Topic
Insurance
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…
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…
Oil Casualty Insurance, Ltd. (OCIL) reports 2009 Income of $125 million
March 30, 2010 Oil Casualty Insurance, Ltd.Hamilton, Bermuda Oil Casualty Insurance, Ltd. (OCIL) held its Annual General Meeting of Shareholders on March 25th, 2010 at the Fairmont Southampton Hotel in Bermuda. Robert D. Stauffer, President & Chief Executive Officer, welcomed Shareholders and thanked them for their…
Insurance Brokers Association of Nova Scotia says province’s auto injury cap is “warranted,” but needs to be indexed
March 29, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Nova Scotia (IBANS) says limitations placed on pain and suffering awards in the province have “resulted in a satisfied consumer, a competitive marketplace and rate stability that has been continuous since 2003.”The association thus responded…
Manitoba high school driver education course beneficial, MPI survey finds
March 29, 2010 by Canadian UnderwriterNine out of 10 students enrolled in the Manitoba Public Insurance High School Driver Education (HSDE) program said the course helped them to become more careful drivers, according to a Manitoba Public Insurance (MPI) survey. The telephone survey, conducted last…
U.S. property and casualty net income almost triples in 2009: A.M. Best
March 29, 2010 by Canadian UnderwriterThe U.S. property and casualty insurance industry’s profit in 2009 nearly tripled that of 2008, according to A.M. Best Company’s 12-month 2009 property/casualty results.The U.S. industry registered a $35.4-billion profit in 2009, up substantially from its $3.8- billion profit in…
Marsh refuses contingent commissions in Canadian and U.S. core broking segments
March 29, 2010 by Canadian UnderwriterMarsh will no longer accept contingent commissions in its core broking segment in Canada or the United States.The firm will “continue to provide detailed transactional disclosure to clients in its core brokerage operations, including all quotes received and compensation information,”…
6 New Online Photo Gallery updates now live at canadianunderwriter.ca
March 29, 2010 Canadian Underwriter magazine6 new industry event galleries have been added to the Online Photo Gallery at canadianunderwriter.ca and are featured in the March issue of Canadian Underwriter magazine. To view all the galleries, at canadianunderwriter.ca click Photo Gallery on the nav bar…
OSFI sees Canada’s strengthening dollar as an emerging risk
March 26, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is warning that Canada’s strengthening dollar is an emerging risk for which financial institutions should be prepared.“In recent months, a risk related to the global competitiveness of the Canadian economy has…