Industry
If an insurer provides continuous coverage by means of issuing a series of one-year policies, then this amounts to a single “system of successive insurance coverage” for the purpose of determining the application of an extension of coverage provision, the Ontario Court of Appeal has decided.In Boland v. Allianz Insurance Company of Canada, an extension […]
By Canadian Underwriter | August 5, 2008
2 min read
**CORRECTION** This item corrects information previously published on Aug. 5, in which the company’s six-month profit figures were mixed up with the gross written premium figures. Canadian Underwriter apologizes for the error. The Co-Operators General Insurance Company reported a 2008 Q2 profit of Cdn$40.6 million, compared to a net income of Cdn$48.9 million in 2007 […]
Fairfax Financial Holdings Limited (TSX: FFH) reported profits of US$27.6 million for 2008 Q2, marking an 84% drop from the US$168.1 million reported in 2007 Q2.The results include the US$84.2-million impact of a reinsurance commutation initiated by Crum & Foster, the firm’s U.S. insurance operations. They also include the US$112.8 million worth of “other than […]
By Canadian Underwriter | August 1, 2008
1 min read
Aon Corporation (NYSE: AOC)’s 2008 Q2 profit increased 372%, to US$1.1 billion, compared to US$240 million over the same period last year.”Our second-quarter results reflect a 25% increase in adjusted earnings per share from continuing operations, highlighted by 2% organic revenue growth and a 30-basis-point increase in adjusted pretax margin from our brokerage segment, despite […]
Risk
The real question is whether such a cap on the GRC is necessary at all, since the premium should reflect the risk of paying out on a GRC policy.
By David Gambrill, Editor | July 31, 2008
3 min read
Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel. Baker observed direct-linked agencies and companies held 37% of the auto insurance market share in 2002 — […]
July 31, 2008
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Insurers expect to pay more than Cdn$56 million to customers after storms swept through parts of Quebec on June 10, according to a survey by the Insurance Bureau of Canada. To date, more than 6,000 claims for damages to residence and personal property and 10,000 automobile claims have been filed due to the Quebec storms, […]
Canadian Market
The Shumka Group has acquired the property and casualty insurance claims and risk management services from CGI Group Inc. The transaction will create the largest independent insurance services company in Canada, according to a Shumka Group release. Expected to close in early August, the transaction was for an undisclosed amount. CGI’s claims adjusting and risk […]
Canada’s insurance market has Cdn$11 billion in excess capacity, enough to underwrite another replica of Canada, which could fuel a soft market well into 2012. Joel Baker, president of MSA Research, made the observation as a panelist at the Standard & Poor’s June 24 panel discussion, “Canadian P&C Insurance Sector– What The Future May Bring.” […]
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