Industry
CARSTAR Automotive Canada Inc. has added two new Ontario locations: CARSTAR Milton Service Centre and CARSTAR Newmarket – both part of the LC Group of CARSTAR Collision Centres. The LC Group of CARSTAR Collision Centres includes partners Ian Ladd and Peter Chavez and managing partners, Robin Juns and Tony Taj. Each of them has been […]
By Canadian Underwriter | February 21, 2012
1 min read
The recurrence of major floods in parts of Western and European are shifting from 1-in-100 year events to 1-in-50 year events, according to Evo Banovshy, director the risk management group at Intermap. Banovshy presented Intermap, a company that collects radar elevation data that is used to create flood maps, during an Institute for Catastrophic Loss […]
By Canadian Underwriter | February 17, 2012
The Co-operators General Insurance Company reported a net income of $150.3 million in 2011, an increase from its net income of $72.7 million reported in 2010. “Significant improvements year over year can be attributed to favourable claims experience in the Ontario automobile insurance portfolio and positive net investment income, despite the volatility of the market,” […]
Fairfax Financial Holdings Limited (TSX: FFH; FFH.U) reported net earnings of $45.1 million for 2011, marking a sharp drop from 2010’s net earnings of $335.8 million. Fairfax cited weak underwriting results, primarily arising from an “unprecedented” severity of large catastrophe claims worldwide, as a cause for the drop in profit. “Notwithstanding catastrophe losses of $1 […]
Of the existing models for flood insurance, the UK has the model best suited for the Canadian market and the US the least, said Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR). Kovacs spoke as a panel member during the Canadian Underwriterand Swiss Re sponsored webinar, ‘Making Flood Insurable for Canadian […]
By Canadian Underwriter | February 16, 2012
2 min read
The Insurance Brokers Association of Ontario (IBAO) is unveiling its new vision and mission statements. IBAO’s board of directors developed the statements as part of their 2012-2014 Strategic Plan. The new IBAO vision statement is as follows: “IBAO is the industry leader that drives collaboration to implement innovative solutions.” The previous vision statement was: “IBAO […]
SGI is providing incentives for ‘learner’ drivers for improving their driving skills. All learner drivers are asked to log their in-car hours. SGI recommends that learner drivers log a minimum of 36 hours under various driving conditions over their nine-month learning period, an SGI release says. “The information recorded in the completed practice log helps […]
Recent legislation tabled in the House of Commons on Feb. 14, would allow law enforcement to monitor consumers’ telecommunications and Internet usage and reminds underwriters that the area of cyber liability is constantly evolving and far reaching, said Lynn Oldfield, president and CEO of Chartis Insurance Canada. Oldfield offered the keynote address during the Property […]
By Canadian Underwriter | February 15, 2012
The severity of collision losses in Canada decreased $165 in 2011 Q4 to $3,145, according to Mitchell’s ‘Industry Trends Report Q1 2012.’ In 2011 Q4, the average initial gross Canadian appraisal value for comprehensive coverage estimates processed through Mitchell’s servers was $3,351, or $21 lower than in the same period of 2010. The initial gross […]
Canadian underwriters need to beware of increasing severity of claims within the U.S. casualty and auto lines, as the potential exists for “leakage” that could hit Canadian insurers’ books, said Lynn Oldfield, president and CEO of Chartis. Oldfield offered the keynote address during the Property and Casualty Underwriters Club (PCUC) luncheon in Toronto on Feb. […]
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