Topic
Insurance
Expert panel seeks comment on its definition of catastrophic impairment
April 4, 2011 by Canadian UnderwriterThe Catastrophic Impairment Expert Panel is seeking comments on its final report on the definition of “catastrophic impairment” under Ontario’s Statutory Accident Benefits Schedule (SABS).The report will be posted on the Financial Services Commission of Ontario (FSCO)’s Web site for…
SGI Canada warns of spring melt and potential flooding
April 4, 2011 by Canadian UnderwriterSGI Canada is cautioning Saskatchewan residents about potential water damage that could be caused by flooding due to spring thaw. “This winter, parts of Saskatchewan have seen much higher than normal levels of snow accumulation,” said Rick Barks, SGI Canada’s…
Increased frequency of small weather events could end soft market in 2011
April 1, 2011 by Canadian UnderwriterThe U.S. property and casualty market held relatively steady during 2010, but an over-reliance on investment income, inadequate reserving and increasing frequency of weather events may tip the scales in 2011.During an A.M. Best Webinar, State of the Property/Casualty Market,…
Cunningham Lindsey Canada promotes business development manager from within
April 1, 2011 by Canadian UnderwriterCunningham Lindsey Canada Claims Services Ltd. has promoted Maureen Fraser to vice president of business development. Fraser joined CLC in 1996. She has worked in varying positions, including accident benefit adjuster, call centre manager and business development representative. “Maureen has…
AEGIS expands its Canadian roster
April 1, 2011 by Canadian UnderwriterAEGIS London, a Lloyd’s syndicate and subsidiary of AEGIS (Associated Electric & Gas Insurance Services Limited), has announced two Canadian-based appointments.Nazir Haji has been appointed senior vice president of business development. Spencer Shusterman is senior vice president of claims.The appointments…
Japan earthquake not enough to trigger market turn: Willis Re
April 1, 2011 by Canadian UnderwriterRelatively orderly price movements at the Apr. 1, 2011 Japanese reinsurance renewals reveal the Magnitude 9.0 Tohoku earthquake of Mar. 11 is not the catalyst that will bring about a hard market, according to Willis Re, the reinsurance broking arm…
Amalgamation a key challenge facing mutuals in the future
April 1, 2011 by Canadian UnderwriterConsidering and/or executing a successful amalgamation is a key challenge facing mutual insurance companies going forward, according to seminar speakers at the Ontario Mutual Insurers Association meeting held in Toronto on Mar. 31.Six panelists represented Townsend Farmers’ Mutual Fire Insurance…
Auto reforms bring some relief, challenges remain
March 31, 2011 by Canadian UnderwriterIncreasing loss ratios in auto liability and other signs indicate Ontario’s auto insurance reforms have not yet eliminated abuses in the auto accident benefits side of the business.Gregor Robinson, senior vice president and chief economist at the Insurance Bureau of…
Canadian P&C market’s 2010 results begin to turn corner
March 31, 2011 by Canadian UnderwriterTrends in the 2010 financial results of Canadian property and casualty insurers were “modestly positive,” showing marginal improvement over 2009, according to statistics released by the Insurance Bureau of Canada (IBC).IBC reviewed the 2010 financial trends at the Swiss Re…
2011 Q1 brought record earthquake losses
March 31, 2011 by Canadian UnderwriterThe first quarter of 2011 has brought the highest earthquake losses in the property/casualty re/insurance industry’s history, said Christian Mumenthaler, Swiss Re’s chief marketing officer, reinsurance.Mumenthaler offered an overview of the global re/insurance market at Swiss Re’s Canadian Insurance Market…
Reserve releases masking poor results, creating an unsustainable trend
March 31, 2011 by Canadian UnderwriterThe property and casualty industry cannot mask its poor results much longer with reserve releases, warned Christian Mumenthaler, Swiss Re’s chief marketing officer, reinsurance.Mumenthaler made his observation during his presentation, Global Re/Insurance Market Outlook: Balancing Risks and Opportunities of the…
Ontario to consider administrative monetary penalties for breaches of Insurance Act
March 30, 2011 by Canadian UnderwriterThe Ontario government is proposing to review of the Ontario Insurance Act, including the possibility of introducing administrative monetary penalties.The government made the review known in its 2011 budget. This would be the first review of these major parts of…