Industry
The Office of the Superintendent of Financial Institutions (OSFI) is poised to give the reinsurance industry a six-month reprieve in following the federal solvency regulator’s proposed new guidelines on sound reinsurance practices and reinsurance security agreements.”What we have in mind now is July 1 [2011],” OSFI director of legislation and policy initiatives Philipe Sarrazin announced […]
By Canadian Underwriter | November 4, 2010
2 min read
The Registered Insurance Brokers of Ontario (RIBO) issued a set of Best Practices related to the 2010 auto reforms, and these are now included in the self-regulatory body’s spot checks, RIBO president Al Chamney says. Chamney spoke of RIBO’s initiatives during its Annual General Meeting in Toronto on Nov. 4.The goal of RIBO’s spot-check program […]
1 min read
Host Ontario Safety League and sponsor Insurance Bureau of Canada announced on Nov. 3 the launch of the 2010 Operation Red Nose campaign.The campaign, which is now six years old in Ontario, offers safe rides home to partygoers.The campaign will be offered in 12 Ontario communities between Nov. 25 and Dec. 31, 2010.This year, the […]
By Canadian Underwriter | November 3, 2010
Water damage is the most common type of loss occurring during the course of construction, according to Allianz Global Corporate & Specialty (Americas), which has issued a White Paper on how to manage exposure in this area.The White Paper, Preventing Water Damage: What Risk and Construction Project Managers Need to Know, suggests two complementary risk […]
Intact Financial Corporation reported a dramatic improvement in its 2010 Q3 net income, increasing from a net loss of $8 million in 2009 Q3 to a net income of $82.3 million.The company attributes the gains to improved underwriting results and investment gains. The insurer reported an 8.6% decrease in its combined ratio, from 105.2% in […]
The Economical Insurance Group (TEIG) has launched a Web site allowing consumers to manage their insurance online, through brokers’ Web sites.Insurance On Demand is a broker-branded site allowing consumers to obtain quotes and purchase home, auto, condo and tenant policies directly through a broker’s Web site. “We recognize that competing with direct insurers in the […]
SGI has teamed up with Students Against Drunk Driving (SADD) to launch a movie-trailer style ad campaign that also leverages social media to engage young people in discussions about the dangers of drunk driving. The ad, called The Decision, will play at Saskatchewan movie theatres and features a “cliff-hanger” ending. At the end of the […]
Aviva Canada is cutting slightly less than 10% of its staff as part of Aviva plc’s parent corporate strategy to shed £200 million of costs from its businesses by the end of 2012.In a press release announcing its 2010 Q3 results, Aviva plc “confirmed that, as our transformation programme continues to deliver benefits, the group […]
By Canadian Underwriter | November 2, 2010
Property Claim Services Canada (PCS Canada)’s preliminary estimates put total insured losses caused by Hurricane Igor at more than $65 million, reports Insurance Bureau of Canada (IBC).The amount includes damage caused by wind, sewer backup, fallen trees and water entering homes through broken windows, roofs and walls. It does not include overland flooding, which is […]
Co-operators General Insurance Company reported a net loss of $11.5 million in 2010 Q3, marking an improvement over 2009 Q3’s net loss of $16.1 million.The company’s combined ratio remained flat quarter-over-quarter, increasing slightly from 113.2% in 2009 Q3 to 113.4% in 2010 Q3.The loss ratio in 2010 Q3 was 80.3%, a slight deterioration from 2009 […]
By Canadian Underwriter | November 1, 2010
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