Industry
September 2010 marks the 100-year anniversary of the Peterborough Insurance Brokers Association.The original agreement for the association was signed into effect on Sept. 15, 1910, by T. E. Bradburn, John Crane, W. H. Thompson, W. H. Hill, Thomas Mark, W. Might, W.A. Taylor and C. Young. These local brokers (then agents) met and put into […]
By Canadian Underwriter | August 18, 2010
1 min read
Identifying a discrepancy in a police report to be a legal “misnomer,” an Ontario judge added a defendant to an action in spite of the expiry of the statute of limitations.In Sorokataya v. Keith, a modified police report created a controversy over the owner of a vehicle involved in a May 2007 motor vehicle collision. […]
By Canadian Underwriter | August 17, 2010
2 min read
ICBC reported a decrease in net income in the first half of 2010, from $277 million in 2009 H1 to $232 million.Claims and related costs for the first six months of 2010 increased slightly to $1.48 billion, from 2009 H1’s $1.46 billion.”The number of vehicle damage claims has dropped due to our customers’ smart driving […]
RSA has confirmed in “a response to press speculation” that it did in fact propose to acquire Aviva’s Canadian, UK and Irish general insurance business for £5 billion in cash.In a separate public statement released on the same day, Aviva plc confirmed its board of directors rejected the deal, in part because it felt the […]
Claims
The trend of making mandatory the use of alcohol interlocks for first-offender intoxicated drivers is emerging in Canadian and U.S. jurisdictions, but the trend is challenged by often-ineffective implementation, according to the Traffic and Injury Research Foundation.In its report The Implementation of Alcohol Interlocks for First Offenders: A Case Study, TIRF examines the state of […]
Companies identifying their supply chain exposures should beware of financial risks caused by the collapse of banks, RBC points out in an article entitled What is available to help me manage risks through the entire supply chain?The article identifies a number of risk exposures related to finance, markets, business, operations and internal systems, and lays […]
By Canadian Underwriter | August 16, 2010
Winnipeg police have laid criminal organization charges as part of its ongoing investigation into an auto insurance fraud ring.According to the Winnipeg Sun, this is the first time an auto insurance fraud investigation is believed to have resulted in organized crime charges. In August 2009, a series of arrests were made as a result of […]
Desjardins Group’s property and casualty insurance segment reported a net income of $28 million in 2010 Q2, unchanged from 2009 Q2.The segment’s total income for the first half of 2010 was $765 million, up $14 million compared to 2009 H1, due to an increase in the number of policies issued and a higher average premium.”This […]
Crawford & Company’s international operating earnings took a hit because of weaker results in the company’s Canadian market, the company reported. Overall, Crawford & Company reported a net loss of $2.5 million in 2010 Q2, as compared to a net loss of $88.1 million in 2009 Q2. International operating earnings declined to $7.3 million in […]
By Canadian Underwriter | August 13, 2010
Western Financial Group has reported a net income of $5.7 million in 2010 Q2 as compared to $4.9 million in 2009 Q2. The group’s profit increased by 37% over the same period in 2009. “We are pleased with the company’s performance for all our business units in what appears to be a moderate economy in […]
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