Topic
Insurance
Canadian P&C market “stable,” but earnings pressure will continue: A.M. Best
September 2, 2009 by Canadian UnderwriterAlthough global financial markets have improved substantially since March 2009, earnings and capitalizations in the Canadian property and casualty insurance market are expected to remain under some pressure, according to a special report by A.M. Best.The full report, Canadian Insurers…
What’s New: In Brief (September 01, 2009)
September 1, 2009 by Canadian UnderwriterSCM Risk Management Services and Compu-Quote have partnered to develop a data validation service, providing an accreditation process for information submitted by consumers to insurance brokers during the quoting process.Compu-Quote will receive information from SCM Risk Management Services to validate…
Canadian P&C insurers continue to suffer from recessionary conditions: Swiss Re
September 1, 2009 by Canadian UnderwriterCanadian property and casualty insurers continued to suffer from recessionary conditions in 2009 Q1, with underwriting profitability continuing to deteriorate, Swiss Re observed in its July 2009 edition of Canadian Property & Casualty Quarterly.Overall, the Canadian property and casualty industry…
Insurer must show due diligence before voiding policy based on unreported “material change in risk”
August 31, 2009 by Canadian UnderwriterAn insurance company cannot void an auto insurance policy because it is not informed of a “material change in the risk,” unless the company takes steps to ascertain this material change itself — including obtaining the driving record of a…
What’s New: In Brief (August 31, 2009)
August 31, 2009 by Canadian UnderwriterMarkel International has reached an agreement to acquire Elliott Special Risks (ESR). Markel International is a specialty property and casualty insurer based in London, England. ESR is based in Canada, and provides insurance underwriting and administrative services on behalf of…
Capital returning to reinsurance market: Guy Carpenter
August 28, 2009 by Canadian UnderwriterGains in underwriting and a return of calm to the global financial markets have helped some reinsurers regain half or more of the capital they lost as a result of the 2008 financial crisis and windstorms, according to Guy Carpenter.According…
Insurance Institute for Highway Safety tests roof strength of minicars
August 28, 2009 by Canadian UnderwriterThe Smart Fortwo has the strongest roof and the Chevrolet Aveo the weakest among the 2009 micro and minicars recently tested by the Insurance Institute for Highway Safety (IIHS).The Smart earns the highest rating of good compared with acceptable for…
Friends and colleagues of Ciaran Shannon to hold tribute, fundraiser
August 27, 2009 by Canadian UnderwriterFriends and colleagues of the late Ciaran Shannon will hold a tribute evening on Oct. 23, 2009 to raise funds for the education of his children.Shannon came to Canada in 2001 and joined Marsh Canada as a general insurance broker.…
OSFI releases draft guideline for stress testing
August 27, 2009 by Canadian UnderwriterIn its draft guideline for stress testing, the Office of the Superintendent of Financial Institutions suggests that insurers need to identify situations when the interrelationship of risk factors breaks down.For a property and casualty insurer, changing economic conditions will not…
General average rate increase of 4.2% for Saskatchewan Auto Fund
August 26, 2009 by Canadian UnderwriterSGI’s rate request for the Saskatchewan Auto Fund, which includes rate rebalancing, is to be effective Nov. 1, 2009, according to the Saskatchewan Rate Review Panel’s Report to the Minister of the Crown Investment Corporation of Saskatchewan. SGI had applied…
FSCO denies claim for caregiver and housekeeping benefits
August 26, 2009 by Canadian UnderwriterA Financial Services Commission of Ontario (FSCO) arbitrator has denied an insured’s claim for caregiver benefits and housekeeping/home maintenance benefits following a vehicle collision.Mohammad Asghar was injured in a motor vehicle accident on Aug. 2, 2006. He applied for and…
IBAO parnters with SCM in development of ITV software
August 25, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Ontario and SCM Risk Management Services have partnered to develop and introduce an insurance-to-value (ITV) software solution for Ontario insurance brokers and their clients.Independent Brokers Resources Inc. (IBRI), a wholly-owned subsidiary of IBAO has committed…