Industry
Co-operators General Insurance Company reported a net loss of $11.5 million in 2010 Q3, marking an improvement over 2009 Q3’s net loss of $16.1 million.The company’s combined ratio remained flat quarter-over-quarter, increasing slightly from 113.2% in 2009 Q3 to 113.4% in 2010 Q3.The loss ratio in 2010 Q3 was 80.3%, a slight deterioration from 2009 […]
By Canadian Underwriter | November 1, 2010
1 min read
Willis Group Holdings is urging commercial insurance buyers to take advantage of the ongoing soft market conditions in 2011.In its report, Marketplace Realities and Risk Management Solutions, Willis notes several lines remain flat or have experienced rate reductions. These lines include:• property – reductions will average 15%, and will depend on catastrophe exposure and industry […]
ICBC’s 2.4% reduction in its basic rates are officially in effect.The public insurer also implemented a 3% reduction in optional insurance premiums.This marks the third consecutive year ICBC has offered rate reductions to its insureds.”Our customers’s smart driving decisions, combined with positive claims outlook and ICBC’s multi-million dollar investments in road safety are paying off […]
Kanetix has launched a service that allows auto insurance consumers to track rate changes in Ontario.‘Rate Tracker’ is an online free service that displays the changes in rates that were approved by the Financial Services Commission of Ontario over the course of the last year. Consumers can either select three insurers to compare rate adjustments, […]
Auto
Insurers have long argued psychological and physical injuries shouldn't be lumped together when determining catastrophic impairments. Finally, insurers have a court authority that agrees with them, although the decision is under appeal.
By David Gambrill | October 31, 2010
3 min read
Risk
SASKATCHEWAN BROKERS CONCERNED BANKS, DIRECTS WILL BUY BROKERAGES TO OBTAIN SGI CONTRACTS The Insurance Brokers Association of Saskatchewan (IBAS) is anticipating a meeting with Tim McMillan, the minister responsible for Saskatchewan Government Insurance (SGI), about the government’s proposed plan to allow the province’s motorists to obtain licenses from agencies that do not have contracts with […]
October 31, 2010
E&O INSURERS CAUTIONED TO BE AWARE OF INQUESTS, DISCIPLINARY HEARINGS AGAINST INSUREDS Insurers defending professionals should be aware of inquest or disciplinary hearings involving insureds — even though these ‘sideshow’ proceedings might not be covered under E&O policies — because of the potential impact the proceedings may have on a subsequent civil action that does […]
INSURERS SAY ERM POLICIES CARRIED THEM THROUGH THE FINANCIAL CRISIS More than half of the insurers surveyed in Towers Watson’s biennial global ERM survey said they were satisfied with their ERM capabilities throughout the financial crisis. Of the 465 insurance and reinsurance executives surveyed around the world, 58% felt satisfied with their ERM program’s performance […]
Jack Lee, incoming Toronto Insurance Conference (TIC) president, notes how the evolution of commercial insurance has highlighted the importance of broker advice for complex risks.
By Vanessa Mariga, Associate Editor | October 31, 2010
6 min read
Aggregate reinsurance cover is one means for primary insurers to transfer their risk in 'mini-cat' situations, in which big storms add up, but individually they aren't big enough to trigger traditional reinsurance coverage.
By Robert Finnie | October 31, 2010
5 min read
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