Industry
The Ontario Court of Appeal has ruled an insurance broker must pay back $75,510 it had unilaterally collected to renew expiring insurance policies, noting the broker had changed the insurer upon renewal and had paid the new insurer one month’s worth of premium that it had collected on behalf of the original insurer.The Appeal Court […]
By Canadian Underwriter | December 22, 2010
2 min read
The Co-operators has raised more than $214,900 during its annual United Way campaign in Regina, Saskatchewan. Staff members donated $110,300 to the Regina campaign. The company provided an additional $104,600 in corporate funds. Staff members across the country raised a total of $391,492. This included $50 donations on behalf of individual staff members, totaling $329,524. […]
1 min read
Claims
The independent broker channel is losing market share to the direct channel at a rate of roughly 0.43% per year, according to PwC’s Insurance Review: A Canadian Perspective. At that rate, the independent channel’s market share of 64% in 2009 will drop to about 60% by 2019.This is based on data obtained by applying linear […]
The KRG Scholarships program has expanded in 2009-10 to include awards to youth in the Durham Children’s Aid Society and the Kawartha-Haliburton Children’s Aid Society.These awards are above and beyond the KRG Scholarship awarded to a Toronto youth.The Children’s Aid Foundation received $10,000 from KRG Insurance, a division of RRJ Insurance Group Limited, and the […]
Earthquakes in Chile and New Zealand – which cost the re/insurance industry $8 billion and $4 billion, respectively – were the largest sources of loss this year, according to Guy Carpenter & Company. Eight catastrophes caused insured losses of more than $1 billion each. Five of these were related to severe weather and storms in […]
Hub International Canada West (Hub Canada West) has signed letters of intent to acquire certain operations of the Phoenix Insurance Group (Phoenix), a cluster partnership of various Alberta-based firms. Hub said it expects to acquire the Grande Prairie operations of Phoenix by the end of 2010, and the Edmonton, Red Deer, Hinton and Drayton Valley […]
By Canadian Underwriter | December 21, 2010
Essex County in Ontario saw its 2011 municipal insurance renewal increase by 41.7% over 2010.The municipality’s insurer attributed the premium increase to higher liability claims costs, including larger damage awards, higher legal defence costs, more class actions, the impact of the Harmonized Sales Tax and the joint-and-several liability rule.Joint and several liability played a major […]
Chubb Insurance Company of Canada will launch its higher-end automotive insurance policy in Alberta on Jan. 12, 2011.The Chubb Masterpiece auto insurance package, designed for luxury car owners, includes coverage for:
Scott B. Clark will serve as the president of the Risk and Insurance Management Society (RIMS) in 2011. Clark served as RIMS secretary in 2010 and has been a member of the RIMS board since 2000. He is a founder of RIMS Greater Miami Chapter, where he served as president in 1992 and again in […]
Private U.S. property/casualty insurers’ net income after taxes rose to $26.7 billion through the first nine months of 2010, up from $16.4 billion through the same period of 2009, according to Insurance Services Office (ISO).The figures are consolidated estimates for private P&C insurers based on reports accounting for at least 96% of all business written […]
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