Industry
The Insurance Brokers Association of Ontario (IBAO) is reminding the province’s drivers about the risks associated with distracted driving.”A recent study on the Ontario Ministry of Transportation’s Web site states that when a motorist is distracted for more than two seconds while driving their chances of being involved in a car collision doubles,” the IBAO […]
By Canadian Underwriter | February 23, 2011
1 min read
Keal Technology’s Commercial Management System (CMS), comXP, and Lloyd’s Canada’s Lineage system are now integrated to streamline broker workflows, the companies have announced.”Keal and Lloyd’s Canada brokers can now upload commercial risk statistical data (traditionally known as bordereaux),” Keal announced in a press release. “The integration electronically sends client data from the brokerage using Keal’s […]
An earthquake that struck the New Zealand’s city of Christchurch on Feb. 21, 2011 was smaller in magnitude than the quake that struck the area in September 2010, but damages from the recent quake will eclipse those of the 2010 event, reported Guy Carpenter.The September 2010 quake caused an estimated $3 billion worth of economic […]
By Canadian Underwriter | February 22, 2011
2 min read
British Columbia’s regulator is echoing the Office of the Supervisor of Financial Institutions (OSFI)’s decision to stick with the fixed date of Jan. 1, 2004 to apply de-recognition of financial assets and liabilities requirements under IFRS 1.The standard IAS 39, Financial Instruments: Recognition and Measurement, establishes the principles for measuring an organization’s financial assets and […]
Insurance company CEOs around the world are more bullish about their companies’ growth potential over the next three years than their counterparts in other industries, according to the PwC 14th Annual Global CEO survey. The survey was conducted with 1,201 business leaders in 69 countries around the globe in the last quarter of 2010, including […]
Swiss Re reported a 74% increase in its 2010 profits, showing a full-year net income of $863 million in 2010, compared to a $496 million net income in 2009.The reinsurer’s return on equity was 3.6% in 2010, up from 2.3% in 2009.The above results include the impact of the termination of a convertible perpetual capital […]
By Canadian Underwriter | February 18, 2011
The 2010 SCOR Report has updated the results of five companies, showing a collective, three-year increase for the companies in direct premiums written, investment income and net income.The companies included in the report are Arch Insurance Company, Canadian Direct Insurance, Desjardins Groupe d’assurances generales, Grain Insurance & Guarantee and P.E.I. Mutual Insurance.Collectively, the group wrote […]
Saskatchewan auto insurance customers using SGI’s AutoPay program with ‘Continuous’ stickers must still remember to declare their eligibility for Saskatchewan registration each year.Failure to complete the declaration puts insurance coverage at risk of cancellation.”A year has gone by since we introduced the ‘Continuous’ stickers for the AutoPay program,” said Cari Donaldson, assistant vice president of […]
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a drop in its 2010 net earnings to $469 million from 2009’s profit of $856.8 million.The company said lower net gains on investments and weaker underwriting results were responsible for the loss. In 2010 Q4, it reported an investment loss of $683.9 million, a sharp decrease […]
The government of Canada has officially introduced new regulations repealing the 75% and 25% reinsurance ceding limits.The new rules come into effect on June 30, 2011. As of that date, property and casualty companies will no longer be prohibited from ceding more than 75% of their gross premiums in total and will no longer be […]
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