Industry
Average annual expenditures on vehicle maintenance and repair services have declined by approximately 7% from 2008, according to J.D. Power and Associates’ recently released 2009 Canadian Customer Commitment Index Study.Conducted between April and June 2009, the study is based on responses from 14,388 owners across Canada whose vehicles are between three and 12 years old.The […]
By Canadian Underwriter | August 18, 2009
2 min read
Claims
Hurricane Bill — the first hurricane of a season that is already two-and-a-half months old — has formed in the Atlantic and is projected to be a “major” (Category 3) hurricane by Aug. 19, the National Hurricane Center predicts.The hurricane is moving west-northwest, a projected path that would take it through Bermuda around Aug. 22.Currently […]
By Canadian Underwriter | August 17, 2009
1 min read
A majority of foreign property and casualty insurers are on target to adapt to the amendments to Part XIII of the Insurance Companies Act by Jan. 10, 2010, but some areas still require further attention, said the Office of the Superintendent of Financial Institutions (OSFI).OSFI released a bulletin reminding foreign insurers to file their second […]
***CORRECTION This item contains corrected information from an item that originally ran on Aug. 13, 2009. It has been amended to reflect the fact that these are the consolidated 2009 Q2 financial results of Crawford & Company’s operations, not just its Canadian operations. Canadian Underwriter apologizes for the error. Crawford & Company has reported a […]
By Canadian Underwriter | August 14, 2009
Transparency around the use of credit scoring has placed the role of the broker front and centre in the insurance transaction between insurers and policyholders, the self-regulating body of Ontario’s brokers observes in a quarterly newsletter.”It is often brokers that are caught in between insurers underwriting risks and the right of consumers for a transparent […]
The Risk and Insurance Management Society (RIMS) has formed a committee to increase its profile in the standards and practices arena and make it the primary resource in shaping and developing risk management standards.Carol A. Fox, past chair of RIMS ERM development committee, will chair the RIMS standards and practices committee.Wayne L. Salen, member of […]
The Economical Insurance Group, and Pembridge Insurance Company have committed to maintaining their investment as full partners of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program. Gore Mutual has invested as a full partner, as well. The cornerstone of the program is the BIP symbol, known as “the BIPPER,” which is designed to […]
By Canadian Underwriter | August 13, 2009
Saskatchewan’s Financial Services Commission is seeking comment on its proposal to enact a restricted licensing system for the purpose of regulating the selling of incidental insurance products.Saskatchewan’s insurance regulator is proposing to allow the General and Life Insurance Councils of Saskatchewan to issue restricted licenses, authorizing licensees and/or their employees to act as agents to […]
Intact Financial Corporation has reported a net income of Cdn$74.2 million for 2009 Q2, as compared to a net income of Cdn$112 million for 2008 Q2.The insurer’s combined ratio increased slightly quarter-over-quarter, from 95.6% in 2008 Q2 to 95.7% in 2009 Q2.The strength of the company’s underwriting performance was offset by lower investment income, […]
By Canadian Underwriter | August 12, 2009
ICBC’s reported profit for the first six months of 2009 is Cdn$277 million, up from Cdn$255 million for the same period in 2008. “The increase is the result of continued encouraging trends on claims, while ICBC is also managing its overall costs well,” B.C.’s public auto insurer reported. “Claims and related costs at ICBC dropped […]
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