Industry
The U.S. property and casualty industry posted a net income of $11.5 billion in 2010 Q1, marking a rebound from the net loss of $900 million posted in the same period of 2009, reports AM Best.The turnaround was driven primarily by improving financial markets and came despite “an unusually high level” of catastrophe-related losses, said […]
By Canadian Underwriter | July 13, 2010
1 min read
RSA Canada employees raised $241,000, volunteered 5,200 hours and donated 56,000 items to charities in communities across the country.The fundraising and volunteer initiatives were part of a global effort to mark RSA’s 300th anniversary. The campaign ran from April 7 to June 25, and RSA gave each employee one day off work to volunteer in […]
Insurance Brokers Association of Ontario (IBAO) is warning brokerages to be on high alert in light of several recent reports of cheque fraud.The incidents reported seem to have a common thread, an IBAO release says. They occur when the brokerage is shipping a payment to an external payee using window envelopes. Another pattern is that […]
By Canadian Underwriter | July 12, 2010
Marsh has launched a real-time industry benchmarking reporting service on purchasing and pricing trends in the United States.The service is available through Marsh’s ‘Global Benchmarking Portal.’ It covers 20 major industry groups, as well as cross-industry reports on property, casualty and financial and professional lines. The portal contains information on 90,000 policies, covering $50 billion […]
Aon Corporation (NYSE: AON) is acquiring Hewitt Associates Inc. (NYSE: HEW), an HR consulting and outsourcing company, for approximately $4.9 billion.Following the close of the transaction, Aon intends to integrate Hewitt with its existing consulting and outsourcing operations (Aon Consulting) and operate the segment globally under the newly created Aon Hewitt brand. The transaction is […]
A Vancouver filmmaker has started an online petition using social media to get the province’s public auto insurer to offer consumers a ‘pay-as-you-drive’ option.In a six-minute YouTube video presentation, Cliff Caprani says he wants the Insurance Corporation of B.C. (ICBC) to offer a pilot project in which consumers are offered a pay-as-you-drive option. The option […]
Claims
An arbitrator at the Financial Services Commission of Ontario (FSCO) says resolving auto accident benefits claims disputes “on a timely basis” has become “an increasingly critical issue” in the province’s alternative dispute resolution (ADR) system.In his decision in Dominion of Canada General Insurance Company and Jaswinder Singh, FSCO director delegate Lawrence Blackman cited FSCO statistics […]
By Canadian Underwriter | July 9, 2010
Fairfax Financial Holdings (TSX: FFH and FFH.U) is bidding farewell to one of its directors, David Johnston, the recently appointed Governor General of Canada.Johnston has served as a director of Fairfax since 2007. His appointment as governor general requires him to step down from his other positions, including that of director of Fairfax.”David has been […]
Manitoba Public Insurance (MPI) has officially opened the doors to its newest service centre located at 1284 Main Street in Winnipeg.The new service centre, built to LEED environmental standards, replaces the old claim centre located at 445 King Street in Winnipeg. MPI is donating the old King Street property to Ma Mawi Wi Chi Itata […]
La Nina conditions are likely to develop in July and August, potentially causing an increase in hurricane activity in the Atlantic and Gulf of Mexico.The U.S. Climate Prediction Center issued a watch on July 8, cautioning that sea temperatures in the tropical Pacific Ocean are cooler than average. “The majority of models now predict La […]
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