Information privacy complaints against insurance companies have dwindled from 50 in 2004 down to seven as of September 2007, according to Elizabeth Denham, the director of the research analysis and stakeholder relations branch of the Office of the Privacy Commissioner of Canada.Overall, the industry has had only 119 privacy complaints made against its members over […]
By Canadian Underwriter | October 26, 2007
2 min read
PartnerRe Ltd. has reported a 2007 Q3 profit of US$262.9 million, compared to a 2006 Q3 profit of US$235.8 million.Commenting on the 2007 Q3 and nine-month results, Patrick Thiele, president and CEO at PartnerRe, said, “PartnerRe’s third-quarter results set new records in several metrics including earned premium, operating earnings, and earnings per share.Thiele noted a […]
By Canadian Underwriter | October 23, 2007
1 min read
The 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 […]
By Canadian Underwriter | October 17, 2007
1 min read
The Intergovernmental Panel on Climate Change (IPCC) was awarded the Nobel Peace Price on Oct. 12. IPCC panel members include Institute for Catastrophic Loss Reduction (ICLR) executive director Paul Kovacs and ICLR policy director Dr. Gordon McBean. The IPCC will share the prize in two equal parts with Al Gore for their efforts to build […]
By Canadian Underwriter | October 12, 2007
1 min read
Insurers are too quick to settle legal actions against them, John Campion, a partner at Fasken Martineau DuMoulin, told a panel at the National Insurance Conference of Canada (NICC).Campion is known within the insurance community for his role as defence counsel for insurers in McNaughton Automotive Ltd. v. Co-Operators General Insurance Company.In McNaughton, the Ontario […]
By Canadian Underwriter | October 3, 2007
2 min read
During the current volatile economic environment, the insurance industry needs to be more proactive in developing property reforms — in particular, addressing the increasing number of claims dealing with water exposure — to avoid political intervention like that seen with recent auto reforms, Kathy Bardswick, president and CEO of Co-Operators Group Ltd., told a crowd […]
September 30, 2007
1 min read
Loss ratios on the auto side for Canada’s Top 100 auto insurers collectively increased 2.6% in 2006, according to a report released by A.M. Best. In its statistical study, Canada Auto, 2006 Direct Premiums Written, A.M. Best notes that even though 2006 direct written premiums for Canada’s Top 100 auto insurers amounted to Cdn$19.5 billion […]
September 30, 2007
1 min read
Lloyds has reported a pre-tax profit of 1.8 billion [approximately Cdn$3.65 billion], for the first six months of 2007, marking a 34% increase over last year.Lloyds saw a profit of 1.35 billion [approximately Cdn$2.74 billion] for the same period of 2006.The insurer also reported a combined ratio of 82.9% for the first half of 2007, […]
By Canadian Underwriter | September 27, 2007
1 min read
A total of 97 defendants are now allegedly involved in the conversion of vehicles related to 49 stolen vehicle claims, after four civil actions were filed by the ICBC against 95 Lower Mainland residents recently, according to a release. “ICBC has zero tolerance for fraud,” Steve Tripp, ICBC manager of Fraud Prevention and Investigation, said […]
By Canadian Underwriter | September 20, 2007
2 min read
Loss ratios on the auto side for Canadas Top 100 auto insurers collectively increased 2.6% in 2006, according to a report released by A.M. Best.In its statistical study, ‘Canada Auto, 2006 Direct Premiums Written,’ A.M. Best notes that even though 2006 direct written premiums for Canadas Top 100 auto insurers amounted to Cdn$19.5 billion in […]
By Canadian Underwriter | September 10, 2007
1 min read