Industry
The Government of B.C. has passed regulations under the Insurance Act requiring companies transacting home, auto and business insurance – with the exception of ICBC and mutual companies – to be members of the General Insurance OmbudService (GIO) The regulations come into effect July 1, 2012.GIO has operated across Canada since 2002 in cooperation with […]
By Canadian Underwriter | December 21, 2011
1 min read
Toots (Elsie) Everley, former RIBO president and IBAO territory director, is a recipient of the 2011 Ontario Senior Achievement Award.The award recognizes and honours outstanding seniors who, after age 65, have made significant contributions to their communities. The outstanding voluntary or professional achievement may have occurred in any field of endeavour. Each year, 20 individuals […]
Premium growth in emerging markets such as Asia and Latin America has expanded about 11 times as much over the past decade as premium growth in mature markets, according to the latest Swiss Re sigma publication.Insurance premiums in emerging markets have expanded by 11% per annum in real terms over the last decade, compared with […]
By Canadian Underwriter | December 20, 2011
2 min read
Roughly 7% of Canadians surveyed admitted to being a passenger in a motor vehicle driven by someone who had been drinking any amount of alcohol on one occasion in the last month, according to the Traffic Injury Research Foundation (TIRF). TIRF conducted a public opinion poll in September 2011 that investigated Canadians’ behaviours and actions […]
By Canadian Underwriter | December 19, 2011
A.M. Best has affirmed Allianz Global Corporate & Specialty North America (AGCS NA)’s financial strength rating of A+ (Superior) and downgraded its issuer credit rating (ICR) to “aa-” from “aa.” The downgrading of the AGCS NA’s ICR reflects the fact that its ultimate German parent company, Allianz Societas Europaea (Allianz SE), also had its ICRs […]
Insurance Bureau of Canada (IBC) has taken issue with false conclusions drawn from a statement in the 2011 Annual Report of the Ontario auditor general, which says the Financial Services Commission Ontario (FSCO) should reconsider its benchmark of a 12% return on equity (ROE) when reviewing insurers’ rate applications.In its annual report, the auditor general […]
More than 2 million votes have resulted in 30 finalists for the 2011 Aviva Community Fund competition. The 30 finalists and a description of their projects can be viewed at: This year, Aviva Canada has provided $1 million in donations to support community initiatives across the country. This is the third year of the Aviva […]
Johnson Inc. has donated 40,000 items to food banks across Canada.This is the third consecutive year Johnson has rallied to support families in need through a national holiday food drive. Johnson employees donated non-perishable food items as well as grocery gift cards and cash. The donation will be provided to food banks located in the […]
The projected costs of widespread flooding in Manitoba this past spring will be $815 million, according to the government of Manitoba’s quarterly financial report. By the end of the second quarter, $437 million had been spent on the spring flood. The forecast of unbudgeted expenditures for the 2011 spring flood includes funding for the Building […]
By Canadian Underwriter | December 16, 2011
For the first time in more than six years, the U.S. composite commercial market has seen an average rate increase, signalling the end of the soft market, according to MarketScout. Jumbo accounts, those worth more than $1 million, are the only segment of the market measuring a rate decrease. These accounts were down 1% in […]
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