Industry
ICBC is reducing optional rates by an average of 3% in 2009 and basic rates are expected to remain the same based on preliminary indications. Customers who have purchased the same basic and optional policies from the ICBC over the last five years have, on average, seen their premiums go down, the company notes. The […]
By Canadian Underwriter | March 11, 2009
1 min read
The hiring outlook in the finance, insurance and real estate segment of Canada’s economy has declined to its least optimistic level in 15 years, according to survey data released by Manpower Canada.The Manpower Employment Outlook Survey is conducted quarterly to measure employers’ intentions to increase or decrease the number of employees in their workforces during […]
By Canadian Underwriter | March 10, 2009
2 min read
The Canadian property and casualty industry’s underwriting income took a huge hit in 2008, dropping from an underwriting profit of Cdn$1.35 billion in 2007 to an underwriting loss of Cdn$752 million in 2008 (a 155.9% decrease), MSA Research Inc. reports.Putting the loss in perspective, as of the end of 2008 Q3, the industry reported an […]
The National Automotive Trades Association of Canada (NATA) has offered its qualified support of a private member’s bill before the House of Commons that, if passed, would address the issue of whether vehicle manufacturers should be providing independent repairers access to tools, training and diagnostic information.NATA says it remains committed to “negotiating a voluntary agreement” […]
The overall cost of replacing a damaged home in the United States increased last year thanks in large part to rising fuel costs, according to Xactware’s Property Report 08.The report notes the gas hike in the summer of 2008 drove up the cost of materials, labour and equipment. Petroleum-based goods, including asphalt, vinyl/plastics and nylon […]
The Canadian Association of Private Investigators (CAPI) believes the “tone and content” of the Privacy Commissioner of Canada’s latest draft Guidelines on Covert Surveillance in the Private Sector will “hinder the public goal of combating fraud.”A draft copy of the guidelines is currently not available on the Web site of the Office of the Privacy […]
By Canadian Underwriter | March 9, 2009
ING Insurance Company of Canada is formally changing its name this week to Intact Insurance, but its growth strategy — potentially through acquisition — has not.”Our strategy is one of growth, absolutely,” Intact Insurance spokesman Gilles Gratton says in a wide-ranging interview to be published in the April 2009 edition of Canadian Underwriter. “Basically, if […]
ICBC invested roughly Cdn$9 million last year on 280 road improvement projects and engineering studies in 81 communities. ICBC launched the Road Improvement Program in 1989; it has since invested roughly Cdn$88 million on road improvements in British Columbia. The program works in partnership with municipalities and the provincial government to make roads safer. An […]
Peter Forstmoser has resigned as chairman of the board of directors of Swiss Re effective May 1, 2009. Walter B. Kielholz will succeed him as the new chairman of the board. “Swiss Re has set a new course for its future development,” Forstmoser said in a release. “Therefore I have taken the decision to step […]
European organizations that had not previously thought of themselves as being at high risk of causing environmental damage may need to reconsider whether to buy specialist environmental impairment insurance as a result of new regulations.The Environmental Damage (Prevention and Remediation) Regulations 2009, which came into force in England on Mar. 1, 2009 implements the EU’s […]
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