Topic
Insurance
A.M. Best Upgrades Ratings of The Guarantee Company of North America USA
December 10, 2009 Guarantee Company of North AmericaDECEMBER 09, 2009: A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and issuer credit rating (ICR) to “a” from “a-” of The Guarantee Company of North America USA (GCNA USA) (Southfield, MI).…
More signs that organized crime is involved in auto theft: IBC
December 9, 2009 by Canadian UnderwriterThe 2000 Honda Civic made the top of Insurance Bureau of Canada (IBC)’s annual list of most stolen vehicles. However, the addition of high-end vehicles such as the Cadillac Escalade to the list reflects the increasing involvement of organized crime…
How reinsurers can make up for poorly modelled perils
December 9, 2009 by Canadian UnderwriterPartnerRe is championing an integrated risk management and modelling method designed to take into account the cumulative effect of multiple perils, some of which cannot be modelled reliably, including floods and hail.“Not every type of risk and peril can be…
What’s New: In Brief (December 09, 2009)
December 9, 2009 by Canadian UnderwriterConsumers made 1,312 calls to the General Insurance OmbudService (GIO) with concerns regarding claims in 2010, according to statistics released in the GIO’s 2008-09 Annual Report. The GIO received 313 calls related to policy cancellation or non-renewal, 368 about coverage…
U.S. property and casualty industry’s combined ratio to climb in 2010: Fitch
December 9, 2009 by Canadian UnderwriterFitchRatings expects the U.S. property and casualty industry to experience higher underwriting losses and below average returns on capital in 2010.The agency’s outlook on the industry remains negative. The negative rating outlook on the industry implies that downgrade actions are…
Stability a few years off for insurance industry
December 8, 2009 by Canadian UnderwriterIt may be a few years before the insurance industry sees a return to relative stability and certainty, according to PricewaterhouseCoopers LLP (PWC). This will occur as the industry reacts to the effects of regulatory reform, increased government intervention and…
Citing feds’ proposal to ban insurance sales on bank Web sites, bankers’ association calls for improved dialogue with legislators
December 8, 2009 by Canadian UnderwriterThe Canadian Bankers Association (CBA) is cautioning Canadian legislators not to “get caught up in a wave of ‘regulation-mania’” in the wake of the financial crisis, later telling the media that one example would be Finance Minister Jim Flaherty’s efforts…
What’s New: In Brief (December 08, 2009)
December 8, 2009 by Canadian UnderwriterThe composite rate for commercial property and casualty insurance in the United States was down 5% for Nov. 2009, MarketScout reports.The soft market may be prolonged if mega-brokers begin to acquire small- and middle-market brokerages, MarketScout says in its online…
What’s New: In Brief (December 08, 2009)
December 8, 2009 by Canadian UnderwriterThe lowest rate of car crashes in Ontario is in St. Thomas, according to an Ontario Safe Driving Study conducted by Allstate Insurance Company of Canada. The highest crash rates by community went to Thornhill, Ajax, Maple, Brampton and Bolton.…
Ont court rules banks promoting or selling insurance not immune to provincial legislation
December 7, 2009 by Canadian UnderwriterOntario banks that promote or accept applications for insurance products are subject to the provincial Insurance Act, Ontario’s Superior Court of Justice has ruled.In Royal Bank of Canada v. Salih and Mirsada Mujagic, Salih and Mirsada Mujagic alleged that RBC…
25% of students report being a passenger in a car driven by a drunk driver
December 7, 2009 by Canadian UnderwriterTwenty-five per cent of students surveyed by the Centre for Addiction and Mental Health reported being a passenger in a car driven by a drunk driver, and 17% said they drive after smoking cannabis. These survey statistics are part of…
What’s New: In Brief (December 07, 2009)
December 7, 2009 by Canadian UnderwriterThe Autorité des marchés financiers (AMF) has launched a program to audit compliance with the use of the Fichier central des sinistres automobiles (FCSA), an automobile claims database. The new program will come into effect on Jan. 1, 2010. Established…