Topic
Insurance
Recession whittles away at U.S. commercial lines revenue
April 1, 2010 by Canadian UnderwriterThe lingering effects of the recession continue to whittle away at U.S. commercial lines revenue, according to an Advisen Report. FM Global sponsored the report, entitled The Insurance Market in 2010: The Lingering Impact of the Recession on Capacity and…
Pennsylvania court dismisses claims against Kingsway
April 1, 2010 by Canadian UnderwriterThe Commonwealth Court of Pennsylvania has dismissed all claims against Kingsway and Kingsway America Inc. associated with the company’s donation of its Lincoln General shares to charities. Kingsway Financial Services Inc. announced the court has dismissed all claims in the…
OSFI announces proposed reforms to reinsurance supervisory and regulatory framework
April 1, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) will recommend that the 25% limit on unregistered reinsurance be repealed as part of a set of reforms of its reinsurance supervisory and regulatory framework. “Although the 25% limit has appeal…
Finance Minister clarifies GST proposals: broker commissions appear to remain exempt
April 1, 2010 by Canadian UnderwriterThe Department of Finance Canada has clarified its intent to define certain financial services that are subject to GST, suggesting insurance broker commissions will continue to remain GST-exempt.A Canada Revenue Agency GST/HST Notice 250 in February 2010 caused some confusion…
CRTC reconsiders whether telephone insurance sales constitute telemarketing
March 31, 2010 by Canadian UnderwriterThe Canadian Radio-television and Telecommunications Commission (CRTC) is re-considering whether or not the unsolicited sale of insurance products by agents or brokers to existing clients by telephone constitutes telemarketing.The commission has requested comments on the matter (the deadline to register…
Global reinsurance industry suffers “worst ever” natural catastrophe losses in 2010 Q1
March 31, 2010 by Canadian UnderwriterThe global reinsurance industry suffered $16 billion in natural catastrophe losses in 2010 Q1, likely making it “the worst-ever first quarter for natural perils losses,” according to a Willis report.The poor start to 2010 has put the comparatively benign year…
Kingsway estimates $39-million loss in 2009 Q4; completes sale of Jevco
March 31, 2010 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) has reported a preliminary, unaudited operating loss of $39 million in 2009 Q4.The company also completed the sale of Jevco Insurance Company to the Westaim Corporation on Mar. 29. The sale was…
Chubb estimates nearly $300 million in first quarter cat losses
March 31, 2010 by Canadian UnderwriterThe Chubb Corporation estimates pre-tax losses from 2010 first-quarter catastrophes will be approximately $290 million ($189 million after-tax). Losses include the March northeast U.S. storm, other U.S. winter storms, the Chilean earthquake, the Australian storms, European windstorm Xynthia and other…
Credit scoring, higher home insurance premiums on the radar in New Brunswick
March 31, 2010 by Canadian UnderwriterAlthough 2009 has been “a year of stability” in the auto insurance market for consumers in New Brunswick, “lurking in the background” are such issues as credit scoring, the rise in home insurance premiums and the province’s minor injury cap,…
Regulators’ solutions for financial crisis should note differences between banking and insurance models: Swiss Re
March 30, 2010 by Canadian UnderwriterIt’s very important for financial services industry regulators to think about the differences between the banking and insurance industry models when proposing “broad brush” solutions to the world’s economic financial crisis, Swiss Re CEO Stefan Lippe cautioned at the 2010…
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…