Industry
The 12th Annual McKellar Charity Golf Day raised Cdn$19,050 for WICC (Women in Insurance Cancer Crusade). The golf day was held at Crosswinds Golf & Country Club in Burlington, Ontario on June 14. Participants from the legal and insurance claims communities enjoyed a fun-filled day of events, including morning clinics with golf professionals, a buffet […]
July 31, 2010
1 min read
Going against the advice its own actuary, Alberta has ordered an industry-wide auto insurance rate decrease of 5%.The premium reduction takes effect Nov. 1, 2010. The adjustment applies only to mandatory coverage, which is required by law and includes third party liability and accident benefits coverage. “This reduction is primarily the result of a projected […]
By Canadian Underwriter | July 30, 2010
This summer has brought the worst storm activity to the province of Saskatchewan in 20 years, according to Saskatchewan Government Insurance (SGI).Historically, the majority of summer storm activity occurs in July and August. But SGI has already received more than 5,200 property claims and 6,000 vehicle claims thus far during the summer storm season, SGI […]
Gore Mutual Insurance Company is in production with Duck Creek Technologies Inc. to process Gore Mutual’s commercial property policies using Duck Creek’s policy administration system. “This new system for Gore Mutual’s national commercial property line is the first of many releases that will replace their aging legacy system,” the companies announced in a joint press […]
Co-Operators General Insurance Company reported a 2010 Q2 net income of $6.5 million, marking a drop from the $13.9 million net income reported in 2009 Q2.A market yield adjustment on its bond and mortgage portfolios resulted in an $11.5 million increase in claims expenses when compared to 2009 Q2, a company release said. Return on […]
Willis Group Holdings plc (NYSE: WSH) reported a net income of $89 million in 2010 Q2, a slight increase from the net income of $87 million in 2009 Q2.Organic growth in commissions and fees grew 4% from 2009 Q2. Net new business experienced a 6% growth over 2009 Q2, reflecting “strong new business generation of […]
By Canadian Underwriter | July 29, 2010
Although the Deepwater Horizon oil spill is an “important event in the history of deepwater drilling and exploration,” it’s not going to be an insurance “market changer,” experts at Marsh suggest.In a report, Marsh compares the event to that of Hurricane Katrina and assesses the negative effects of each on the upstream energy insurance market.Following […]
By Canadian Underwriter | July 28, 2010
A government-authorized vehicle safety inspection will increase by $10, Manitoba Public Insurance announced.The cost of a vehicle safety inspection will be $55 as of Aug. 1, 2010. The increase applies to safety inspections for cars, motorcycles and light trucks.”This is the first increase in nine years,” said Ward Keith, MPI’s registrar of motor vehicles. “Over […]
B.C. customers needing language assistance during the claims-handling process will now be able to converse freely with ICBC in more than 170 languages through an interpreter. The Language Line Services initiative is an on-demand, over-the-telephone translation service piloted this year in nine Lower Mainland claim centres. Its interpreters are trained in the use of insurance […]
U.S. class action activity related to the credit crisis has slowed down to a slow trickle, according to a semi-annual report prepared by the Stanford Law School Securities Class Action Clearinghouse, in cooperation with Cornerstone Research.The report, Securities Class Action Filings-2010 Mid-Year Assessment, notes federal securities class action activity during the first six months of […]
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