Industry
An Ontario motor vehicle liability policy is responsible for paying accident benefits even if the language of the policy makes no premium allowance for AB benefits, and makes no reference to AB benefits coverage being available to the lessee of a vehicle, the Ontario Superior Court has ruled.In Ontario (Finance) v. Daimler Chrysler Insurance Company, […]
By Canadian Underwriter | May 25, 2009
3 min read
Insurance CEOs are more confident about the prospects for long-term revenue growth than their counterparts in other industries, according to the PricewaterhouseCoopers 12th Annual Global CEO survey, Redefining Success.Of the 1,124 CEOs surveyed between Sept. 10 and Dec. 2, 2008, 46% of the insurance CEOs note they are very confident, as compared to 34% of […]
2 min read
ICBC has reported a 2009 Q1 net income of Cdn$117 million, up from Cdn$102 million in 2008 Q1. “We are pleased with our financial results given the tough economic times we are all experiencing,” ICBC president and CEO Jon Schubert said in a release. “In particular, the continuing decline in the number and cost of […]
By Canadian Underwriter | May 22, 2009
1 min read
The National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center (CPC) has called for a 50% chance of a near-normal season, according to the 2009 Atlantic Hurricane Season Outlook. The outlook also indicates a 25% chance of an above-normal season and a 25% chance of a below-normal season, according to the NOAA. There is an […]
By examining trends in temperature levels, rather than by examining extreme events or regional trends, insurers can better identify changing probabilities of loss, according to Andrew Dlugolecki, a research fellow at the U.K.’s University of East Anglia Climatic Research Unit.In Dlugolecki’s paper, The Climate Change Challenge, published by the Geneva Association, he notes the most […]
Co-operators General Insurance Company has entered into an agreement with a syndicate of financial underwriters, in which the syndicate will purchase 4 million Series D Preference shares from Co-operators General and then sell them to the public at $25 per share.The agreement would amount to gross proceeds to the company of Cdn$100 million. The syndicate […]
The Canadian Council of Insurance Regulators (CCIR) is poised to roll out the national expansion of its complaints reporting system, which was first implemented in Ontario and Quebec. “The system work on the expanded [national] system, being led by the L’Autorité des marchés financiers, Québec, is on track for a July 1st, 2009 rollout,” the […]
By Canadian Underwriter | May 21, 2009
The current interest rate environment is a key systemic consequence of the credit crunch, the ensuing financial meltdown and the global recession, said Joel Baker, president and CEO of MSA Research Inc.Baker spoke at a Property Casualty Underwriters Club luncheon in Toronto on May 20.A major downside of the current, near-zero percent interest rate is […]
In a recent court case in Victoria, outside defence counsel representing ICBC contacted one of the company’s employees and obtained claims histories of members of the jury, ICBC said in a statement.“The disclosure of this information was a mistake, and a serious one at that,” Jon Schubert, president and CEO of ICBC said in the […]
The “big players” of Canada’s insurance market will likely take the IPO (initial public offering) route to expansion rather than the merger and acquisition route, said Jack Lee, vice president of BFL Canada.Lee was asked by a person attending the Property Casualty Underwriters Club luncheon in Toronto on May 20 if he anticipated a flurry […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
