Industry
A.M. Best Co. has upgraded the financial strength rating (FSR) to A- (Excellent) from B+ (Good) and issuer credit rating (ICR) to “a-” from “bbb-” of Western Financial Insurance Company (WFIC), based in Winnipeg, Manitoba. The rating upgrade follows the acquisition of Western Financial Group Inc. (Western Financial), the ultimate parent of WFIC, by Desjardins […]
By Canadian Underwriter | June 24, 2011
1 min read
Alberta consumers are increasingly disgruntled about their auto insurance, even though premiums are not increasing significantly year-over-year, a consumer survey by the Alberta Insurance Rate Board (AIRB) has found.The AIRB contracted an independent marketing research company to conduct a telephone survey with 800 insurance consumers across the province and a Web survey with 214 insurance […]
Eighty Co-operators agents in central and northern Alberta are banding together to hold a food drive to help the residents of Slave Lake. Non-perishable food items can be donated to the Slave Lake food bank at participating Co-operators offices until Aug. 1, 2011. Westfreight will donate a truck and driver to deliver the donations to […]
The severity of lightning-strike claims in the United States has increased 80% between 2004 and 2010, even though the number of claims fell by about 23% in the period, the Insurance Information Institute (III) reports. Lightning strikes in 2010 cost the insurance industry more than $1 billion, a “significant increase” from $798 million in 2009. […]
Private U.S. property and casualty insurers’ net underwriting losses grew to $4.5 billion in 2011 Q1 from an underwriting loss of $1.8 billion in 2010 Q1, reported the Insurance Information Institute.The figures are consolidated estimates for all private property/casualty insurers based on reports accounting for at least 96% of all business written by private US […]
By Canadian Underwriter | June 23, 2011
2 min read
Changes in the business and regulatory landscape are driving more companies to expand the role of finance departments to take on financial risk management responsibilities, according to a study by Protiviti.Protiviti polled nearly 200 finance executives from around the world, both in person and through online surveys, for its Finance and Needs Survey. Participants were […]
SGI has added registration cancellations to its MySGI online service for customers retiring their RVs, campers, motorcycles or sports cars for the season. MySGI is a partnership between SGI and its network of motor licence issuers. Customers can access MySGI through their issuer’s Web site or through the ‘online service’ link on SGI’s Web site […]
CARSTAR Collision Centres across North America broke their 2009 Guinness World Record on June 11, 2011 for “World’s Largest Car Wash – Multiple Venues.” More than 140 events throughout Canada and the United States supported CARSTAR’s Soaps It Up National Car Wash Fundraiser. At least 1,000 employees and volunteers participating in the event washed 4,918 […]
The Office of the Superintendent of Financial Institutions (OSFI) has appointed Darrell Leadbetter as a director in its Property and Casualty Insurance Group.Leadbetter most recently served as the Property and Casualty Compensation Corporation (PACICC)’s chief economist and vice president of financial analysis and regulatory affairs.He has led PACICC’s work in analyzing industry economic trends and […]
By Canadian Underwriter | June 22, 2011
The Aviva Community Fund will return in Fall 2011 with a $1-million pledge to support community initiatives.Launched in the fall of 2009, the Aviva Community Fund competition has provided $1.5 million in funding to numerous charities, community groups, youth programs, animal shelters, public schools, camps and centres for those affected by disabilities or illness.Contestants submit […]
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