Industry
Influenza A (H1N1) could result in significant disruptions to the operation of a business, but there are few instances in which a standard business interruption policy will provide coverage, according to a recent Marsh report, Influenza A (H1N1) — Business Interruption and Time Element Coverage Considerations. Standard business interruption (BI) coverage often provides for the […]
By Canadian Underwriter | May 11, 2009
1 min read
Richard Hoskins has been appointed executive vice president and CFO of the North American region or Aviva North America effective May 11. Aviva’s North America region includes its U.S. life and annuity business and Canadian property and casualty company.Hoskins previously served as executive vice president and CFO at Old Mutual US. At Aviva, Hoskins will […]
The Alberta Automobile Insurance Rate Board (AIRB), which regulates the province’s auto insurance rates, is seeking approval from the provincial government to introduce a new file-and-use system for determining auto insurance rates. In a “pure” file-and-use system, insurers can file for changes in their auto insurance rates with the government and then use the filed […]
Kingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) has announced it intends to exit the Canadian cross-border trucking business and further reduce its staff head count in the wake of a 2009 Q1 loss.The company reported a 2009 Q1 net loss of US$58.3 million, compared with a net loss of US$34.4 million in 2008 Q1.”The […]
By Canadian Underwriter | May 8, 2009
2 min read
BCAA Insurance is introducing a 5% discount on collision premiums for vehicles equipped with Electronic Stability Control (ESC). ESC is a computer-controlled safety device that monitors the vehicle’s direction compared to the direction of the steering wheel. The device is designed to apply brakes automatically to certain wheels or cut engine power to help regain […]
EGI Financial Holdings Inc. (TSX: EFH) reported a 2009 Q1 loss of $230,000, down 108.9% from its 2008 Q1 profit of about $2.6 million.”Despite our extensive re-engineering of the niche products division’s Emergency Travel Health (ETH) program and an encouraging start to the 2008-09 travel season in the fourth quarter of 2008, first quarter 2009 […]
American International Group Inc. (AIG) reported a 2009 Q1 net loss of US$4.35 billion, compared to 2008 Q1’s net loss of US$7.81 billion.General insurance net premiums written were US$10 billion in 2009 Q1, a 17.5% decline compared to the same period of 2008. The general insurance unit’s underwriting profit of US$405 million reported in 2008 […]
Swiss Re has reported a net profit of CHF150 million (Cdn$155 million) for 2009 Q1, as compared to CHF 600 million (Cdn$622 million) in 2008 Q1. Annualized return on equity was 2.9% for the 2009 Q1 compared to 8.5% for the same period in 2008, the company notes.The property and casualty business units posted a […]
By Canadian Underwriter | May 7, 2009
Zurich Financial Services Limited reported a 2009 Q1 profit of US$362 million, a decrease of 75% over the same period last year.The company’s general insurance segment reported gross written premiums and policy fees of US$9.8 billion, down 12% or 3% in local currencies, and a combined ratio of 95.8%”General Insurance continued to show resilience across […]
Monitoring teenaged drivers helps to increase the use of seatbelts, but decreasing more complicated behaviour like speeding and sudden braking poses more difficulty, researchers at the Insurance Institute for Highway Safety (IIHS) found.In the study, In-Vehicle Monitoring and the Driving Behaviour of Teenagers, the vehicles of 85 recently-licensed teenage drivers were outfitted with a monitoring […]
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