Industry
The Sovereign General Insurance Company says it is “perplexed” by — and plans to appeal — a Cdn$560,000 fine it has been ordered to pay by the Court of Quebec’s Penal Division on Nov. 10. Court of Quebec Justice Serge Boisvert found The Sovereign General guilty on 56 charges brought against it by the Autorité […]
By Canadian Underwriter | December 2, 2008
2 min read
After admitting to lying to the Insurance Corporation of British Columbia (ICBC) on tape about an insurance claim, an Abbotsford man grabbed the tape recorder with the recorded confession and ran. ICBC Special Investigation Unit officers followed the man and found him a few blocks away, smashing the recorder onto the pavement. Although the machine […]
Canada’s property and casualty industry (excluding most AMF-regulated companies) has seen its 2008 nine-month underwriting net income fall 32.7% over the same period last year.MSA Research Inc. issued nine-month results for the industry, including results from both federally regulated and provincially licensed insurers. (The results do not include many AMF-regulated insurers because they are not […]
By Canadian Underwriter | December 1, 2008
1 min read
A group of 20 U.S. property-casualty reinsurers reported a net income of US$2.7 billion for the first nine months of 2008, marking a drop from the US$5.3 billion reported in the same period of 2007, according to a Reinsurance Association of America (RAA) survey.The combined ratio for the group was 104.2% in the first nine […]
Fairfax Financial Holdings Limited (TSX and NYSE:FFH) and Northbridge Financial Corporation (TSX: NB) have announced that Fairfax intends to make a formal offer to acquire all of the outstanding common shares of Northbridge — other than those shares already held by Fairfax — for Cdn$39 in cash per common share, representing total cash consideration of […]
Obtaining better intelligence from corporate data will be essential to reducing costs, determining areas for automation and surviving in an environment in which regulation is imperative, according to a Celent report, Data Mastery Strategies. “Data mastery” is the ability to extract useful business information from raw data. It involves bringing relevant data from different sources […]
Canada's Insurance Industry Recently Scored A 6.0 In A Public Popularity Survey, Putting It In The Esteemed Company Of Such Well-Known Personalities As California Governor Arnold Schwarzenegger
By Mary Lou O'Reilly, Vice-President, Public Affairs and Marketing, Insurance Bureau of Canada | November 30, 2008
6 min read
IBC ASKS ONTARIO TO WORK WITH FEDS IN POSTPONING CHANGES TO PART XIII OF ICA Insurance Bureau of Canada (IBC) wants the government of Ontario to work with the federal government to delay changes to Part XIII of the Insurance Companies Act of Canada until the initiative is fully understood by provincial regulators. IBC made […]
November 30, 2008
3 min read
IBC's Eighth Annual Regulatory Affairs Panel; As the industry bleeds Cdn$400 million in unfunded liability each year, the IBC and the Alberta Auto Insurance Rate Board don't agree on how rates should be set in the absence of the province's cap on minor auto injury claims.
By David Gambrill, Editor | November 30, 2008
4 min read
88th Annual General Meeting of the Insurance Brokers Association of Ontario; Ontario's Brokers Have A Number Of Issues On Their Mind, Including The Best Measure Of An Insurance Company's Financial Solvency, Ownership And Control Of Brokerages And The Use Of Internet Technology.
By David Gambrill, Editor and Vanessa Mariga, Associate Editor | November 30, 2008
5 min read
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