Industry
The Financial Services Commission of Ontario (FSCO) has released a new Health Claims for Auto Insurance (HCAI) July 2012 Guideline – Superintendent’s Guideline No. 02/12, intended to help insurers reconcile health care invoices. HCAI is an electronic system for transmitting auto insurance claim forms between insurers and health care facilities in Ontario. “FSCO has received […]
By Canadian Underwriter | June 29, 2012
2 min read
Local 378 of the Canadian Office and Professional Employees Union (COPE) will address its ongoing contract negotiations with the Insurance Corp. of British Columbia through a series of targeted actions. Representing 4,600 workers at the ICBC, the union issued a 72-hour strike notice on June 28. But a ruling by British Columbia’s Labour Relations Board […]
1 min read
Randall & Quilter Investment Holdings plc confirmed at its annual general meeting June 27 that it is closing its Canadian managing general agency (MGA). The company, a specialist non-life insurance investor, service provider and underwriting manager, came to the decision following a thorough review. “Whilst the closure of Canada will incur one-off costs of £600k […]
By Canadian Underwriter | June 28, 2012
Drivers in Saskatchewan will see a 1.6% net increase in the basic auto insurance premium, effective Aug. 4, 2012. Saskatchewan Government Insurance (SGI) reports in a statement that the provincial government approved the net increase with rate rebalancing to SGI’s basic auto insurance premiums. SGI had requested a 3.7% hike with rate rebalancing, while the […]
Global property and casualty (non-life) insurance premiums grew by 1.9% in 2011 on the heels of solid economic growth in emerging markets and selective rate increases in some advanced markets, according to Swiss Re’s latest sigma study. The Swiss reinsurer also noted that capital and solvency remained solid despite costly natural catastrophe events and historically […]
Catlin Group Limited (‘CGL’; London Stock Exchange), an international specialty property/casualty insurer and reinsurer, has announced that David Huebel will become CEO of Catlin Canada, effective July 3, 2012. Huebel joined Catlin Canada in 2009 as chief underwriting officer. He began his career in 1987 at Gerling Global General Insurance Company (now RSA), where he […]
Gail Sheepway has accepted a new position as Zurich’s specialty products Canada business lead, effective July 1. Sheepway will be involved in making plans for growth in Canada in conjunction with the existing growth strategy in the United States and in a series of workstreams related to connecting Canadian business into specialty products’ existing special […]
A benchmark survey of more than 1,000 companies found that the total cost of risk (TCOR) increased marginally in the past year, despite fears of hefty rate hikes after a spate of natural disasters in 2011. The Risk and Insurance Management Society’s (RIMS) annual survey, produced by Advisen, discovered only a mild bump up in […]
By Canadian Underwriter | June 27, 2012
Faced with the prospect of rocky economic times, Canadians are cutting back on the insurance they are buying, a 2012 survey commissioned for TD Insurance states. The Environics Research Group survey conducted for TD found that 42% of Canadians are less likely to purchase a new policy or buy enough insurance because of the current […]
The federal regulator for financial institutions received positive feedback in a recent survey of property and casualty insurance companies. The Office of the Superintendent of Financial Institutions Canada (OSFI) commissioned the poll in late 2011 to explore perceptions of the insurance marketplace and of its role as regulator, with results released June 22. Overall impressions […]
By Canadian Underwriter | June 26, 2012
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