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Is your toy motor scooter covered under your property insurance? Don’t count on it, warns the Insurance Brokers Association of Ontario (IBAO).The IBAO has posted a warning on its Web site that many insurers don’t cover motorized toys under property policies.”We have received several inquiries at the IBAO office in regard to insurance on motorized […]
By Canadian Underwriter | July 27, 2006
1 min read
Claims
Starting Aug. 1, the public can make donations to the Traffic Injury Research Foundation (TIRF) at all 600 LCBO stores throughout Ontario. Donation boxes for TIRF will be displayed at LCBO checkout counters until Aug. 31.”We thank the LCBO, its employees and customers for providing this opportunity,” TIRF president and CEO Robyn Robertson, says in […]
Industry
CGI Group Inc. (CGI) reported 2006 Q3 net earnings from continuing operations, before restructuring costs, of $46.4 million, compared $34.8 million in the previous quarter. Included in CGI’s 3Q results are pre-tax restructuring costs related to specific items of $15 million. Including these costs, CGI net earnings were $35.9 million, compared with $14.1 million in […]
By Canadian Underwriter | July 26, 2006
Risk
Saskatchewan drivers who have had their licences suspended for the first time due to a Criminal Code conviction continue to drive without their licences and without insurance, according to a study conducted by Synectics Transportation Consultants Inc. (Synectics).SGI cooperated fully with Mothers Against Drunk Driving (MADD) Canada and Synectics in the study. The research provided […]
2 min read
Munich Re, Swiss Re Group, Berkshire Hathaway Group, Hannover Re and Lloyd’s of London are A.M. Best’s Top 5 reinsurers in 2006, based on consolidated gross premium written in 2005, according to the ratings agency.”Ranked by 2005 gross written premium in U.S. dollars, 2006’s Top 5 groups accounted for 52% of the total gross premium […]
By Canadian Underwriter | July 25, 2006
Risk managers in the United States are worried about their potential inability to purchase terrorism insurance in the event that the Terrorism Risk Insurance Act (TRIA) is allowed to sunset on Dec. 31, 2007.”Without coverage, many companies will be vulnerable to bankruptcy and extreme financial losses, which ultimately could adversely impact the nation’s economy,” The […]
Major global insurers are adapting well to new International Financial Reporting Standards (IFRS) but a PricewaterhouseCoopers survey says many of the financial statements are less clear and harder to follow than before.The survey titled ‘Reporting under the new regime: A survey of 2005 IFRS insurance annual reports’ reports the resulting ambiguity of new financial statements […]
By Canadian Underwriter | July 24, 2006
3 min read
Lloyd’s of London in Canada paid out more for claims in 2005 than it collected in premium, Lloyd’s chairman, Lord Levene, indicated in a July speech to the Vancouver Board of Trade.”What we’ve seen in Canada has caused a few frown lines,” Levene said in the text of his speech. “In 2005, Lloyd’s underwriters paid […]
Royal & SunAlliance recently released a public announcement advising insureds on how to stay protected during a hailstorm.First and foremost the insurer says you should: * Find shelter – avoid water, high ground, isolated trees, picnic shelters and open spaces* Stay indoors, and away from windows, glass doors and skylights, which can shatter if hit […]
By Canadian Underwriter | July 21, 2006
R. Scott Donovan has been named Odyssey Re Holdings Corp.’s executive vp and chief financial officer. Donovan replaces Robert Giammarco, who will effectively resign Aug. 15 to pursue other interests, according to the company. For four years Donovan has been the president and chief operating officer of TIG Insurance Group, which is an affiliate of […]
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