Industry
Canada’s good weather in 2010 Q1 helped offset a higher-than-normal claims volume in Europe during the first quarter, Aviva plc reported.“Claims were higher than expected in the first quarter because of adverse weather in the U.K. and Europe, but these were partly offset by better than expected claims levels in Canada,” Aviva plc reported of […]
By Canadian Underwriter | May 11, 2010
1 min read
Lower budgets and spending discipline established by companies during the economic downturn will likely remain even if the economy recovers, a CFO Research survey found.CFO Research Services, in collaboration with American Express, surveyed 479 senior finance executives across a wide range of industries in Canada, the United States, Mexico, Europe, Asia and Australia. The survey […]
Manitoba Public Insurance (MPI) has made “significant progress” to correct problems plaguing its computer system.The problem stems from an issue with one of MPI’s data banks, an MPI release says.“We expect all Autopac agents and service centres will have some access to the Autopac On-Line (AOL) system as of mid-day May 10, 2010,” the release […]
By Canadian Underwriter | May 10, 2010
Although mutual insurers generally fared the economic downturn better than their non-mutual insurer counterparts, mutuals’ growth potential may be limited in the post-recession economy, A.M. Best reports.The limited growth potential will likely lead to more affiliations, partnerships and joint ventures, A.M. Best suggests.In its Special Report: Global Mutual Insurance, A.M. Best suggests limited financial flexibility, […]
2 min read
Gap coverage insurance — which guarantees the difference between an outstanding loan balance on a vehicle and its value at the time of a total loss — counts as an “insurance product,” depending upon whom offers the product, Quebec’s insurance regulator has ruled.Gap coverage guarantees count as “insurance products” if offered by someone other than […]
The typical cost of cleaning up a 500-litre hydrocarbon spill can range from $3,000 to $200,000, depending on a number of different factors, with the average running about $120,000, according to Mark Samis, vice president of operations with Environmental Remediation Services.Samis said for hydrocarbon spills generally, insurers typically reserve for costs anywhere in the range […]
By Canadian Underwriter | May 7, 2010
American International Group Inc. (AIG) has reported a 2010 Q1 profit of $1.5 billion, up considerably from a net loss of $4.4 billion in 2009 Q1.AIG’s continuing insurance operations earned $2.2 billion before tax in the first quarter of 2010, compared to $908 million in the first quarter of 2009. “Despite $481 million of catastrophe […]
A.M. Best Co. has revised its outlook for Peace Hills General Insurance Company (Alberta, Canada) to stable from negative, and affirmed the financial strength rating of B (Fair).“The revised outlook of Peace Hills reflects its improved risk-adjusted capitalization due primarily to investment and underwriting gains,” A.M. Best said in a press release. “Capitalization is steadily […]
EGI Financial Holdings Inc. (TSX: EFH) reported a net loss of $1.8 million in 2010 Q1, marking a worsening from the net loss of $231,000 posted in 2009 Q1.The insurer posted an underwriting loss of $5.8 million in the first quarter, marking an increase in loss from the underwriting loss of $1.9 million in 2009 […]
Compu-Quote has launched its Motorcycle and Miscellaneous Vehicles quoting module to brokers in Alberta, Ontario and Quebec. The Motorcycle and Miscellaneous Vehicle (ATVs, snow vehicles, campers and trailers) Quoting Module is a Web-based service embedded in AutoRater. It provides full underwriting and rate comparisons.The tool permits brokers to gather specific underwriting and rating data, develops […]
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