Industry
Raising Ontario’s auto insurance rates or getting insurers to lower profit targets will not solve the fundamental issues in Ontario’s auto insurance system – a fraud-riddled system that has consumers paying the highest rates in Canada, wrote Barb Addie, president of Baron Insurance Services, in the MSA/Baron Outlook Report: 2011 Q3.In its December 2011 annual […]
By Canadian Underwriter | January 20, 2012
2 min read
Gary McMillan is retiring from Chartis (Canada) in February 2012.McMillan has agreed to remain as a non-executive chairman of Chartis’s board of directors.His career with AIG began 36 years ago, in 1976, when the Commerce and Industry Insurance Company of Canada in Toronto hired him as a senior underwriter. He became the CEO for Canada […]
By Canadian Underwriter | January 19, 2012
1 min read
The Traffic Injury Research Foundation (TIRF) will conduct a follow-up study to its recent report on female drunk drivers.TIRF released a report in December 2011 that found the number of women in the United States arrested for driving while intoxicated (DWI) increased nearly 30% in the decade between 1998 and 2007.TIRF’s follow-up study, likely to […]
Aviva Canada is launching a corporate social media strategy that includes a presence on Facebook, Twitter, LinkedIn and a blog. The insurer’s Aviva Community Fund garnered 36,000 Facebook ‘likes’ and 3,600 Twitter followers since 2009, when the campaign was launched. Aviva Canada will now also use social media to share information, including tips for property […]
CARSTAR Automotive Canada Inc. is launching a best practices program for its franchisees. The aim of the program Innovation Through Cultivation is to “foster innovation from the ground up and build upon best practices that are currently in operation at CARSTAR stores,” a CARSTAR release says.Best practices will be captured from select franchisees and tested. […]
Ontario auto insurers received approval for an average rate change of 1.84% in 2011 Q4 when weighted by the market share, reported the Financial Services Commission of Ontario (FSCO). Roughly 45% of the market had rate changes approved. Rate filings approved during 2011 Q4 averaged 0.84%, based on the entire market. The five largest insurers […]
By Canadian Underwriter | January 18, 2012
Manitoba Public Insurance (MPI) reported its net income (after surplus distribution) dropped by $52.5 million for the first three quarters of 2011.MPI reported a profit of $89.4 million during the first three quarters of 2010, which dropped to $36.9 million over the same period in 2011.Basic auto insurance netted a profit of $11.3 million for […]
Insurance companies need to break out of a classic, “chicken-and-egg” scenario to generate growth in a tough economy, a Deloitte LLP report says.The title of the report states its central thesis: 2012 Global Insurance Outlook: Generating growth in a challenging economy takes operational excellence and innovation. But the challenge for insurers is not waiting for […]
The grounding of a luxury cruise liner off the coast of Italy could result in insured losses of up to EUR400 million (about Cdn$517 million), according to Guy Carpenter. The Costa Concordia ran aground off the coast of Isola del Giglio, in Italy on Jan. 13, 2012. At the time of the incident, the vessel […]
By Canadian Underwriter | January 17, 2012
Although risk management is perceived to have increased in importance over the past three years, only 10% of those surveyed by Zurich said their executive management is “highly effective” in creating a strong risk management culture. Zurich collaborated with Harvard Business Review to survey more than 1,400 business executives. Participants were asked whether or not […]
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