Industry
Burlington, Ontario and Port Coquitlam, B.C. rank highest among Canadian cities most vulnerable to cybercrime, according to a study by Norton from Symantec (Nasdaq: SYMC) and independent research firm Sperling’s BestPlaces.“While bigger cities such as Vancouver, Calgary and Toronto often top the list in crime reports, Burlington, Ontario placed first in the rankings to claim […]
By Canadian Underwriter | March 23, 2010
2 min read
The Office of the Superintendent of Financial Institutions (OSFI) has released its draft revised Minimum Capital Test (MCT) Guideline and is asking for comment by April 7.The MCT guideline reflects the accounting and capital policy positions that will be communicated in the final IFRS Advisory and other changes related to the capital requirements for 2011 […]
1 min read
The insurance industry in Nova Scotia directly contributed $468.8 million to the province’s real gross domestic product in 2008 and supports an estimated 6,900 jobs, according to a Conference Board of Canada study.But there is still considerable potential for future growth, the study adds.More than 360 insurance companies in Nova Scotia directly employ almost 4,500 […]
The future priorities of Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), include undertaking several studies intended to support the province’s forthcoming auto insurance reforms. In its draft June 2010 Statement of Priorities, FSCO itemizes several upcoming research projects. They include:• working with the General Insurance Statistical Agency (GISA) “to confirm data requirements […]
By Canadian Underwriter | March 22, 2010
Carstar Automotive Canada Inc. has added three new locations to its network: Coquitlam, B.C., Scarborough North East, Ontario, and Welland, Ontario.Darko Zukina is the owner and operator of Carstar Coquitlam. Zukina has been in the collision repair industry for nearly 40 years, since he was an apprentice at age 17 in Croatia. He has operated […]
SCM Insurance Services has announced the acquisition of Axis Adjusters Europe Ltd (Axis). Axis, a specialty adjusting firm in the United Kingdom, will be the London-based European division of ClaimsPro, SCM’s claims management and adjusting business division. The move also partnered SCM with Axis International’s operating branches across the globe. “The acquisition of this London-based […]
Roland Paxton, Crawford & Company’s assistant vice-president of global marine services for Canada, will assume direct responsibility for marine operations throughout the Americas.Paxton, who has been with Crawford for 10 years, holds nearly 35 years of experience as a naval architect and expert.His consulting work has included pilotage, litigation, project management and ship design. He […]
FM Global, a business property insurer, reported a 5.6% increase in 2009 gross premium — to $4.7 billion — and a 2009 profit of $840 million.”Policyholder surplus grew 35% to $6.3 billion due to a combination of solid underwriting and investment results, which marked a recovery to its position before the recent financial market upheaval,” […]
Following hearings into the Toyota recall, the New Democrat Party is calling for the government to reform the Motor Vehicle Safety Act that would empower Transport Canada. NDP MP Brian Masse is calling for Transport Canada to have the power to order recalls, establish an ‘early warning system,’ and convert voluntary compliance to mandatory compliance.As […]
By Canadian Underwriter | March 19, 2010
The Canadian insurance sector faces two challenges in a global context — it is unlikely to achieve rapid growth and as investors, Canadian insurers are now too large to emerge unscathed from any financial crisis, reports companiesandmarkets.com.Companiesandmarkets.com is a U.K.-based online repository of market research reports.In its first analysis of the Canadian insurance market, it […]
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