The Canadian Council of Insurance Regulators (CCIR) has revised its December 2009 voluntary consent and undertaking, eliminating portions that specified how insurers were to be conducting their business in Canada.“After consultations with industry stakeholders, regulators have revised the consent and…
The 2009 Q3 results of the Canadian property and casualty industry represented a tale of two cities, including the “worst of times” for personal and multi-lines insurers and the “best of times” for commercial insurers, according to the latest data…
Insurance Bureau of Canada (IBC) has rebranded itself.The new logo prominently features a dark red maple leaf and identifies IBC as a national trade organization and as “Canada’s trusted voice in insurance,” a release says.Within the maple leaf are three…
The implementation of Solvency II could result in a minimum capital requirement increase of 62% for United Kingdom insurers, according to EMB, a UK-based actuarial consulting firm.EMB studied 49 companies, covering a broad range of non-life insurance sectors —including personal…
An insurance company has been found liable to pay a policyholder injured in an auto collision under the uninsured provisions of the policy, even though the policyholder failed to sue potentially negligent and/or liable insured third parties. The Supreme Court…
British Columbia plans to reduce the risk of auto theft during the Olympic Games by ‘flooding’ venue and public transit parking lots with bait cars.The initiative is part of the Integrated Municipal Provincial Auto Crime Team (IMPACT)’s strategy during the…
The Chubb Corporation has reported a 2009 Q4 net income of $695 million, compared to $407 million in the same quarter of 2008. Net income for 2009 was $2.2 billion, compared to $1.8 billion in 2008. Net written premiums for…
Bans on hand-held devices while driving fail to reduce crashes, a new Highway Loss Data Institute (HLDI) study found.The HLDI is an affiliate of the Insurance Institute for Highway Safety (IIHS). It calculated monthly collision claims per 100 insured vehicle…
Toyota Motor Corp.’s announcement that it was halting the sale and manufacturing of eight of its popular models in Canada, the U.S., Europe and Asia poses a major reputation crisis that could make or break the brand, experts suggest.On Jan.…
The participation of alternative sources of capital in the reinsurance market has rebounded since the economic crisis, but not to pre-crisis levels, reports Standard & Poor’s.In its report, Global Reinsurers Enter 2010 on Stronger Financial Footing but Face Weaker Pricing,…
Insurer security remains a top priority for corporate buyers a year and a half after the peak of the financial crisis, Lloyd’s of London reports. The crisis has left a lasting impression on buying behaviour, despite the fact that insurance…
The Ontario Teachers’ Insurance Plan (OTIP) is working with Waterloo Regional Police to recover three stolen laptop computers, one of which may have contained personal information of OTIP’s insured teacher members.The burglary happened on Dec. 3, 2009. Waterloo Regional Police…