Industry
Carstar Automotive Canada Inc. has opened two new locations — one in Montreal-North, Que. and one in Kelowna, B.C.Carstar Montréal Avenue Lausanne, located at 9934 Lausanne, is operated by Andrew Almeida and his business partner Angelo Ventola. CARSTAR Kelowna, located at 690 McCurdy Road, is owned and operated by Matthew Campbell and his business partner […]
By Canadian Underwriter | November 4, 2009
1 min read
Swiss Re reported net income of CHF 334 million (about Cdn$349.2 million) for 2009 Q3, marking an improvement from 2008 Q3’s net loss of CHF 304 million (about Cdn$301 million). The reinsurer’s property and casualty businesses combined ratio improved to 84.5% in Q3, compared to 99.6% in the same period of 2008.This improvement was partly […]
Canadian insurers and insurance brokers have responded favourably to the auto insurance reform package introduced by the Ontario government on Nov. 2, 2009.Insurance Bureau of Canada (IBC) said the government’s reforms to the Ontario auto insurance system “address affordability of premiums while at the same time maintaining robust benefits — two of the industry’s primary […]
By Canadian Underwriter | November 3, 2009
2 min read
Nineteen insurance companies representing the majority (55%) of market share currently use credit-based insurance scores, according to a 2009 survey completed for the Canadian Council of Insurance Regulators (CCIR). The survey also found that six companies, representing a further 6% of market share, plan to use credit-based insurance scores within the next three years.The results […]
Genetics might be to blame for poor driving, according to a new study from the University of California Irvine. People with a gene variant performed 20% worse on a driving test than those without the variant, neuroscientists at the University found. A follow-up test a few days later yielded the same results. The gene variant […]
No processing issues have arisen after five weeks of active participation in the Health Claims for Auto Insurance (HCAI) pilot phase.Two insurers, Gore Mutual and State Farm Mutual Auto, and nine health care facilities began their participation in this voluntary phase on Sept. 28, 2009.By the end of November 2009, a total of 11 insurers […]
Ontario’s long-awaited reforms to the auto insurance product follow closely along the lines of what the Financial Services Commission of Ontario (FSCO) recommended in March 2009, except on one major point important to insurers — FSCO’s proposed cap on medical/rehab benefits for non-catastrophic injuries was reduced to Cdn$50,000, and not Cdn$25,000 as initially proposed.In total, […]
By Canadian Underwriter | November 2, 2009
Aon reported a net income attributable to stockholders of US$120 million for 2009 Q3 as compared to US$117 million for 2008 Q3. Total operating expenses for the third quarter were similar to the same quarter in 2008 at US$1.6 billion, which included a US$82 million favourable impact from foreign currency translation, partially offset by a […]
Claims
In response to risks that span across geo-political boundaries — climate change, global economic recession, political risks, etc. — Swiss Re is calling for the establishment of ‘country risk managers’ to help prioritize and co-ordinate holistic risk management approaches.Country risk managers would take responsibility for national and international co-ordination of risk perceptions and management strategies, […]
Co-Operators General Insurance Company announced a net loss of Cdn$16.1 million for 2009 Q3, compared to a net profit of Cdn$22.2 million for the same quarter in 2008.The combined ratio for the quarter was 113.2%, compared to 103.5% in 2008 Q3. The company’s loss ratio for 2009 Q3 also increased to 82.3% from 71.3% in […]
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