Claims
Dog bites in the three Canadian provinces in which State Farm operates chewed up slightly more than $1 million in claims costs last year. In 2011, State Farm paid out $917,670 for 25 claims in Ontario, $99,800 for the two claims in Alberta and there were no dog bite claims reported in New Brunswick. The […]
By Canadian Underwriter | May 18, 2012
2 min read
Industry
Captives would be wise to plan for ‘black swan’ events, William Montanez, director of risk management for Ace Hardware Corporation, said during his presentation at the Captives & Corporate Insurance Strategies Summit in Toronto on May 16. These worst-case scenarios are characterized as high-impact, rare and unpredictable events. To ensure viable and sustainable captive growth, […]
By Canadian Underwriter | May 17, 2012
1 min read
A Financial Services Commission of Ontario (FSCO) arbitrator has ruled a 17-year-old driver who suffered serious injuries in an accident should receive non-earner benefits even though it is alleged he was driving a car without the owner’s consent. The main issue in the arbitration of R.P. and Intact Insurance Company was whether or not the […]
It seems a safe bet there will be captive growth in the future, with select sectors contributing much of the related activity over the coming year. “The reality is that for the vast majority of Canadian companies, their captives are well-capitalized,” Trevor Mapplebeck, managing director of alternative risk solutions for Marsh Canada, said in his […]
Consistent rate increases and a relatively quiet period for natural catastrophes allowed property and casualty insurers in the United States to increase their net income by 69%, notes a report by Moody’s Investor Services. Net written premiums were up 4% for companies in 2012 Q1 over the same quarter last year, while the industry’s combined […]
Captives can be employed as a reinvestment vehicle and risk management promoter for universities, institutions that need specialized coverages the commercial market may not be able to provide. Universities’ risk exposures are wide ranging, including aging infrastructure, complex lab spaces, use of sports facilities and even Frosh Week, Steve Pottle, director of risk management services […]
The level of information technology investments by property and casualty insurers in North America slowed last year, with many companies sticking to the same vendors in a period of economic turbulence, research firm Celent noted in a recent report. It reported a decrease in the volume of software purchases by 8.6% in 2011 compared to […]
By Canadian Underwriter | May 16, 2012
Allianz Group recorded a strong first quarter, increasing its overall revenues to $38.3 billion, the second highest level in the company’s history. Operating profits in 2012 Q1 also rose for the German-based insurer, at $2.93 billion, up from the previous year’s mark of $2.16 billion. “Property and casualty insurance showed a substantial improvement in operating […]
In the wake of a crash in 2010 that killed three cyclists training for a triathlon, Quebec’s coroner is calling on Transport Canada to require manufacturers to equip vehicles with a system for detecting drowsiness and loss of driver alertness. Also, the coroner has recommended that Quebec’s auto insurer, the Société de l’assurance automobile du […]
Canada’s insurance community raised $245,000 for Starlight Children’s Foundation Canada at the 18th Annual Starlight Insurance Gala held in Toronto on May 12. Starlight Children’s Foundation Canada is dedicated to helping seriously ill children and their families cope with their pain, fear and isolation through entertainment, education and family activities. Starlight’s programs are designed to […]
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