Industry
A.M. Best has upgraded Zurich Insurance Company Limited’s financial strength rating (FSR) to ‘A+’ (superior) from ‘A’ (excellent). The insurers’ issuer credit rating was upgraded from “aa-” to “a+.”The rating upgrade applies to the insurer’s Canadian branch, A.M. Best confirmed. The upgrade of Zurich’s ratings reflect anticipated improvement in consolidated risk-adjusted capitalization at year-end 2010, […]
By Canadian Underwriter | November 19, 2010
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Duck Creek Technologies Inc. (Duck Creek), a provider of software and services for the insurance industry, has signed an agreement with B.C.’s public auto insurer, the Insurance Corporation of British Columbia (ICBC), to license Duck Creek Rating.Duck Creek Rating is a solution designed to modernize a company’s rating function, whether by means of replacing a […]
By Canadian Underwriter | November 18, 2010
Soft U.S. commercial insurance market conditions are expected to persist through 2010 Q4, Marsh reported.So far in 2010 Q4, Marsh clients renewing their programs have experienced average rate reductions across all major lines of business compared to 2009 Q4. Marsh’s preliminary 2010 Q4 figures indicate that: The rate update is based on data from Marsh’s […]
U.S. insurers are starting to see expense ratios – a ratio that has remained consistent over the past four decades – creep upwards, putting greater pressure on profit margins, Fitch Ratings warned in a recent report. Expense management has taken on greater importance for insurers, given that net written premium has declined for the last […]
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The Institute for Catastrophic Loss Reduction (ICLR) and Swiss Re are calling on Canadian property insurers to bundle flood insurance into a standard homeowner policy.In a joint report, Making Flood Insurable for Canadian Homeowners, ICLR and Swiss Re advocate a partnership between the insurance industry, government and private homeowners. It explores historical flood damages in […]
By Canadian Underwriter | November 17, 2010
Manitoba Public Insurance (MPI), in partnership with Snoman Inc. and the Insurance Brokers Association of Manitoba (IBAM), has given the province’s snowmobilers more payment options to purchase their Snopasses. Snowmobilers require a valid Snopass to travel legally on Snoman’s groomed snowmobile trails. The pass, which currently costs $125, must be visible on the licence plate […]
The CUMIS Group Limited raised more than $92,000 through its annual United Way campaign this fall.The donation maintains CUMIS’ 19-year platinum sponsor status with the United Way.The funds were raised through pledges by individuals, numerous events, contests and raffles held throughout the three-week campaign.”The scope of United Way is incredible, as they touch many lives […]
Barbara Bellissimo, vice president and chief agent of State Farm in Canada, is being profiled in an online campaign to promote the importance of mentoring youth. ‘Who’s Your Mentor?’ was created by kids.now, a group mentoring charity, and is scheduled to launch on Nov. 20.The campaign is an online video series profiling leading Canadian businesspeople, […]
Canadian governments and public auto insurers encouraged safe driving habits in honour of the third annual National Day of Remembrance for Road Crash Victims on Nov. 17. “Observing this day helps raise awareness of the almost 2,800 road users who are killed and of the approximately 195,000 injuries that occur each year in Canada,” said […]
The municipality of Leamington is seeking funds from the provincial government to cover a $1-million shortfall to repair damages and cleanup as a result of the tornado that tore through the area in June 2010.The estimated gross cost to the municipality for lost revenues, clean-up and repair/replacement of municipal assets and infrastructure damaged from the […]
By Canadian Underwriter | November 16, 2010
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