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News Insurance

North American P&C mutuals take hit during recession, but still able to grow earnings: A.M. Best

October 5, 2009 by Canadian Underwriter

Canadian and U.S. property and casualty mutual insurers have taken a financial hit as a result of the global recession, but are nevertheless weathering the storm, a special report of A.M. Best says.The research report, Mutuals under the microscope as

News InsuranceMergers and Aqcuisitions

DUI legislation may expand to allow random breathalyzer tests

October 5, 2009 by Canadian Underwriter

Canada’s federal department of justice may expand impaired driving legislation to allow police to administer roadside breath tests randomly, regardless of whether or not officers suspect the driver has been drinking, Canwest News Service reported.Justice Minister Rob Nicholson said that

News Insurance

What’s New: In Brief (October 05, 2009)

October 5, 2009 by Canadian Underwriter

Canadian legal expense insurance risks not large enough to qualify for a binding authority can now be placed at Lloyd’s of London by Lloyd’s-approved Canadian brokers.Endeavour Insurance Services now has a line slip designed for small group legal expense risks

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (October 05, 2009)

October 5, 2009 by Canadian Underwriter

The Number 1 benefit and driving force behind the use of risk technology is achieving accuracy and reliability of data, according to a survey of 435 risk professionals from 45 countries.Aon eSolutions 2009 Global Risk Technology Survey shows how organizations

News Climate ChangeInsurance

Coalitions between different business sectors beneficial for handling threats: Lloyd’s

October 2, 2009 by Canadian Underwriter

Today’s sophisticated, industrialized and complex world is under attack from a myriad of determined and deadly threats, according to Lord Levene, Chairman of Lloyd’s. However, as compared to the past, today’s society has more tools at its disposal, Levene said,

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (October 02, 2009)

October 2, 2009 by Canadian Underwriter

The CIP Society has announced eight leaders to be recognized in the inaugural awarding of the National Leadership Awards. The recipients have been recognized by their peers for their contribution and affect on the property and casualty community. Established Leaders

News Earnings / RatingsInsurance

B.C. regulator drafts legislation in response to concerns about Part XIII amendments

October 2, 2009 by Canadian Underwriter

Amendments to Part XIII of the federal Insurance Companies Act make it easier for a bogus insurer to operate outside the Canadian regulatory regime and yet do business in Canada, said Alan Clark, superintendent of the Financial Institutions Commission of

News Insurance

Canada’s market is healing, but it will not seem like that for awhile, economist tells NICC

October 2, 2009 by Canadian Underwriter

Canada’s recession is over, although it probably won’t feel like that for some time, economist Dr. Christopher Probyn told people attending the National Insurance Conference of Canada (NICC) in Ottawa.Probyn, chief economist of State Street Global Advisors in Boston, said

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Look for Facility Association numbers in Ontario to increase in 2010, former FA chair predicts

October 1, 2009 by Canadian Underwriter

Given the ongoing deterioration of Ontario auto insurance results, Facility Association is looking at a potential situation in 2010 that might “look and feel a lot like 2003,” Rob Wesseling, an immediate past chair of FA, told the National Insurance

News Insurance

Liquidity crisis still poses barrier to entry for capital in the reinsurance industry

October 1, 2009 by Canadian Underwriter

If there was a major catastrophe loss in today’s marketplace it’s unlikely that the reinsurance industry would be able to raise new capital following the event to the same extent that it did post hurricanes KRW in 2005, delegates of

News InsuranceMergers and Aqcuisitions

OSFI open to discussing innovative risk-transfer solutions related to property losess

October 1, 2009 by Canadian Underwriter

Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is “open for business” when it comes to discussing new risk transfer solutions to weather-related losses, OSFI superintendent Julie Dickson told P&C insurance industry representatives at the National

News InsuranceMergers and Aqcuisitions

Mutual insurers urged to help establish a plan to reduce insurers’, property owners’ carbon footprints

October 1, 2009 by Canadian Underwriter

For insurers, climate change represents a remarkable opportunity to serve property owners concerned about the growing frequency and severity of extreme weather events, according to Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction. Speaking at the International