Industry
Alberta incorporated insurers have reported a surge in net income, rising from $3 million in 2009 Q1 to $14.9 million in 2010, according to filings posted by Alberta’s Superintendent of Insurance.The figures include:•Alberta Motor Insurance Company;•Canadian Farm Insurance Company;•Fortress Insurance Company;•Millennium Insurance Company;•Peace Hills Insurance Company; and •Trans Global Insurance Company.Of the above insurers, Canadian […]
By Canadian Underwriter | May 26, 2010
1 min read
Losses resulting from the Gulf oil spill will likely be contained within 2010 Q2 results and not affect ratings, suggests Standard & Poor’s (S&P’s).In its report, Despite Significant Environmental Damage, The Gulf Oil Spill Losses to Re/Insurers are Expected to be Limited, S&P’s says the re/insurance industry’s early loss estimates from this event range from […]
By Canadian Underwriter | May 25, 2010
American International Group (AIG)’s former reinsurer, Transatlantic Holdings Inc., has filed a demand for arbitration seeking $350 million related to AIG’s subprime mortgage securities lending prior to 2008 Q4.”Transatlantic Holdings Inc. and its subsidiaries, Transatlantic Reinsurance Company and Trans Re Zurich Reinsurance Company Ltd. (collectively, ‘TRH’), filed a demand for arbitration against American International Group […]
A four-alarm fire in Toronto’s west end has caused more than $600,000, reports the Toronto Star.It is not yet known how much of the damage is insured.The fire occurred on the evening of May 24, severely damaging 791-797 Queen Street West. The buildings were a commercial/residential mix, with storefronts on the ground level and apartments […]
Predictive modelling, including credit scoring, played a major role in heating up the competition in the United States auto insurance market, according to a U.S. researcher of insurance analytics.David Cummings, vice president of research at ISO Innovative Analytics, a unit of Insurance Services Office Ltd. (ISO), made the observation during his presentation on ‘Actuarial Predictive […]
By Canadian Underwriter | May 21, 2010
2 min read
Look for insurers to start saving money on contract costs by bringing more of their work in-house, thus cutting down additional expenses related to the new Harmonized Sales Tax (HST).The HST applies to a broader range of services, and more tax will be unrecoverable under the HST, compared to the situation in which the GST […]
The Centre for Study of Insurance Operations (CSIO) honoured Brovada Technologies Inc. with the 3rd Annual CSIO Achievement Award.The award recognizes Brovada’s efforts in implementing real-time policy and billing inquiry with Pembridge Insurance Company. “Of all the awards we’ve received over the years this one is the most gratifying for me personally,” said Karl Greenlaw, […]
The best way to mitigate water damage losses – and keep costs in check -is through immediate response, Dave Bonnar, director of franchising and insurance development of Steamatic, said. “The faster we can get in, the faster we can start saving you money,” Bonnar said at a Flood and Learn seminar on May 20 at […]
Despite assurances from Canada’s finance minister that previously GST-exempt insurance activities will remain so, members of the property and casualty industry say the wording of the government’s proposed new Bill C-9 – in particular, Clause 55 – is so broad that there is still reason to be concerned about how the Canada Revenue Agency (CRA) […]
By Canadian Underwriter | May 20, 2010
3 min read
Three P&C chief financial officers – representing Intact Financial Corporation, Northbridge Financial Corporation and RSA Canada Group – see Canada’s Top 10 property and casualty insurance companies controlling about 8% more of the market sometime over the next five years.Speaking as panelists at the Canadian Insurance Financial Forum (CIFF) held in Toronto on May19, the […]
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