Industry
A forest fire that broke out on Sept. 5 has forced the evacuation of 550 people near Kelowna, B.C., the Globe and Mail reports. The 20-hectare blaze started on the west side of Okanagan Lake and has forced the evacuation of the community of Trader’s Cove and the Bear Creek provincial campsite. As of press […]
By Canadian Underwriter | September 6, 2011
1 min read
The reinsurance market is showing signs of stirring after years of soft pricing, weak investment returns and high catastrophe losses, A.M. Best reports.In its Special Report, ‘Reinsurers are Ready to Move as the Market Begins to Stir,’ A.M. Best suggests that the “state of virtual paralysis” in the reinsurance market may be starting to lose […]
2 min read
Garreth Elston has been appointed vice president of analytics and corporate development of MSA Research Inc.Elston has more than 12 years of international capital markets experience in the investment management, strategy and research fields. He holds an MBA in finance and private equity from the University of Toronto’s Rotman School of Management. “Garreth’s sharp analytical […]
By Canadian Underwriter | September 2, 2011
One year into the Ontario auto insurance reforms, the Insurance Brokers Association of Ontario (IBAO) is holding a continuing education seminar to review the highlights and the challenges associated with the reforms.Entitled Auto Reform – A 12 Month Review, the seminar will look at statistics and information from the past year, examine current issues relating […]
Royal Bank of Canada (RBC)’s insurance segment reported a 2011 Q2 profit of $146 million, up $39 million (or 36%) over the same period last year.RBC attributed the increase to net investment gains and lower claims costs.In addition, an Aug. 31 report in Bloomberg notes that RBC is planning to ramp up its efforts to […]
A group of six Alberta incorporated property and casualty insurers reported a drop in consolidated Q2 net income, from $32.2 million in 2010 Q2 to $22.4 million in 2011 Q2.The six insurers include:•Alberta Motor Insurance Company;•Canadian Farm Insurance Company;•Fortress Insurance Company;•Millenium Insurance Company;•Peace Hills Insurance Company; and •Trans Global Insurance Company. Most of the insurers […]
By Canadian Underwriter | September 1, 2011
Claims Weakened Irene wreaks havoc in Quebec, Maritimes The verdict is still out on insured losses caused by Hurricane Irene in Canada, but loss estimates for the United States range between $3 billion and $6 billion (AIR Worldwide) and for the Caribbean range as high as $1.1 billion (EQECAT).Hurricane Irene weakened to a post-tropical storm […]
August 31, 2011
4 min read
Cops and auto insurance claims investigators are warning about the identity theft of doctors, phony airbag deployment and fraudsters taking advantage of small claims settlements that go without investigation.
By David Gambrill, Editor | August 31, 2011
5 min read
During Nova Scotia's review of its provincial auto insurance system, Canada's insurance industry is walking a metaphorical tightrope through mild tradewinds as it seeks to balance robust benefits with affordable premiums.
By Bill Adams, Vice President, Atlantic, Insurance Bureau of Canada | August 31, 2011
Between 2005 and 2007, analysts routinely predicted an exciting explosion of mergers and acquisitions activity in the fragmented Canadian P&C market. But not much happened, and then the financial crisis doused the party in 2008-09. Now, M&A activity seems to be lighting up the Canadian P&C landscape. Do these deals suggest future M&A fireworks, or are they a prelude to a dud?
By David Gambrill | August 31, 2011
14 min read
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