Industry
The Office of the Superintendent of Financial Institutions (OSFI) has issued draft accounting guidelines related to IFRS conversion, including guidelines for structured settlements.The full guidelines are available at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=3698In Bulletin D-5, OSFI issues guidelines on the reporting by a property and casualty insurer of an annuity when purchased for a structured settlement contract with a […]
By Canadian Underwriter | May 4, 2010
2 min read
Comprehensive deductibles are rising almost twice as fast (160% faster) than collision deductibles in the U.S. auto insurance industry, according to Mitchell International. Mitchell used data that included deductibles from 2003 to 2009 for collision and comprehensive losses. It found collision deductibles grew during that period by 10%, while comprehensive grew 26%. “Mitchell data shows […]
1 min read
Co-operators General Insurance Company reported a profit of $31.8 million for 2010 Q1, an improvement over its 2009 Q1 net loss of $6.4 million.“Thanks in part to mild winter weather throughout the country and an improved investment environment, we have started 2010 with a much better three months than we experienced at the start of […]
By Canadian Underwriter | May 3, 2010
PartnerRe Ltd. (NYSE, Euronext:PRE) estimates insured losses from the explosion and subsequent sinking of the Deepwater Horizon Drilling Platform in the Gulf of Mexico have the potential to exceed $1 billion.The oil platform exploded 50 miles off the Louisiana coast on Apr. 22, resulting in a huge oil spill flowing more than 1,500 metres below […]
MSB, a worldwide provider of building cost data and estimating technology to the property insurance industry, will add 1,500 new green items to its Total Component Database. Its new database item set will deploy electronically and be available for use in the company’s EyeQ and IntegriClaim claims estimating systems that same day.“To gain a competitive […]
The Pennsylvania Insurance Department filed a notice of appeal to the Pennsylvania Supreme Court on Apr. 30, 2010, saying it intends to challenge the Commonwealth Court of Pennsylvania’s decision to dismiss all claims against Kingsway and Kingsway America Inc.The Commonwealth Court found in April 2010 that Kingsway’s donation of its indirect interest in Lincoln General […]
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a 2010 Q1 net income of $290.2 million, marking a huge improvement from the loss of $39.6 million reported in 2009 Q1.The year-over-year increase in earnings arose primarily from net investment gains of $415.6 million in 2010 Q1, a Fairfax release says.Northbridge, Fairfax’s Canadian commercial insurer, […]
TAXES, REGULATORY COSTS EAT UP MORE THAN 11% OF CANADIAN INSURERS’ REVENUES Slightly more than 11% of the $38.4 billion of the insurance industry’s 2008 revenues went towards regulatory and tax costs, according to a PricewaterhouseCooper’s (PwC) report. Insurance Bureau of Canada commissioned PwC to study, for the first time, the burden of taxes and […]
April 30, 2010
Minor injury caps are limited in scope, reduce premiums, have been endorsed by four different provincial governments and have survived court challenges.
By Don Forgeron | April 30, 2010
5 min read
The fall of OEM parts use, rising labour costs and a golden opportunity to use 'appearance allowances' characterize the Canadian collision repair market.
By Greg Horn | April 30, 2010
3 min read
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