Industry
Claims costs for Ontario auto insurers remain high despite the gains realized as a result of the provincial reforms in 2010, notes the Insurance Bureau of Canada’s (IBC) submission to the Ontario Committee Hearings on Auto Insurance on May 28. “While the September 2010 reforms were a needed first step in reducing the pressure on […]
By Canadian Underwriter | May 28, 2012
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The Economical Insurance Group (TEIG) increased its net income by $11.9 million in 2012 Q1, the company reported. “Our first-quarter results show that Economical is continuing to produce strong profitable growth,” Karen Gavan, TEIG president and CEO, said in a press release. “The company registered 41% growth in net income over the same quarter of […]
By Canadian Underwriter | May 25, 2012
The Dominion earned a net income of $32.4 million in 2012 Q1, an increase over the $21.4 million for the same period in 2011. “The increase over the prior year’s first quarter is due mainly to better underwriting results,” the company reported. The combined ratio for the quarter was 97.1% (102.3% in 2011 Q1) and […]
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Chief risk officers (CROs) of property and casualty and life insurance companies in North America now have a knowledge-sharing network for peer networking, expert access and discussion of topical issues in enterprise risk management. Professional services company Towers Watson launched the “CRO Network” on May 23 to provide an ongoing series of event, conferences, webcasts […]
A guideline from the federal privacy commissioner on how organizations should handle data security is a “very important document” for privacy management, says Matthew Davies, a senior underwriting specialist with Chubb Canada. The Office of the Privacy Commissioner of Canada and its counterparts in British Columbia and Alberta released the guidance document, entitled Getting Accountability […]
By Canadian Underwriter | May 24, 2012
Intact Financial Corporation president Louis Gagnon repeated his prediction that about 25% of the existing property and casualty insurance market share will change hands in the next five to 10 years. “There will be a reshuffle of a quarter of the market share. So we believe that there’s still, definitely, some possibility in Canada to […]
By Canadian Underwriter | May 23, 2012
Canada’s solvency regulator is monitoring the dialogue among international supervisors about how much of a role regulators should play in deciding who can be the director and chief risk officer of a financial institution. Speaking to the International Institute of Finance in Madrid, Spain on May 21, 2012, Julie Dickson, superintendent of the Office of […]
By Canadian Underwriter | May 22, 2012
New rules proposed in May would replace Manitoba’s almost 50-year-old groundwater regulations as part of the provincial strategy to better protect the 25% of Manitobans who rely on well water, conservation and water stewardship minister Gord Mackintosh has announced. The proposed changes would include new driller responsibilities and liability insurance requirements to protect landowners, including […]
Western Financial Group has completed its first acquisition in British Columbia’s capital with the purchase of Hodges & Company Insurance Services Ltd. “After establishing Western in other parts of the province, it is truly exciting to see our name in the capital,” Scott Tannas, president and CEO of Western Financial Group, a subsidiary of Desjardins […]
By Canadian Underwriter | May 18, 2012
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
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