in property lines that are up across the board. Canada’s federal solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), posted the property and casualty (P&C) insurance […]
By Canadian Underwriter | March 20, 2012
2 min read
Risk inspection company SCM Risk Management Services (RMS) has completed its acquisition of Syntech Associates, an independent risk inspection company based out of Calgary, Alberta. Syntech Associates has been delivering residential inspections to Western Canadian clients for more than 25 years. “Syntech Associates has a solid reputation in the West for delivering outstanding and reliable […]
By Canadian Underwriter | March 19, 2012
1 min read
Insurance Bureau of Canada (IBC) has launched the Dry House Challenge iPad app to help Canadians learn how to prevent water damage to their properties. Based on recent estimates, the Canadian insurance industry pays $1.32 billion each year in claims due to water damage. Launched during Canada Water Week 2012, IBC’s new Dry House Challenge […]
An unusually early start to tornado activity in the United States has caused severe localized damage, but the overall impact on the insurance industry should be “manageable,” according to Standard & Poor’s. In an analysis released Mar. 16, the rating agency said primary insurers would pick up the bulk of insured tornado losses, with a […]
Chief information officers of insurance companies in the United States expect to see revenue growth in the area of information technology, plus a strengthened role for IT in the business, according to Celent’s annual CIO report, 2012 US Insurance CIO Survey: Pressures, Priorities – and Innovation. The new report shows half of the survey respondents […]
Outsourcing brokerage records to third parties and insurers is on the radar screen of the Ontario brokers’ self-regulating body, the Registered Insurance Brokers of Ontario (RIBO). RIBO president Jim Hawryluk raised the practice in his president’s address published in the Winter 2011 edition of the RIBO Bulletin. “The maintenance of brokerage records has become something […]
By Canadian Underwriter | March 16, 2012
Nearly 90% of B.C. home insurance policyholders are paying for insurance protection they don’t need or want, according to Square One Insurance. The Vancouver-based home insurer found that out of 1,000 policyholders, 87% are paying for irrelevant protection with traditional home insurance policies. “Most home insurance policies were designed in the 1970s, meaning they provide […]
Intact Insurance and Speed Skating Canada will continue their longstanding relationship, which began in 2006, by extending their partnership through the 2013-14 season. Under the agreement, Intact Insurance will continue to serve as a premier sponsor of Canada’s national speed skating teams and help local speed skating clubs develop the next generation of Olympians through […]
New Brunswick insurers terminating sponsorship of an agent or broker must fill out a new reporting form and return it to the Office of the Superintendent of Insurance. The Insurance Act requires all agents and brokers in the province to be sponsored by an insurer. Subsection 352(6) of the province’s Insurance Act requires an insurer […]
The use of aftermarket auto parts in Canada in 2010 Q4 has increased modestly from previous quarters, according to the 2012 Q1 Mitchell Industry Trends Report. The report shows Canadian aftermarket parts use has exceeded 13% of the parts dollars used on an average estimate. This is up modestly from 12.7% in 2011 Q2 and […]
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