Industry
One of a woman’s many advantages in the business world is an ability to see issues broadly and to “look around corners,” according to Ellen Moore, president and CEO of Chubb Insurance Company of Canada.”The woman’s thought process is a little bit more like radar, versus laser,” Moore said in a speech at the Toronto […]
By Canadian Underwriter | January 19, 2011
2 min read
The Co-operators has sold property adjacent to its headquarters in downtown Guelph, Ontario to a Tricar, luxury condo developer. The sale is subject to closing conditions and securing the appropriate planning approvals. The sum of the sale was not disclosed. The Co-operators divested the majority of its real estate portfolio in 2008, but kept ownership […]
1 min read
Capital abundance and intense competition are the biggest challenges now facing Canada’s property and casualty insurance industry, according to Ellen Moore, president and CEO of Chubb Insurance Company of Canada.Canada’s marketplace has roughly $2.5 billion to $3 billion in capital “overcapacity,” Moore told attendees of the Toronto Insurance Women’s Association (TIWA) in Toronto on Jan. […]
Despite lead hull and liability premium numbers, the airline insurance market appears to be in the process of soiftening, according to the December 2010 edition of Aon’s Airline Insurance Market News.”The 19% average premium increase in November is influenced by three airlines that have either had losses, come of group insurance programmes or both,” the […]
By Canadian Underwriter | January 18, 2011
GrowthWorks Atlantic Venture Fund has made a $1-million investment in ClearRisk Inc., which provides Web-based risk management solutions for the insurance industry and small to medium size enterprises.Based in Newfoundland and Labrador, ClearRisk will use proceeds from the financing to ramp up their sales initiatives.”We are extremely pleased to be investing $1-million in ClearRisk Inc., […]
The use of the Health Claims for Auto Insurance (HCAI) system will become mandatory for all health care facilities and providers on Feb. 1, 2011.On that date, every Ontario health care facility (and any associated health care provider) that submits Ontario Claim Forms 18, 21 and 23 directly to insurers in Ontario will be deemed […]
Sectors highly exposed to environmental risks, such as oil sands and gas companies, need to a better job of disclosing to investors how they use executive compensation to stimulate action on mitigating the environmental, social and governance (ESG) risks that threaten long-term company value.This is one of the conclusions reached by ESG Services, working on […]
CARSTAR Collision Centre’s social media campaign to raise funds for the Canadian Cystic Fibrosis Foundation has caught the eye of Canadian songstress Celine Dion. For every “like” CARSTAR Collision Centres receives on its Facebook page (www.facebook.com/carstarcanada), the company will donate $1 to the Canadian Cystic Fibrosis Foundation. If the page receives 10,000 “likes,” president and CEO Sam […]
Ontario’s financial regulator, the Financial Services Commission of Ontario (FSCO), approved an overall average auto insurance rate increase of 1.93% in 2010 Q4.For the 54.15% of the market that had rate changes approved in 2010 Q4, the average rate change was an increase of 3.57% when weighted by market share.Three insurers had rate decreases approved. […]
By Canadian Underwriter | January 17, 2011
Scientists at the U.S. Geological Survey unveiled a potential one-in-100-year or one-in-200-year storm scenario in California that could result in more than $300 billion in damage, putting it in the same category as the San Andreas earthquakes.Under this scenario, a storm dubbed the ‘ARkStorm’ could produce up to 10 feet of rain and cause extensive […]
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