Topic
Insurance
Canadian Securities Administrators (CSA) proposes regulation of credit rating organizations
July 19, 2010 by Canadian UnderwriterThe Canadian Securities Administrators (CSA) has published for comment a proposed plan to introduce securities regulatory oversight of credit rating organizations.“Many investors consider credit ratings as one of the factors in making investment decisions, and ratings continue to be referred…
Toyota Canada rolls out latest in hybrid technology
July 19, 2010 by Canadian UnderwriterToyota Canada is rolling out demonstrations across Canada of its Prius Plug-in Hybrid (PHV), which can plug into a standard 110-volt electrical outlet.One such demonstration car was delivered for testing to Manitoba’s Ministry of Innovation Energy and Mines. Other cars…
Facility Association surveys membership on risk-sharing pools
July 16, 2010 by Canadian UnderwriterFacility Association (FA) has undertaken a survey to help assess the impact of various current issues – product reform, constitutional challenges, changes in reserving and reporting practices, HST, etc. – on its risk-sharing pools (RSPS).“We expect the information to provide…
Cunningham Lindsey introduces new specialist practice group
July 16, 2010 by Canadian UnderwriterCunningham Lindsey has launched a Marine Specialist Practices Group (SPG). The group has 66 marine experts in 21 countries providing a range of specialist services. These include: • cargo surveys; • pleasure craft loss adjusting and appraisal; • particular and…
Chartis seeks to introduce LEED-related insurance in Canada
July 16, 2010 by Canadian UnderwriterChartis is reportedly interested in introducing a LEED insurance product in Canada that would help protect companies’ reputations in a lawsuit if the company failed to meet LEED certification.The Leadership in Energy and Environmental Design (LEED) is a green building…
Globalization creates more costly risks
July 16, 2010 by Canadian UnderwriterRisk management systems must take into account the effects of globalization if they are to help risk managers avoid increasingly inter-related risk exposures, according to Lord Levene, Lloyd’s chairman. “We cannot simply try to hide away from risks, which travel…
St. Lawrence Seaway oil spill contained; cleanup “progressing”
July 15, 2010 by Canadian UnderwriterThe St. Lawrence Seaway Management Corporation (SLSMC) is reporting that an oil spill in the St. Lawrence Seaway following the grounding of the Canada Steamship Lines (CSL) bulker Richelieu has been contained by a series of booms, although the cleanup…
Ontario government approves reform-influenced auto insurance rate decrease of 1.03%
July 15, 2010 by Canadian UnderwriterReform-influenced auto insurance rates filed with Ontario’s regulator in 2010 Q2 show an average rate decrease of 1.03%, when weighted by market share.The 2010 Q2 rates take into account the province’s auto insurance reforms and will become effective when the…
MPI reports dramatic increase in fiscal Q1 net profit
July 15, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI) reported a net income of $102.9 million for 2010 Q1, marking an increase over the net income of $17.3 million reported in 2009 Q1.Claims costs for the first fiscal quarter decreased by $85.2 million (to $105.4…
B.C. distracted driving law curbs distracted driving, but needs more enforcement: survey
July 15, 2010 by Canadian UnderwriterThe vast majority of B.C. drivers report they no longer drive while using hand-held devices, but these same drivers report seeing other drivers using hand-held devices and feel the likelihood of being caught for doing so is low, according to…
Calgary tallies damages arising from hailstorm
July 14, 2010 by Canadian UnderwriterIt remains too early to tell whether the auto and home insurance claims generated by Calgary’s hailstorm on July 12, 2010 will compare to Canada’s biggest hailstorm claims event in 1991.The 1991 event, also in Calgary, was the country’s worst-recorded…
The Co-operators contributes more than $253,000 to selected charities
July 14, 2010 by Canadian UnderwriterThe Co-operators today announced $253,050 in donations to Canadian charities selected by Co-operators staff members, directors and delegates. The contributions are part of the organization’s Directed Donations program, in which staff members each direct $75 of corporate funds and directors…