Topic
Insurance
Non-life premiums decline slightly: Swiss Re
June 30, 2009 by Canadian UnderwriterNon-life insurance premiums declined only marginally in 2008, by 0.8%, mainly due to lower demand for cover and softening rates, according to a Swiss Re sigma study.In industrialized countries, non-life premiums fell 1.9%. Growth in the emerging markets remained strong…
What’s New: In Brief (June 30, 2009)
June 30, 2009 by Canadian UnderwriterImmunization for the H1N1 virus is expected to begin late October, according to Canada’s chief public health officer, as quoted by Reuters. Dr. David Butler-Jones, chief public health officer at the Public Health Agency of Canada, was quoted by the…
First insurer must pay AB claim, even if only connection with claimant is fraudulent insurance slip
June 30, 2009 by Canadian UnderwriterA first insurer in Ontario has a legal obligation to start paying accident benefits to an auto injury claimant, even though the only “sufficient nexus” between the claimant and the insurance company is information contained in an apparently fraudulent pink…
OSFI rules a bank’s Web site is not a branch
June 30, 2009 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has ruled that a bank’s Web site is not a branch, and it can therefore promote and sell insurance products or services on its Web site. The Insurance Brokers Association of…
Tough economic times inspire loyalty in U.S. auto insurance consumers
June 29, 2009 by Canadian UnderwriterNinety per cent of auto insurance shoppers are retained by their current provider, according to J.D. Power and Associates’ 2009 Insurance Shopping Study.The survey examined the purchase behaviours and overall satisfaction of U.S. buyers shopping for a new auto insurance…
OSFI releases discussion paper on new capital-testing framework
June 29, 2009 by Canadian UnderwriterCanada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has just released a discussion paper on developing a new capital-testing framework. The paper, Key Principles for the Future Direction of the Canadian Regulatory Capital Framework for Property…
Royal Canadian Mint to file claim related to unreconciled gold
June 29, 2009 by Canadian UnderwriterThe Royal Canadian Mint intends to file a claim under its all risks insurance policy to offset approximately Cdn$15.3 million worth of unreconciled gold. The Mint commissioned Deloitte and Touche to conduct an audit to determine if the unreconciled difference…
Towers Perrin and Watson join to create Towers Watson
June 29, 2009 by Canadian UnderwriterTowers Perrin, Forster & Crosby Inc. and Watson Wyatt Worldwide Inc. have merged to form a new publicly-listed company, Towers Watson & Co. The implied equity value of the transaction is approximately US$3.5 billion, according to a release. The CEO…
Canadian Underwriter launches online industry professional network
June 26, 2009 by Canadian UnderwriterCanadian Underwriter has launched instouch, an online network for insurance industry professionals. instouch (www.instouch.com) is a way for professionals to connect with industry contacts, groups and associations. “Membership at instouch is open to individuals working within all segments of the…
SEC plans no enforcement action against Fairfax related to finite reinsurance
June 26, 2009 by Canadian UnderwriterThe U.S. Securities and Exchange Commission (SEC) does not intend to take any enforcement action after investigating Fairfax Financial Holdings Limited (TSX and NYSE: FFH) in connection with finite reinsurance contracts. Fairfax and its chairman and CEO, Prem Watsa, received…
What’s New: In Brief (June 26, 2009)
June 26, 2009 by Canadian UnderwriterThe Hartford Financial Services Group Inc. (NYSE: HIG) is receiving US$3.4 billion from the United States Department of Treasury’s Capital Purchase Program (CPP), which is investing in perpetual preferred stock of the company.“This investment further enhances our financial flexibility and…
Canadian companies lagging in IFRS conversion process
June 26, 2009 by Canadian UnderwriterDespite the fast-approaching Jan. 1, 2011 deadline for the implementation of international financial reporting standards (IFRS), more than 12% of public companies and 20% of the private companies surveyed by PricewaterhouseCoopers have not yet taken the first step in the…