Industry
Reserve releases are masking deteriorating results in the U.S. and Bermuda reinsurance market, said Greg Reisner, a senior financial analyst at AM Best.Reisner offered delegates of AM Best’s ‘Market Briefing: Canada’ an overview of the U.S. and Bermuda reinsurance markets on Sept. 8, 2010 in Toronto. He noted the trends emerging in the U.S. and […]
By Canadian Underwriter | September 8, 2010
2 min read
Ontario’s personal auto is driving the Canadian property and casualty market’s underwriting loss, said Joseph Burtone, assistant vice president at A.M. Best.Burtone offered a summary of the Canadian property and casualty market at A.M. Best’s ‘Market Briefing: Canada’ in Toronto on Sept. 8.Overall, the industry appears to be stable, with positive – not robust – […]
A key rainmaker in the insurance industry, Robert Clements, died of cancer at the age of 77 on Sept. 4.Clements was co-founder and non-executive chairman of insurance broker and risk management firm Integro, and most recently founded and was a director of Bermuda-based Ironshore.Prior to co-founding Integro in 2005, Clements was chairman of Arch Capital […]
By Canadian Underwriter | September 7, 2010
1 min read
Children aged five to 14 accounted for about 60% of school-age victims of car/pedestrian collisions in the province, reports Manitoba Public Insurance (MPI).In total, there are 48 pedestrians from this age group injured each year in Manitoba, said Clif Eden, MPI’s manager of road safety.One in four cyclists struck by cars in Manitoba are five […]
A Magnitude 7 earthquake rocked the New Zealand city of Christchurch on Sept. 4, causing estimated damages between $2 billion and $4.5 billion.New Zealand’s Institute of Geological and Nuclear Sciences (GNS Science) reported that the quake occurred at a shallow depth of five kilometres on a previously unknown fault that appears to have not ruptured […]
The third annual ‘Insurance Challenge,’ a bike ride to raise money for the Juvenile Diabetes Research Foundation, will take place in Toronto on Oct. 1. Hosting more than 7,400 participants from various financial sectors, the Ride for Diabetes Research will be held at the Metro Toronto Convention Centre. The ‘Insurance Challenge’ is just one of […]
Alberta-incorporated property and casualty insurers nearly doubled their consolidated net income from $18.3 million in 2009 H1 to $31.9 million in 2010 H1.The figures reflect results reported by:• Alberta Motor Insurance Company;• Canadian Farm Insurance Company; • Fortress Insurance Company;• Mennonite Mutual Insurance Company;• Millennium Insurance Company; • Peace Hills Insurance Company; and• Trans Globe […]
By Canadian Underwriter | September 3, 2010
Members of the insurance industry are reminding consumers to not drink and drive during the Labour Day holiday weekend.In British Columbia, on average there are approximately 1,725 crashes, 515 injuries and five fatalities over the Labour Day weekend, ICBC reports.Police reported that the top contributing factors in Labour Day long weekend crashes are driver inattentiveness, […]
Canadian Direct Insurance has posted its third consecutive record quarterly profit, reporting a $3.6-million net income in 2010 Q3, up $300,000 from a year ago.”The strong results were driven by a 7% increase in net earned premiums, partially offset by a higher claims and policy acquisitions costs,” Canadian Direct’s parent company, Canadian Western Bank (CWB), […]
Business Monitor International (BMI) is predicting premium growth in Canada’s property and casualty insurance industry will expand from $55.1 billion to $70.8 billion by 2014.”In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to remain constant at 3.5% of GDP through the forecast period,” BMI stated in a […]
By Canadian Underwriter | September 2, 2010
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