Industry
The Chubb Corporation has reported a 2009 Q4 net income of $695 million, compared to $407 million in the same quarter of 2008. Net income for 2009 was $2.2 billion, compared to $1.8 billion in 2008. Net written premiums for the fourth quarter were $2.8 billion, a decline of 4%. Excluding the effect of currency […]
By Canadian Underwriter | January 29, 2010
1 min read
Claims
Bans on hand-held devices while driving fail to reduce crashes, a new Highway Loss Data Institute (HLDI) study found.The HLDI is an affiliate of the Insurance Institute for Highway Safety (IIHS). It calculated monthly collision claims per 100 insured vehicle years — one car insured for one year, two insured for six months, etc. — […]
2 min read
Toyota Motor Corp.’s announcement that it was halting the sale and manufacturing of eight of its popular models in Canada, the U.S., Europe and Asia poses a major reputation crisis that could make or break the brand, experts suggest.On Jan. 26, 2010, Toyota Canada Inc. announced it was suspending sales of eight models involved in […]
By Canadian Underwriter | January 28, 2010
The participation of alternative sources of capital in the reinsurance market has rebounded since the economic crisis, but not to pre-crisis levels, reports Standard & Poor’s.In its report, Global Reinsurers Enter 2010 on Stronger Financial Footing but Face Weaker Pricing, S&P’s notes that hedge funds participation in reinsurance and retrocessional deals has remained relatively low […]
Insurer security remains a top priority for corporate buyers a year and a half after the peak of the financial crisis, Lloyd’s of London reports. The crisis has left a lasting impression on buying behaviour, despite the fact that insurance made it out relatively unscathed, according to a survey by the Association of Risk and […]
The Ontario Teachers’ Insurance Plan (OTIP) is working with Waterloo Regional Police to recover three stolen laptop computers, one of which may have contained personal information of OTIP’s insured teacher members.The burglary happened on Dec. 3, 2009. Waterloo Regional Police informed OTIP that “this appears to be a smash-and-grab’ operation, with the intent to steal […]
Political and financial instability remain a feature of the business landscape as a result of the recession, Aon Risk Services reports. The company believes elevated political risk levels will continue before an overall tendency for improving global business conditions becomes established. “For many companies and across different sectors, including credit and political risk insurance, the […]
By Canadian Underwriter | January 27, 2010
The Ontario chapter of the Women in Insurance Cancer Crusade (WICC) has launched the 2010 edition of its WICC C4C [Change for Change] Ontario Insurance Industry Challenge.For 12 months, participants will be challenged to raise as much money as possible using the C4C donation boxes. All funds donated will go directly to the Canadian Cancer […]
The Canadian Council of Insurance Regulators (CCIR) is seeking stakeholder feedback as it develops a new strategic plan that takes into account the changing regulatory environment resulting from the financial crisis.At the same time, CCIR has decided to review its mandate and determine where it has been most effective. The strategic plan, effective Apr. 1, […]
Manitoba Public Insurance (MPI) is launching a new rating program intended to increase merits that drivers can earn for driving safely, thereby decreasing drivers’ premiums by a projected total of almost $1 million.The Driver Safety Rating (DSR) will come into effect on Mar. 1, 2010. Incentives under the DSR include:• Instead of the current five-merit […]
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