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Canadian property and casualty direct premiums in 2006 “were essentially flat, growing only an anemic 1%,” according to a report by MSA Research Inc. MSA Research noted that in 2006, direct premiums written in Canada totalled Cdn$30.1 billion, as opposed to the 2005 total of Cdn$29.8 billion. Net premiums written amounted to Cdn$27.2 billion in […]
March 31, 2007
1 min read
Risk
Manitoba Public Insurance (MPI) has a new list of cars that are at the most risk of being stolen, according to a CBC online report, and they include new cars that should have had electronic ignition immobilizers installed at the factory. “The new list from [MPI]…includes 11 categories of cars sold in 2005 or later,” […]
Auto
New Brunswick’s Cdn$2,500 cap on soft tissue and minor personal injuries has withstood its first court challenge, which happened in the trial division of the Court of Queen’s Bench of New Brunswick. In Rossignol v. Rubidge, Court of Queen’s Bench Justice David H. Russell considered a case in which a motorcycle driven by the plaintiff, […]
Royal & SunAlliance Canada reported a strong performance in 2006, with premium growth of 9% and a combined operating ratio of 92%. Royal & SunAlliance Canada reported an underwriting profit of Cdn$100 million, which is 75% above that of the previous year. Net written premiums were up 9%, to Cdn$1.4 billion, with Cdn$262 million in […]
Crawford Adjusters Canada Incorporated announced the change of its corporate name to Crawford & Company (Canada) Inc, effective immediately. The removal of the word ‘adjusters’ from Crawford’s name will allow all divisions of the company to be united under a single brand name. The new name will also keep Canadian operations in step with its […]
7 min read
In a relatively calm market, marked by the absence of any dominant national issues, provincial brokers associations are doing a little "housecleaning" by addressing provincial concerns. Individual provincial brokers appear poised in 2007 to spend some quality "me time," using the current soft market to attempt to resolve a broad array of local and regional issues.
By David Gambrill | March 31, 2007
13 min read
Industry
It’s official: The 2005-07 Bank Act review has finally been laid to rest. The Insurance Brokers Association of Canada (IBAC) on Apr. 2 applauded the Parliament of Canada for passing Bill C-37 in late March. As passed, the bill does not give banks the power to retail or provide information about insurance products and services […]
Commercial
Newfoundland brokers are meeting with the province’s superintendent of insurance to discuss the disclosure requirements contained in the province’s January 2007 consumer protection document entitled “Principles for the Sale of Insurance.” “As far as the industry is concerned, especially the brokers here in the province, we feel it puts an onerous requirement on us as […]
ICBC is structuring its rates over the next two years so that lower-risk drivers will be paying lower rates, while higher-risk customers will pay higher rates. “Higher rates for high-risk drivers means benefits for good drivers,” said Paul Taylor, ICBC’s president and CEO. “Drivers need to drive more safely or they will pay higher premiums.” […]
Insurers and reinsurers need to improve communication with both insureds and government bodies to avoid government intervention and pressure from regulators, says Pierre Ozendo, chairman and CEO of Swiss Re America Corporation. Ozendo met with journalists in a meeting following Swiss Re’s 2007 Canadian Insurance Outlook Breakfast meeting in Toronto. There, he said that although […]
2 min read
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