Industry
Insurance Bureau of Canada data shows a decline in homeowner’s premiums in New Brunswick between 2004 and 2005.In 2005, the average premium was $340, whereas in 2004 it was $358. Homeowner’s pricing is looked at in terms of premium per $1,000 of coverage, the IBC noted in a recent press release, issued in response to […]
By Canadian Underwriter | April 6, 2006
1 min read
Claims
Standard & Poor’s Ratings Services has revised its criteria for measuring the catastrophe risk of primary property and casualty insurance companies, according to a recent S&P’s article. The article “Property/Casualty Insurance Criteria: Primary Insurer Catastrophe Capital Charges Revised” says that the new criteria will capital-charge CAT risk with company-specific data for exposures, so this new […]
Citing net claims of 3.309 billion (US$5.79 billion) as a result of the “most severe hurricane season on record,” Lloyd’s of London reported a net loss of 103 million (US$180 million) in 2005, compared to a profit in 2004 of 1.367 billion (US$2.39 billion).Lloyd’s combined ratio in 2005 reached 111.8%. In 2004, the combined ratio […]
2 min read
Risk
Members of the TU Group of Companies recently participated in a signature head shave event in order to support the Canadian Cancer Society Tour de Coast. The signature event, which helps raise funds for children living with cancer, kicks off April as cancer awareness month. This years donation totaled CD$8,355. The senior management team, which […]
3 min read
Canadian Direct Insurance, a company in B.C. and Alberta that sells insurance by telephone, says it has conducted a market survey that suggests Alberta drivers could reduce their auto insurance premiums by up to 40% a year by buying over the Internet.Canadian Direct Insurance conducted a study in March. It found that, for a range […]
By Canadian Underwriter | April 5, 2006
ICBC says its anti-fraud programs saved B.C. motorists more than CD$73 million in 2005.The figure is based on the estimated value of fraudulent claims that were denied, money recovered, and savings generated through fraud prevention.ICBC’s anti-fraud efforts led to 175 criminal charges against 94 people last year. The number of criminal charges laid in 2005 […]
The global reinsurance industry’s outlook has been revised from negative to stable indicating little near-term movement in ratings or outlooks, according to two reports recently published by Standard & Poor’s Rating Services.The reports “Strong Industry Fundamentals And Resolution Of Hurricane Fears Signal Stable Outlook For Global Reinsurance” and “Industry Report Card: Global Reinsurance Companies Bounce […]
The amalgamation of Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada has recently been finalized under the name of The Nordic Insurance Company of Canada. Allianz and Nordic, insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), announced their intention to amalgamate on Feb. 20, 2006. ING Canada acquired Allianz Insurance Company of […]
Canadian stocks fell from record values, Bloomberg’s news agency reported April 4, as expectations of higher interest rates undercut financial companies such as the Royal Bank of Canada and reduced the value of a guage of insurers’ stocks. “Concern the Bank of Canada will continue raising borrowing costs this year weighed on the Standard & […]
By Canadian Underwriter | April 4, 2006
Hub International Limited (NYSE:HBG)(TSX:HBG) has closed its acquisition of three insurance brokerages of Citizens Financial Group, Inc. (“CFG”). Hub also entered into a previously announced strategic alliance with CFG as part of the transaction. As a result of the alliance, Hub and CFG will leverage their insurance and banking expertise to provide expanded products, services […]
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