Topic
Insurance
Member of Parliament tables legislation to limit banks in insurance business
October 7, 2009 by Canadian UnderwriterA private member’s bill tabled in the House of Commons on Oct. 7 calls for amendments to the Bank Act that would limit banks’ activities in the insurance business.Alexandra Mendès, MP for Brossard–La Prairie in Quebec, introduced the bill. It…
Recession does not result in commercial rate increases in 2009 Q3
October 7, 2009 by Canadian UnderwriterInsurers continue to renew commercial property and casualty insurance programs at deeply depressed rates, despite depressed balance sheets, reports the Risk and Insurance Management Society’s Q3 Benchmark Survey.Advisen Ltd. administers the RIMS Benchmark Survey, which tracks changes in insurance policy…
Program administrators market remains steady, reinsurance playing increased role
October 7, 2009 by Canadian UnderwriterThe program administrators and managing general agents (PA/MGA) market showed little change from 2008 to 2009, despite the global financial crisis, according to Guy Carpenter & Company LLC ‘s fifth annual survey of specialty insurance program issuing carriers. Generally speaking,…
Looking at the future consumer
October 7, 2009 by Canadian UnderwriterAge does not determine how customers prefer to communicate with the financial services sector, according to a new study from Telus and IDC Canada. The study, The Future Consumer, looks into shifting communications expectations of Canadian consumers, according to Telus.…
Aviva plc announces executive shuffle, Canadian CEO become group’s chief risk officer
October 6, 2009 by Canadian UnderwriterAviva plc has announced a series of executive-level shuffles that will see Igal Mayer appointed CEO, North America, and the current CEO of Canada, Robin Spencer, promoted to chief risk officer (CRO) for the organization. Both appointments are effective Jan.…
Countdown to Part XIII in 2009 is a good time to close down branches that are in run-off: lawyer
October 6, 2009 by Canadian UnderwriterBased on changes to Part XIII of Canada’s Insurance Companies Act, insurance branches in run-off may find that 2009 is a good time to consider transferring the branch’s business to a Canadian entity and closing down the branch, according to…
Insurance industry sees spike in PIPEDA-related complaints
October 6, 2009 by Canadian UnderwriterThe insurance industry yielded 17% of the Personal Information and Electronic Documents Act (PIPEDA)-related complaints lodged in 2008.Last year there were 442 new complaints in total, marking an increase from 2007’s 350 complaints. Financial institutions as a whole took the…
What’s New: In Brief (October 06, 2009)
October 6, 2009 by Canadian UnderwriterA North Vancouver man has been fined Cdn$4,000, double what the Crown asked for, after totalling his boss’ truck and telling police it had been stolen. Rodney Dean Johnson, 26, was driving along Highway 1 in North Vancouver on Jun.…
North American P&C mutuals take hit during recession, but still able to grow earnings: A.M. Best
October 5, 2009 by Canadian UnderwriterCanadian 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…
DUI legislation may expand to allow random breathalyzer tests
October 5, 2009 by Canadian UnderwriterCanada’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…
What’s New: In Brief (October 05, 2009)
October 5, 2009 by Canadian UnderwriterCanadian 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…
What’s New: In Brief (October 05, 2009)
October 5, 2009 by Canadian UnderwriterThe 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…