Industry
Three class action lawsuits have been launched in the Ontario Superior Court of Justice seeking more than $700 million in damages on behalf of Canadian auto dealers over alleged price fixing on parts used in the manufacture of automobiles. The lawsuits name several major parts manufacturers associated with an international price-fixing probe including Yazaki Corporation, […]
By Canadian Underwriter | March 27, 2012
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Ontario’s broker self-regulator has witnessed enough of an increase in inducements and sales incentives to issue a bulletin to brokerage principals throughout the province. The Registered Insurance Brokers of Ontario (RIBO) sent the notice last month. “We are seeing a resurgence in marketing programs from insurers offering an inducement to brokerage staff to direct or […]
By Canadian Underwriter | March 26, 2012
Unusually warm spring weather triggered ice jams that resulted in severe flooding along the St. John River in western New Brunswick. Early damage estimates are $25 million. A state of emergency was declared in Perth-Andover on Mar. 23, with approximately 500 residents forced to evacuate their homes. The New Brunswick provincial government has set up […]
1 min read
CSN Collision & Glass is expanding further into Western Canada, adding Jack Schultz Auto Body from Prince George, British Columbia. Lee J. Leslie is the general manager of Jack Schultz Auto Body-CSN, which has been in existence for more than 40 years. “We have many new customers walking through our doors as a direct result […]
Business property insurer FM Global increased its premium base in 2011, helping to offset record-high net losses incurred from disasters in 2011. FM Global reported $5.1 billion of gross premium in 2011, an increase of 5.4%. In addition, it reported a 5.8% increase in net earned premium (to $3.4 billion). However, the mutual insurance company […]
Canadians may have a misplaced confidence in the quality of their water infrastructure, according to the fifth annual RBC Canadian Water Attitudes Study. In a sample of more than 2,428 adult Canadians, about 80% of respondents reported feeling no need for major and immediate investment in their community’s drinking water/wastewater facilities. These survey respondents believed […]
By Canadian Underwriter | March 23, 2012
Risk managers and corporate executives identified intensifying economic uncertainty, increasing regulations and growing competition as the top three risks facing their organizations in a recent poll by PricewaterhouseCoopers LLP (PwC). The survey, which tapped more than 1,000 executives and risk management leaders, was designed to examine the state of global risk and explore risk management […]
After a challenging 2011 that featured record-setting catastrophe losses, stagnant investment income and thin reserve margins, U.S. property and casualty insurers should see improved results and stronger growth in 2012, according to Moody’s Investor Services. In a report released Mar. 22, U.S. P&C Insurers’ Earnings Down in 2011, the rating agency stated prices in most […]
U.S.-based Hartford Financial Services Group is exiting the individual life insurance and annuity business to concentrate on property and casualty insurance, group benefits and mutual funds. The company said in a statement that it is placing its individual annuity business into runoff, and is pursuing sales or other strategic alternatives for Individual Life, Woodbury Financial […]
By Canadian Underwriter | March 22, 2012
Soccer’s international association will now insure players who represent their countries in tournaments. The Fédération Internationale de Football Association (FIFA) will pay for “total insurance coverage” for international players, according to president Sepp Blatter. “This is an insurance coverage for the players, for the clubs and the national associations for all matches on FIFA’s international […]
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