Industry
A $3.5-billion total estimate of losses facing mining insurers in 2011 has prompted a 30% withdrawal in insurance capacity since the start of 2011, according to the latest Mining Market Review released by Willis Group Holdings plc (NYSE: WSH).Of these losses, $2.7 billion were a result of natural catastrophe losses, and a further $835 million […]
By Canadian Underwriter | February 9, 2012
1 min read
The Honda Civic ranks as the most-often repaired vehicle in Ontario, according to data collected from all body shops using Audatex estimating software.Art Lane, an Audatex district sales manager for Ontario, Manitoba and Saskatchewan, posted the information on Twitter. Lane has a demo website, http://artielane.ca/demo, that is not endorsed or supported by Audatex.Lane’s Twitter post […]
Intact Financial Corporation (TSX: IFC) reported an underwriting profit of $118 million in 2011 Q4, up significantly from the $21-million underwriting profit it reported in 2010 Q4.”Our excellent fourth quarter results rounded off a strong year for our company as we recorded our best underwriting performance in the past five years,” Intact Financial Corporation CEO […]
By Canadian Underwriter | February 8, 2012
2 min read
Zurich Canada CEO Alister Campbell is no longer with Zurich’s Canadian business, effective immediately, the company has announced to its brokers.”A smooth transition is planned and a successor will be named in due course,” Zurich wrote in a statement to brokers on Feb. 7. “As a leader in our industry, during this brief transition and […]
Regime changes and the political unrest arising from Arab Spring have raised concerns for businesses around the world, according to Aon’s 2012 Political Risk Map.”These uprisings and protests remain a key concern in 2012 and we see this reflected in rating downgrades of several countries,” said Roger Schwartz, senior vice president of political risk for […]
The Economical Insurance Group has added two new members to its board of directors.David Wilson, the past chair of the Ontario Securities Commission, and Richard Freeborough, chair of the International Order of Foresters and the board of governors of the University of Guelph, have joined The Economical’s board. Wilson also served as the vice chair […]
By Canadian Underwriter | February 7, 2012
The B.C. Insurance Council has ordered a B.C. broker to pay a fine and legal costs totaling more than $3,000 after finding the broker arranged to create a false insurance cover letter as a favour to his friend, the broker’s commercial insurance client.The friend, identified as ‘RL,’ a business manager of an import and export […]
Integro has established four divisions, including Integro Canada, to better serve its broadening client base going forward.The insurance brokerage and risk management firm reported a 21% growth in revenue in 2011, up to $101 million. Integro has established four client-centric divisions. These include:•Integro Canada. These include pan-Canadian insurance brokerage services delivered from offices in Toronto, […]
The U.S. property and casualty industry experienced its largest underwriting loss in 2011 since 2002, reported A.M. Best. Driven primarily by high catastrophe-related losses, alongside elevated losses in select and non-catastrophe-exposed lines, less favourable loss-reserve development and weak macroeconomic conditions, the industry’s combined ratio is expected to deteriorate 6.5 points to 107.5% for 2011 (down […]
Insurance consumers in Ontario, Quebec and Alberta are leaving money on the table by passing up discount opportunities, Kanetix says.Kanetix, an online quote comparison website, recently published 2011 Q4 auto insurance rate results for Ontario, Quebec and Alberta. The study found consumers are passing up insurance savings by not opting for multi-line, roadside assistance and/or […]
By Canadian Underwriter | February 6, 2012
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