Industry
The Ontario government announced its intention to target auto insurance fraud in its 2011 budget. Both Insurance Bureau of Canada (IBC) and Insurance Brokers Association of Ontario (IBAO) applaud the announcement.In the budget, Ontario Finance Minister Dwight Duncan said the government intends to augment the set of reforms implemented on Sept 1, 2010 with the […]
By Canadian Underwriter | March 30, 2011
2 min read
Lloyd’s of London reported a pre-tax profit of approximately $3.4 billion in 2010, down from its $6.2-billion profit in 2009.”In 2010, Lloyd’s made a profit of [$3.4 billion] despite facing significant claims from the tragic earthquakes in Chile and New Zealand, the floods in Australia and the loss of the Deepwater Horizon oil rig in […]
1 min read
Manitoba’s Public Utilities Board is holding a hearing that may increase the amount of rebate MPI will pay to its insureds. Currently MPI is under a directive to rebate 10% of 2009-10 vehicle premiums by May 31, 2011. According to the Winnipeg Sun, MPI’s rate stabilization reserve has more than $400 million, close to $250 […]
Insurance Bureau of Canada (IBC) recognized British Columbia’s top small businesses through the title sponsorship of the ‘8th Annual Successful You Awards.’The awards recognize businesses in four categories:• Best Company: Quicktech Computer Consulting Inc., Vancouver;• Best Concept: Hapi Foods Group Inc., Sechelt;• Best Employer: Tasktop Technologies, Vancouver; and• Best Green Business: Down to Earth Health […]
Forty per cent of Aviva Canada’s home insurance claims are a result of water damage, the insurer reports, and costs to repair the damage have nearly tripled over the past decade.Aviva Canada paid out over $124 million in property water damage claims in 2010.The insurer’s data show the average cost of a water damage claim […]
By Canadian Underwriter | March 29, 2011
Natural catastrophes cost the global insurance industry roughly $40 billion in 2010, and man-made disasters triggered additional claims of more than $3 billion, marking a significant spike over the total insured losses of $27 billion in 2009, reported Swiss Re.Though hurricane losses were lower than usual in 2010, the industry saw a spike in claims […]
Ironshore Canda Limited has created a specialty casualty division to underwrite insurance coverages for general liability as well as umbrella and excess liability programs. Stephen Stewart has been named vice president to head the division. He’ll report to Michael Wills, Ironshore Canada’s president and CEO. The new division will address the insurance needs for various […]
State Farm in Canada, CAA-Quebec and glass dealers in Atlantic Canada are cautioning the public about one of the traditional rites of Spring — potholes.Most roadways are built in layers, starting with earth and gravel for drainage and then covered with a layer of asphalt. Cracks in the asphalt layer cause water to seep into […]
In an effort to improve traffic safety in First Nations communities, Saskatchewan’s public auto insurer, SGI, is funding a dedicated traffic safety liaison position in two Saskatchewan tribal councils. File Hills Qu’Appelle Tribal Council and Saskatoon Tribal Council have been selected as the trial locations for this two-year pilot program. “Collisions on First Nations roads […]
The Insurance Corporation of British Columbia invested roughly $9 million in 2010 on 280 road improvement projects throughout the province, saving itself and its customers five to 12 times that amount. The road improvement program was launched in 1989, and since that time the ICBC has invested approximately $100 million in projects across British Columbia. […]
By Canadian Underwriter | March 28, 2011
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