Industry
A.M. Best Co. released Monday a report that predicts reinsurance firms will make an “acceptable profit” in 2012, but suggested reinsurers will rely on underwriting profits due to low returns on investments. “A.M. Best expects that even with consideration for the catastrophe loss that occurred recently in the fourth quarter, reinsurers are still well positioned […]
By Canadian Underwriter | January 7, 2013
2 min read
The Insurance Institute for Highway Safety announced that 13 vehicles were recently awarded its Top Safety Pick+ award, which went to 2013 automobiles with high scores in IIHS tests. To be named a Top Safety Pick+, the vehicles must be rated as having good occupant protection in at least four of five IIHS evaluations, and […]
By Canadian Underwriter | January 4, 2013
The reinsurance industry is benefiting from rate improvement post-Hurricane Sandy and is seeing evidence of selective rate firming, especially in the United States, James Few, CEO of Bermuda-based Aspen Re, said during a reinsurance renewal conference call on Jan. 1. Commenting on the reinsurance market as a whole, Few noted that the reinsurance market responded […]
By Canadian Underwriter | January 3, 2013
4 min read
The ability for the Financial Services Commission of Ontario (FSCO) to impose administrative monetary penalties (AMPs) in the province’s insurance sector went into force New Years Day, a long-considered move that has been applauded by some within the industry. In the 2012 Ontario Budget, the government announced that it would implement AMPs in the insurance […]
The Canadian Automobile Association Insurance Company (Ontario) has installed Guidewire Software Inc.’s InsuranceSuite software for its personal auto and property lines of business, the company announced. Foster City, Calif.-based Guidewire recently announced that as of Dec. 1, all 40 retail locations of CAA Insurance (Ontario), and its call centre north of Toronto in Markham, were […]
After a relatively quiet 2012 in terms of natural catastrophe losses, most reinsurers are not facing any material impact and remain within their annual catastrophe budgets, suggests a new report from Willis Re. Natural catastrophe losses for 2012 are estimated to be half of the previous year’s $120 billion, Wills Re notes as part of […]
By Canadian Underwriter | January 2, 2013
RIMS, the Risk Management Society, has announced that John Phelps will lead the Society as president for the 2013 term, effective Jan. 1. Phelps is the Director of Business Risk Solutions for Blue Cross and Blue Shield of Florida, Inc. He has been a member of RIMS for almost 33 years and on its Board of […]
CARSTAR Automotive Canada is entering 2013 with the launch of 25 new franchise partners across Canada. The company’s recent NAPA Autopro transition will account for the conversion of 20 new locations throughout Quebec in January, with more locations expected to be added in the early part of the year. “This will greatly improve our coverage […]
1 min read
A.M. Best Co. has announced that net income for the U.S. property and casualty industry for the first nine months of 2012 was US$31.2 billion, more than double the US$12.3 billion reported for the same period in 2011. In a recent report, Oldwick, N.J.-based A.M. Best stated the storm resulting from Hurricane Sandy in late […]
The Insurance Corporation of B.C. (ICBC) has urged drivers to be prepared for challenging winter weather, reminding them just days before Christmas that December is traditionally a months that sees more crashes on British Columbia roads. ICBC reported last month that, on average, 34 people are killed and 7,110 injured in about 4,740 vehicle crashes […]
3 min read
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