Canadian Underwriter

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CCIR revises undertaking “to allow companies more flexibility in their business models”

February 1, 2010 by Canadian Underwriter

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

News InsuranceMergers and Aqcuisitions

Personal and commercial lines headed in opposite directions in 2009 Q3: MSA/Baron Outlook

February 1, 2010 by Canadian Underwriter

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

News AssociationsInsurance

IBC launches new corporate brand

February 1, 2010 by Canadian Underwriter

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

News Insurance

Solvency II implementation in UK may dramatically increase capital requirements

February 1, 2010 by Canadian Underwriter

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

News InsuranceLegal

No requirement for policyholder to sue insured, potentially liable third parties before resorting to uninsured coverage

January 29, 2010 by Canadian Underwriter

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

News InsuranceMergers and Aqcuisitions

B.C. government announces strategy to mitigate auto theft during Olympic Games

January 29, 2010 by Canadian Underwriter

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

News Insurance

The Chubb Corporation reports an increased profit in 2009 Q4

January 29, 2010 by Canadian Underwriter

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

News InsuranceLegalMergers and Aqcuisitions

Ban on hand-held devices while driving fails to reduce risk of crash: HLDI

January 29, 2010 by Canadian Underwriter

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

News Insurance

Toyota’s accelerator woes wreaks havoc with brand’s reputation

January 28, 2010 by Canadian Underwriter

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.

News Insurance

Private equity/hedge fund activity in reinsurance market not likely to reach pre-crisis levels

January 28, 2010 by Canadian Underwriter

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,

News Insurance

Credit ratings no longer the main tool for corporate insurance buyers to test insurers’ financial strength: survey

January 28, 2010 by Canadian Underwriter

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

News Insurance

Ontario Teachers’ Insurance Plan working with police to recover stolen laptops

January 28, 2010 by Canadian Underwriter

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