Auto
Ontario Premier Dalton McGuinty has been quoted in various daily newspapers recently as saying Ontarios auto rates are too high and can be lowered to a reasonable rate.”Given the system that we inherited, we knew that the price of car insurance was a real pocketbook issue for our families,” McGuinty is quoted as saying in […]
By Canadian Underwriter | February 19, 2007
2 min read
Claims
The Designed…for safer living program recently celebrated a milestone as Ontario’s first safer living home, designed to withstand winds of 200 km/hour, was completed in Sudbury.The program is a partnership between the Institute for Catastrophic Loss Reduction (ICLR) and the Canadian insurance industry. The Co-operators funded the construction of the home to “better than building […]
According to the Saskatchewan radio station News Talk 650, Saskatchewan Government Insurance (SGI) disagrees with a recent study by the Fraser Institute.The study claims that drivers in British Columbia, Ontario, Saskatchewan and Manitoba pay more for auto insurance on average than drivers in other provinces.However, SGI establishes its findings by comparing similar vehicles driven between […]
By Canadian Underwriter | February 16, 2007
1 min read
Risk
Joseph A. Hardy has been appointed account development executive of Compliance Management Inc. (CMI). Working out of CMIs Markham office, Hardy will be responsible for compliance risk management in Canada. With more than 20 years working with large corporations in the risk management field, Hardy has also served as the president of Ontario Risk & […]
Home
For the fourth quarter, Co-operators General Insurance Company reported consolidated after-tax net income of Cnd$19 million, compared to the Cnd$39 million profit for the same period in 2005.Gross written premium in the fourth quarter increased 6.7% to Cnd$519 million, compared to $486 million in the fourth quarter of 2005. The loss ratio for the quarter […]
Industry
The Ontario Court of Appeal has found that insurance companies can exclude coverage for liability on the basis of criminal acts, regardless of whether or not the criminal act was intentional.Kirk Boggs, a lawyer with Lerners, argued the case before the Court of Appeal along with Kirk Stevens of Lerners and Laird Scrimshaw of Thunder […]
Tropical Storm Risk, a subsidiary of the Benfield Hazard Research Centre, has developed technology for its TSR Storm Tracker that can predict the amount of rainfall and where it will fall to a 60 km area.TSR Storm Tracker was developed especially for the insurance industry. The new rainfall forecast capability is intended for use by […]
By Canadian Underwriter | February 15, 2007
Zurich Financial Services Group reported a net income of US$4.5 billion, an increase of 41% for the year 2006.General insurance gross written premiums and policy fees earned US$34.2 billion, with a combined operating ratio of 94.2%, an improvement of 6.6% over 2005. The underlying result increased by US$1.9 billion, or 1.1%, after excluding the effects […]
ING Canada Inc. reported net income of Cdn$109.4 million for the quarter ended Dec. 31, 2006, down from Cdn$196.9 million reported in the same quarter last year.The company says the drop in net income was driven by lower underwriting income, lower realized investment gains and higher income taxes.Net income for the full year 2006 was […]
Citing uncertainties in the Mississippi legal and business environments, State Farm Senior Vice President Bob Trippel recently told Mississippi’s Commissioner of Insurance George Dale that State Farm Fire and Casualty Company will suspend writing new homeowners and commercial property insurance in the state of Mississippi.”We came to this decision reluctantly,” said Trippel. “But it is […]
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