Industry
Crawford & Company reported a net income of US$6.9 million in 2008 Q3, up from US$3.5 million for the same quarter last year. Net income in the first nine months of 2008 was US$23.9 million, up 87% from US$12.8 million for the 2007 nine months. “Our third quarter 2008 operating results reflected sustained growth in […]
By Canadian Underwriter | November 4, 2008
1 min read
One out of 25 (or 4.2%) of Grade 9 to Grade 11 students in the United States report driving at least one hour a week without supervision, according to research undertaken by The Children’s Hospital of Philadelphia and State Farm Insurance Companies.”A minority (6%) of today’s teenaged drivers continue to drive unlicensed,” the survey concludes. […]
By Canadian Underwriter | November 3, 2008
2 min read
The Canadian property and casualty industry reported a profit of Cdn$1.4 billion in the first half of 2008, a 30% drop year-over-year, Swiss Re reports in its Canadian P&C Quarterly.During the first half of 2008, the industry’s return on equity (ROE) fell more than 4 points to 9.1%. Swiss Re said cyclical softening and increased […]
Co-Operators General Insurance Company reported a net income of Cdn$29.3 million for 2008 Q3, compared to Cdn$30.3 million for the same period of 2007.The company saw its combined ratio increase to 103.5% in the quarter, from 99.9% in 2007 Q3. Its year-to-date combined ratio is 105.1%, up from 99.9% for the same period of last […]
OSFI needs to be much clearer than it has been thus far in the description of its purpose, how changes to Part XIII of the Insurance Companies Act will achieve that purpose and how the changes will affect the industry.
By David Gambrill, Editor | October 31, 2008
3 min read
Risk
THINKING LIKE A JUDGE Insurers and brokers should think more like a judge when they read or draft insurance policy contracts, because judges will ultimately determine whether or not policy coverage exists in a claim sit- uation, a litigator told brokers attending an education session at the 88th annual convention of the Insurance Brokers Association […]
October 31, 2008
SOME PROVINCES WOULD HAVE TO CHANGE LAW TO ENACT OSFI’S PART XIII AMENDMENTS: CCIR Legislative changes may be required in some provinces to harmonize provincial insurance regulations with amendments to Part XIII of the federal Insurance Companies Act (ICA), the Canadian Council of Insurance Regulators (CCIR) noted in an online update of its activities. The […]
ONTARIO AUTO INSURANCE RATES ON THE RISE A significant portion of the Ontario private auto insurance market went to the regulator to ask for rate increases in 2008 Q3. “In the third quarter of 2008, for the 77.97% of the market that had rate changes approved, the average rate change was +1.12%, when weighted by […]
Claims
CASCADIA EARTHQUAKE DAMAGE MIGHT BE LOWER THAN INITIALLY ASSUMED Updated earthquake research by the United States Geological Survey is reporting that expected damage to buildings as a result of a Pacific Northwest earthquake in the Cascadia Subduction Region (which also affects B. C.) could be lower than initially assumed. The research includes the use of […]
Brian Wilcox, the incoming president of the Toronto Insurance Conference (TIC), got waylaid on his initial career path to the golf tour.
5 min read
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