Claims
The international reinsurer SCOR recently chose EQECAT Inc.’s WORLDCATenterprise catastrophe management software for the assessment of catastrophe risks in 88 countries.”SCOR, like many other insurers and reinsurers, has gone through a re-evaluation of catastrophe models after the last two turbulent years of catastrophic event losses,” Rick Clinton, president of EQECAT, says, “we are pleased they […]
By Canadian Underwriter | January 17, 2006
1 min read
Risk
The Financial Services Commission of Ontario (FSCO) has approved an average fourth-quarter rate decrease of 2.56% for 12 companies representing almost a quarter of the Ontario private passenger auto insurance market.Average rate decreases for the first, second, and third quarters were 1.12% (representing 7.5% of the market), 1.62% (representing 45.79% of the market) and 1.62% […]
2 min read
Manitoba motorists saved nearly $40 million over the last three years, thanks to the work of an anti-fraud special investigation unit, Manitoba Public Insurance [MPI] recently announced. The $40-million figure is based on an estimate of money recovered and fraudulent claims denied, MPI said in a recent public release.The figure was included in an MPI […]
By Canadian Underwriter | January 16, 2006
Home
John Sharoun has been promoted to the position of CEO of Crawford Adjusters Canada. He replaces Glenn Gibson, who was appointed CEO of Crawford’s Americas Region. Sharoun’s appointment is part of a realignment of Crawford’s global property and casualty services operations, the company announced in a press release.”John’s promotion to chief executive officer of Canada […]
Industry
While the Canadian economy remains “fundamentally sound” entering into 2006, Swiss Re Economic Research’s “Canadian Economic Outlook” reports somewhat mixed results as November’s strength moderated and December revealed job losses and a decline in the trade surplus. According to Swiss Re’s report, the BoC is likely to raise its target rate to 4% by year-end, […]
Zurich Financial Services Group’s wholly owned Universal Underwriters Group (Universal Underwriters) will not be sold to an investor group led by the private equity investment firm Hellman & Friedman LLC (H&F), according to a recent agreement made between Zurich and H&F.Both parties have been working toward completion of the transaction since the agreement was announced […]
The insurance industry must “face up to the growth in weather-related losses over the past four decades,” and lead debate about whether future weather-related catastrophes will be insurable, Lloyd’s chairman Lord Levene says.He made his remarks in a Jan. 11 speech to the Downtown Association and Insurance Brokers Association of New York. Levene offered his […]
By Canadian Underwriter | January 13, 2006
RIBO past president Art Despard has passed away at the age of 72. He served on RIBO Council from 1994 to 2000 and contributed thereafter as a chairperson of RIBO’s discipline committee. Despard had more than 50 years of insurance industry experience. He began his career working for an insurance company at an early age. […]
In response to the collision repair industry’s reported problem of finding qualified staff/apprentices that are both affordable and familiar with their type of work, a new pilot program has been introduced.The Hamilton District Autobody Repair Association (HARA) in conjunction with Mohawk College and the local apprenticeship office of the Ministry of Training, Colleges and Universities […]
The Insurance Brokers Association of Canada (IBAC) has voiced its support of the Conservative Party’s recent platform announcement, which outlined a decision to maintain current regulations regarding banks and insurance. IBAC says it is urging other party leaders to follow suit with Stephen Harper on this issue so that “fair and healthy competition” within the […]
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