The U.S. property and casualty insurance industry recorded a declining return on equity (ROE) in 2007 Q1, despite good underwriting results, according to information released by ISO and the Property Casualty Insurers Association of America (PCI). During 2007 Q1, the U.S. property and casualty industry reported an ROE of 12.9%, down from 15.5% reported during […]
By Canadian Underwriter | June 29, 2007
1 min read
Simmlands Insurance Brokers Ltd. is joining forces with Women in Insurance Cancer Crusade (WICC) to present the 2007 Canadian PGA Womens Championship Pro-Am on July 30 at the Ladies Golf Club of Toronto.This inaugural event will provide a fun-filled day prior to the Canadian PGA Womens Championship, all for the cause of cancer research, Simmlands […]
By Canadian Underwriter | June 28, 2007
2 min read
The capital strength of the insurance industry is growing due to strong operating profitability, putting pressure on rates and resulting in a slow growth environment going forward, according to Thomas Holzheu, with Swiss Res Economic Research & Consulting Unit, in a Web cast. We should see a continuation in moderating or softening pricing and this […]
By Canadian Underwriter | June 22, 2007
1 min read
When it comes to the disaster restoration industry, there are two major ways insurance factors in: claims by property owners on property insurance, and contracts on general liability.In many cases, an insurance company will be in a more powerful position than the insured who has made a claim, according to Ian J. Houston, partner at […]
By Canadian Underwriter | June 21, 2007
2 min read
A conflict between the new regulations contained in Ontarios Bill 18, which deals with vicarious liability for vehicle leasing and rental companies, and s. 239 of the Insurance Act may be inadvertently thwarting the intent of Bill 18, according to Stephen R. Moore, a partner with Blaney McMurtry LLP.Moore was reached by e-mail after he […]
By Canadian Underwriter | June 8, 2007
2 min read
Markel International has launched an insurance product to cover complementay and alternative medicine malpractice.The rise in popularity of no-win no-fee arrangements has increased the number of claims against alternative and complimentary practitioners, which has driven up the demand for malpractice insurance, Julian Brown, Markel underwriter, said in a statement.The new product will provide cover for […]
By Canadian Underwriter | June 4, 2007
2 min read
Canadian reinsurers in 2006 collectively posted their highest net income in the past four years, according to data collected by the Reinsurance Research Council (RRC). The RRC data was presented by a panelist speaking at a Property Casualty Underwriter Club (PCUC) luncheon meeting in Toronto. In a presentation to the PCUC luncheon, Aon Re Canada […]
May 31, 2007
1 min read
The Insurance Bureau of Canada (IBC) has appointed Michael J. Donoghue, the president and CEO of the Allstate Insurance Company of Canada, as the chair of its board of directors.Rowan Saunders, the president and CEO of Royal & SunAlliance Canada, has been appointed deputy chair of the IBCs board.Donoghue is a vice president of the […]
By Canadian Underwriter | May 23, 2007
1 min read
Timmins, Ontario will have a Collision Reporting Centre by the end of July 2007.Located in northeastern Ontario, the City of Timmins has a population of about 44,000 people.Accident Support Services Ltd., which facilitates collision reporting to the insurance industry, has announced that on July 30, 2007 it will open a collision reporting center in partnership […]
By Canadian Underwriter | May 23, 2007
1 min read
The B.C. government has capped at Cdn$1 million the vicarious liability car rental companies and by extension, their insurers face for accidents and damages caused by customers who rent vehicles.Currently, car rental companies face unlimited liability for accidents and damages caused by their customers, the B.C.s attorney general said in a press release. Changes will […]
By Canadian Underwriter | May 18, 2007
2 min read