Industry
A hose failure that occurred during a banned tank-to-tank transfer process at Sunrise Propane in August 2008 caused a massive explosion at the propane plant that damaged several homes in a residential area of Toronto, according to a fire marshal’s report obtained by the Globe & Mail.According to the Globe, the fire marshal’s report also […]
By Canadian Underwriter | August 5, 2010
1 min read
Intact Financial Corporation (TSX: IFC) reported a 62% increase in its 2010 Q2 profits, observing that its net income increased from $72.4 million in 2009 Q2 to $120.2 million.Overall, the company’s combined ratio improved by 2% during the quarter to 93.7%. Direct premiums written increased 5.4% over the same quarter a year ago to reach […]
RSA Canada reported a $71-million underwriting profit in the first half of 2010, marking a $14-million improvement from the same period of 2009.The insurer’s combined operating ratio for the first six months of 2010 was 91.7%, a slight improvement from the COR of 93.1% reported for the first half of 2009.Net written premiums increased to […]
***CORRECTION*** This item initially appeared with a headline suggesting Aviva Canada had “nearly doubled” its operating profit, when in actual fact the profit increased by roughly one-third. Canadian Underwriter apologizes for the error. Aviva Canada Inc.’s general insurance unit increased its operating profit in 2010 H1 to $212 million from $160 million in 2009 […]
Towers Watson estimates the net insured losses arising from the Deepwater Horizon oil spill will be between $4 billion and $6 billion – not a major event for the property and casualty insurance industry.The total of the coverage limits of the organizations involved in the spill is $3.3 billion. Towers Watson anticipates other companies associated […]
By Canadian Underwriter | August 4, 2010
Fairfax Financial Holdings (TSX: FFH and FFH.U) reported a net income of $325.2 million in 2010 Q2, marking an improvement from 2009 Q2’s net income of $275.4 million.The company attributes the improvement primarily to a $388.7-million gain in investment income in 2010 Q2. Fairfax’s combined ratio in 2010 Q2, on a consolidated basis, was 101.2%, […]
The Sovereign General Insurance Company sponsored Pierre-Marc Brunet of MP2B in his recent quest to climb Mount Kilimanjaro to raise funds for children’s cancer research and treatment.Brunet completed the quest of climbing the highest mountain in Africa in April 2010. He was one member of three teams climbing the peak to raise funds for The […]
Starting in November 2010, a new electronic verification system developed by the province and the Insurance Bureau of Canada will provide on-the-spot confirmation of valid insurance coverage during the licence plate renewal process. “The ability to check for insurance in real-time means fewer uninsured vehicles on Ontario’s roads and less risk to other drivers,” Ontario’s […]
Western Financial Group has increased its ownership of Falkins Insurance Group Limited from 20% to 40%. In addition, all parties have agreed upon a pathway to provide Western with the ability to acquire full ownership of Falkins by Jan. 1, 2014. Established in 1897, Falkins Insurance is the largest writer of general insurance in south […]
Police action and legislative changes are required to effect stronger penalties for insurance fraud, an RBC Insurance media roundtable concluded on July 28.Insurance fraud cost the Ontario auto insurance industry about $1.3 billion (out of about $9 billion in collected premium), according to background materials prepared for the conference. The materials cited Insurance Bureau of […]
By Canadian Underwriter | August 3, 2010
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