Paul Kovacs, the executive director of the Toronto-based Institute for Catastrophic Loss Reduction, woke up one morning to find out the Intergovernmental Panel on Climate Change (of which he is a member) shared a Nobel Peace Prize alongside Al Gore for producing and promoting climate change research
January 31, 2008
6 min read
Astorm that hit Ontario at the beginning of January is estimated to have resulted in roughly Cdn$50 million in insured damage, according to the Insurance Bureau of Canada (IBC). The majority of the damage was due to sewer backup, in addition to a lot of personal property claims, IBC reported. Also, there was a small […]
January 31, 2008
1 min read
In Axa Insurance v. Ani-Wall Concrete, Ontario Superior Court Justice Paul Perell adopted an approach to interpreting the “Your Product” Exclusion which, depending on the factual circumstances, further restricts its scope. When applying the Your Product Exclusion, the courts usually find the cost of repairing or replacing the insured’s own product is excluded by a […]
December 31, 2007
7 min read
The Insurance Bureau of Canada (IBC) is calling on Canadian municipal, provincial and federal governments to improve urban infrastructure so as to mitigate property damage caused by storms in an age of climate change. “The Insurance Bureau of Canada will insist in the months to come that governments launch an extensive effort to rebuild the […]
November 30, 2007
1 min read
The ARC Group Canada hosted its Annual Seminar on Oct. 25 at the Dominion Club in Toronto, including an insurance industry luncheon, seminar and cocktail reception. The seminar entitled ‘Class Action Litigation: Cost Containment & Avoidance‘ featured a number of speakers and included a view of developments in the United States and Europe. Toa Reinsurance […]
November 30, 2007
3 min read
CARSTAR Automotive Canada has opened two new locations, one in London, Ont. and one in Richmond Hill, Ont. The two new franchises are part of a network of more than 115 CARSTAR locations across the country, dedicated to providing the highest quality service and customer care in the collision repair industry, a CARSTAR release notes. […]
By Canadian Underwriter | November 30, 2007
2 min read
Crawford & Company reported a 2007 Q3 net income of US$3.5 million, as compared to 2006 Q3s US$6.2 million. Profits for the first nine months of 2007 totalled US$12.8 million, a decrease from US$16.3 million over the same period last year.Revenues generated by Crawfords catastrophe adjuster group were US$3.4 million in 2007 Q3, declining from […]
By Canadian Underwriter | November 27, 2007
1 min read
Swiss Reinsurance Company has reported a 5% decrease in its 2007 Q3 profits over last year and has announced its plan to reduce its capacity.Swiss Re is prepared to reallocate capital across business lines or return it to shareholders through a share buy-back programme and dividends, a release says. The company reported a profit of […]
By Canadian Underwriter | November 6, 2007
1 min read
Insurance industry payrolls in the United States increased by 1,500 in the month of October, to a new high of 2.367 million, reports A.M. Best Company.Citing research from the U.S. Bureau of Labour Statistics, A.M. Best reported that average weekly earnings for the industrys non-supervisory positions rose from US$799.62 to US$850.39 during the period between […]
By Canadian Underwriter | November 5, 2007
1 min read
Royal & SunAlliance (R&SA) Canada Group has acquired Canadian Northern Shield Insurance Company (CNS) from The CUMIS Group Limited for approximately Cdn$75 million in cash. The acquisition will make R&SA the sixth largest property and casualty insurance company in Canada and the largest in British Columbia. It marks the first acquisition in the industry in […]
October 31, 2007
1 min read