Claims
An Ontario arbitration decision has once again raised a question about the deductibility of collateral benefits. This time a decision determined that long-term benefits received from a group disability insurance plan underwritten by Sun Life can be deducted from income replacement benefits underwritten by The Co-operators.In making the decision, Financial Services Commission of Ontario (FSCO) […]
By Canadian Underwriter | March 12, 2010
2 min read
Industry
British Columbia’s regulator has adopted the Office of the Superintendent of Financial Institution (OSFI)’s guidelines for stress testing and dynamic capital adequacy tests (DCAT) for insurance companies.OSFI released Guideline E-18 in December 2009. The guideline outlines five areas that should receive greater scrutiny in stress testing in light of the market conditions that led to […]
1 min read
Hannover Re’s non-life reinsurance segment’s profit increased to EUR 472.6 million (Cdn$661.8) for 2009, compared to a loss of EUR 160.9 million (-Cdn$225.3) in 2008. In the wake of the heavy loss expenditures incurred in the previous year, stable prices and price increases were obtained in 2009, according to the company. In some segments, such […]
The United Way has named The Economical Insurance Group (TEIG) as a recipient of its Community Spirit Award.TEIG’s 2009 United Way campaign was one of its most successful campaigns to date — it raised just over $283,000 — including an 82% employee participation and 43 leader-level donations.The award recognizes TEIG as “an organization that went […]
Jones Brown Insurance Brokers and Consultants made history during the 2010 Olympic Games when it insured two Canadian gold medal winners.Alexandre Bilodeau won gold in the men’s moguls competition, becoming the first Canadian to win a gold Olympic medal on Canadian soil.Ashley McIvor won gold for Canada in the women’s ski-cross competition. The 2010 Games […]
Only 45% of Canadian drivers feel they are very prepared to immediately take the proper steps required after a car accident, a Carstar survey found. Just 33% of drivers are very likely to remember to gather all pertinent information at the scene of an accident, an Angus Reid public opinion poll commissioned by Carstar found. […]
By Canadian Underwriter | March 11, 2010
The U.S. property and casualty industry’s net income nearly tripled in 2009 to $35 billion, reports Highline Data Performance Monitor.The Performance Monitor aggregates financial data reported by individual insurance companies each quarter.Highline attributes the steep rise in net income to the absence of major catastrophes during 2009, giving p&c insurers “their biggest decline in net […]
A 48-year-old Sault Ste Marie resident has been charged with five courts of fraud and five counts of theft after allegedly misappropriating client’s funds as an insurance agent. As of press time the allegations have not been proven in a court of law. Jeffrey McWhinney was arrested and charged on Mar. 9 by Sault Ste. […]
The Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) has launched its most aggressive media campaign promoting the independent broker channel in that province.The association has invested $750,000 to create and air four 30-second television ads on the networks TVA and LCN (a 24-hour news network owned by TVA). The campaign will extend over […]
Swiss Re estimates total insured losses for the insurance sector arising from the earthquake in Chile will be between $4 billion and $7 billion.The reinsurer anticipates its loss arising from the quake will be $500 million before tax. The magnitude 8.8 earthquake caused several fatalities and triggered severe property damage along a 600-km coastal stretch. […]
By Canadian Underwriter | March 10, 2010
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