Industry
Two-thirds of drivers in the Greater Toronto Area (GTA) say they would likely try pay-as-you-drive (PAYD) insurance if it were available, notes a study by the Pembina Institute, a non-profit think tank that promotes sustainable energy solutions. The institute’s study offers policy options on how to avoid traffic congestion in the GTA, canvassing the opinions […]
By Canadian Underwriter | April 23, 2012
2 min read
The energy sector experienced one of its worst years ever for non-windstorm-related losses, with almost $9 billion in combined insured and uninsured total losses, according to a study by global broker Willis. Severe losses in the Alberta oil sands and the floating production and storage offshore (FPSO) sectors contributed to the negative loss picture, says […]
The property and casualty insurance industry will see improving growth through 2014, but this will be tempered with a low interest rate environment and a sluggish economy recovery, according to research firm Conning. “Conning’s 2012 forecast is for net premium growth over 2011 approaching 4%, as insurers benefit from a more stable economy and modest […]
By Canadian Underwriter | April 20, 2012
1 min read
U.S. risk managers now have evidence of gradual price increases in key commercial lines firmly on their radar screens, says a recent survey from Towers Watson. The 2012 Risk and Finance Manager Survey found nearly two-thirds (63%) of survey participants are either seriously or moderately concerned about a hardening property and casualty insurance market. In […]
Aviva plc is eliminating its regional layer in an effort to simplify the company and sharpen its business focus. As part of its revised structure, Aviva is appointing the leaders of its three major businesses to the Group Executive Committee (GEC), resulting in shorter and more direct reporting lines from individual countries to GEC members. […]
B.C.’s “de-harmonization” of its Harmonized Sales Tax (HST), effective Apr. 1, 2013, could mean Canada’s property and casualty industry stands to benefit approximately $31 million by the tax’s removal. But tax policies in Quebec and Manitoba may end up erasing the positive impact of this adjustment, said Deloitte partner Danny Cisterna, who spoke at the […]
By Canadian Underwriter | April 19, 2012
SGI Canada reported record net storm claims costs of more than $32 million in 2011, according to the company’s annual report released Apr. 17. The competitive arm of Saskatchewan General Insurance (SGI), SGI Canada said that a “high number of fire losses” contributed to the claims figure. It was exposed to the Slave Life wildfire […]
A new 7% retail sales tax on home, business and auto insurance is an unfair burden on Manitoba consumers, according to Insurance Bureau of Canada (IBC). The tax, introduced in the Manitoba provincial budget Apr. 17, will be added to “embedded” premium taxes and fire tax of 4.25%, creating an effective tax rate of 11.5% […]
The Conference Board of Canada estimates New Brunswick’s insurance industry contributed $781.2 million in direct and spin-off effects to the provincial economy in 2010. So says INSURECONOMY, an economic impact and future growth study released Apr. 19 that summarizes separate reports from The Conference Board of Canada and Jupia Consultants Inc. Medical, health and life […]
Insurance Bureau of Canada (IBC) supports British Columbia’s proposed legislation that will limit civil actions in the province. B.C.’s Bill 34, the Limitation Act, was tabled in the provincial legislature earlier this week. It simplifies the limits for filing civil lawsuits, establishing a single two-year basic limitation period for all civil claims. It also changes […]
By Canadian Underwriter | April 18, 2012
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