Claims
Insured losses caused by Hurricane Gustav could range from US$2 billion to US$10 billion according to initial estimates. Gustav came ashore near Cocodrie, Louisiana, about 70 miles southwest of New Orleans, on Sept. 1 as a relatively fast-moving Category 2 hurricane. Maximum sustained winds reached 110 mph and the central pressure registered at 957 mb, […]
By Canadian Underwriter | September 2, 2008
2 min read
Industry
FirstOnSite Restoration LP and Disaster Kleenup Canada Ltd. (DKC) have parted ways effective Aug. 31, 2008. A limited partnership FirstOnSite Restoration LP was created in 2007, comprised primarily of a number of DKC members. As FirstOnSite’s business model developed, it became evident that it was not compatible with that of Disaster Kleenup’s, and so the […]
1 min read
The cost of auto injury claims in the United States involving lighter-weight vehicles tends to be higher than the cost of claims involving heavy vehicles, according to a new report from the Insurance Research Council (IRC).To investigate the potential impact of rising gas prices on insurance claims costs, IRC analyzed 9,140 personal injury protection (PIP) […]
AON CORPORATION TO ACQUIRE BENFIELD GROUP LIMITED Aon is acquiring reinsurance intermediary Benfield for 3.50 (Cdn$6.79) per share in cash and will assume 91 million (Cdn$176.43 million) of Benfield’s net debt, representing an enterprise value of approximately 935 million (Cdn$1.81 billion) on a fully diluted basis, the company notes in a release. Assuming regulatory approval […]
August 31, 2008
IBC CALLS FOR MINOR INJURY CAP ON POST-PAF ASSESSMENTS IN ONTARIO The Insurance Bureau of Canada (IBC) has asked Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), to consider imposing a Cdn$1,500 cap on post-PAF assessments and treatments for minor injuries. The suggestion is one of 25 recommendations IBC made to FSCO as […]
WINTER WEATHER HITS ING CANADA’S 2008 Q2 PROFITS ING Canada Inc. (TSX: IIC) reported its profits declined to Cdn$112 million in 2008 Q2, down from the Cdn$194.3 million net income it reported last year. The company said the decline was due in part to severe winter weather storms, as well as weakness in the equity […]
Peter Fredericks, the incoming president of the Insurance Brokers Association of Canada, says he wants the public to perceive brokers as loyal and trustworthy
By David Gambrill, Editor | August 31, 2008
6 min read
Risk
In an industry of estimates, it can be very dangerous when key drivers of profitability are not properly understood
By Mark Ram, President and CEO, Northbridge Financial Corporation | August 31, 2008
Rating countries for financial risk is an exercise often fraught with peril. There are, to quote Simon and Garfunkel, at least '50 ways' in which the analyses may not square with reality.
By Peter Beeching, Freelance Writer | August 31, 2008
7 min read
The industry is discussing ways to help overcome stereotypes in a bid to recruit more talent into a shrinking labour pool
By Jay Perry, Founder And CEO, Automotive Business Consultants Inc. | August 31, 2008
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