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Associations
Large, parent-controlled companies poised to capitalize on OSFI’s proposed new rules allowing internal capital model targets
April 22, 2010 by Canadian UnderwriterThe size of an insurer and whether or not the Canadian office has a parent company will likely be key drivers in whether or not Canadian property and casualty insurers take advantage of the solvency regulator’s move to allow internal…
Tax and regulatory burden costs insurance industry more than 11% of revenue
April 21, 2010 by Canadian UnderwriterSlightly more than 11% of the $38.4 billion of the insurance industry’s 2008 revenues went towards regulatory and tax costs, according to a PricewaterhouseCooper’s (PwC) report.Insurance Bureau of Canada commissioned PwC to study, for the first time, both the tax…
HST impact equivalent to that of a large catastrophic loss: IBC
March 30, 2010 by Canadian UnderwriterThe impact of the Harmonized Sales Tax (HST) on Ontario and B.C. property and casualty insurers’ reserves in 2009 — estimated to be $268 million — is equivalent to that of a large catastrophic loss, according to the Insurance Bureau…
Canadian P&C insurers bear among the heaviest tax burdens in the world
March 30, 2010 by Canadian UnderwriterMore than 13% of the average cost to consumers of an insurance policy in Canada goes to fixed taxes and regulatory costs, said Barbara Sulzenko-Laurie, Insurance Bureau of Canada (IBC)’s vice president of policy.Sulzenko-Laurie spoke about the state of the…
Ontario auto cost insurers $900 million in 2009: IBC
March 30, 2010 by Canadian UnderwriterCanadian property and casualty insurers writing Ontario auto lost an astounding $907 million in 2009, said Barbara Sulzenko-Laurie, vice president of policy at the Insurance Bureau of Canada (IBC).Sulzenko-Laurie presented a ‘State of the Industry’ speech at the Swiss Re–IBC…
IBC encourages flood mitigation techniques in Manitoba
March 22, 2010 by Canadian UnderwriterCanada’s home, business and auto insurers are doing public education in Manitoba, noting The Red River is expected to peak in Winnipeg in early April, two weeks earlier than usual. “While it is predicted that recent warm, dry weather and…
MSA Research teams up with ISO to launch Canadian industry-wide loss data service
March 16, 2010 by Canadian UnderwriterISO has teamed up with MSA Research Inc. to launch Property Claims Services (PCS), an industry-wide loss calculator, in Canada.PCS-Canada service will enable insurers, reinsurers, brokers and other industry stakeholders, to receive industry-wide data about Canadian catastrophes, including man-made and…
23% drop in auto insurance premiums since Nova Scotia auto cap introduced in 2003: IBC
February 19, 2010 by Canadian UnderwriterNova Scotia’s $2,500 cap on minor auto injuries has led to an average auto insurance premium reduction of 23% between the time the cap was implemented in 2003 and August 2009, the Insurance Bureau of Canada (IBC) says in a…
What’s New: In Brief (February 12, 2010)
February 12, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) and The Federation of Canadian Municipalities (FCM) have launched The Watershed Awards. The Watershed Awards recognize Canadian municipalities that have taken proactive measures to reduce their vulnerability to storm and wastewater damage. The awards will…
Provincial regulators expected to discuss IBC’s credit scoring code at CCIR meeting in March
February 10, 2010 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is currently gathering background information on insurers’ use of credit-scoring in various jurisdictions, and has described the IBC’s voluntary Code of Conduct for Insurers’ Use of Credit Information as “a good place to…
What’s New: In Brief (February 10, 2010)
February 10, 2010 by Canadian UnderwriterAn Insurance Bureau of Canada (IBC) steering committee is recommending full adoption by all auto insurers of the Health Claims for Auto Insurance (HCAI) electronic system for processing auto insurance health claims by Mar. 31, 2010. A number of stakeholder…
IBAO says IBC credit scoring principles “create a false sense of security”
February 10, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) says the Insurance Bureau of Canada (IBC)’s voluntary Code of Conduct for Insurers’ Use of Credit Information, posted online in late January 2010, “will do little but create a false sense of security…