Topic
Insurance
EU moves ahead with changes to financial regulation; establishes new risk board
June 22, 2009 by Canadian UnderwriterThe European Union is moving ahead with the creation of a European Systemic Risk Board, which will monitor and assess potential threats to financial stability, the European Council has decided.In addition, “where necessary,” the risk board in a financial crisis…
What’s New: In Brief (June 22, 2009)
June 22, 2009 by Canadian UnderwriterA.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” and the unsecured debt ratings of Fairfax Financial Holdings Limited of Toronto (TSE, NYSE: FFH). “The ratings of Fairfax recognize the quality of its ongoing operations, which are…
When calculating income for death benefits, start with same accounting method as deceased: Saskatchewan Court
June 22, 2009 by Canadian UnderwriterWhen determining death benefits under the province’s Automobile Accident Insurance Act, Saskatchewan’s government auto insurer, SGI, should use the same accounting method for calculating income as the deceased, the Court of Appeal for Saskatchewan has ruled.The decision considered whether the…
Piracy risk should be covered under war policies, not hull policies
June 22, 2009 by Canadian UnderwriterPiracy risk should be removed from general hull and machinery policies and placed with war insurance policies, a report from Allianz says.In the report, Piracy: An ancient risk with modern faces, Dr. Sven Gerhard, global head of hull insurance at…
Ontario court breathes new life into two longstanding auto claims that were dismissed for delay
June 19, 2009 by Canadian UnderwriterThe Ontario Superior Court of Justice has overturned an order to dismiss, on account of delay, two motor vehicle insurance claims (each of which has lasted for six years or longer) that arose from an October 2001 auto accident.A court…
Funding approved for world’s first tornado simulator wind tunnel
June 19, 2009 by Canadian UnderwriterThe University of Western Ontario, in affiliation with the Institute for Catastrophic Loss Reduction (ICLR), has received funding to build the first wind tunnel that will simulate a tornado. The Canadian Foundation for Innovation has confirmed Cdn$9.5 million to build…
MPI’s basic rate adjustment application remains flat
June 19, 2009 by Canadian UnderwriterManitoba Public Insurance (MPI) is requesting no overall increase in its basic Autopac rates beginning Mar. 1, 2010.If the Public Utilities Board approves MPI’s rates proposed for 2010, the average passenger vehicle premium will fall by $2 to Cdn$886, an…
Canada likely to see pricing pressure by end of year
June 19, 2009 by Canadian UnderwriterThe only product in the Canadian (re)insurance market experiencing cutbacks is credit insurance, said Jack Lee, national marketing manager at BFL Canada, in BFL’s publication The Cover Note.In a question-and-answer section on the state of the (re)insurance market, Lee also…
Most Albertans don’t seek competitive quotes for auto insurance: AIRB survey
June 18, 2009 by Canadian UnderwriterSixty-five per cent of survey respondents living in Alberta indicated they had not sought competitive auto insurance quotes in the past two years, according to a 2009 public perception survey commissioned by the Alberta Automobile Insurance Rate Board (AIRB).The survey…
Actuarial analysis calls for 3% decrease in basic auto rates in Alberta
June 18, 2009 by Canadian UnderwriterAn actuarial analysis presented to the Alberta Automobile Insurance Rate Board (AIRB) has suggested a 3% decrease in rates, assuming a cap on minor injury remains in place. This is in contrast to Insurance Bureau of Canada’s request for a…
Alberta risk sharing pools among the largest in North America
June 18, 2009 by Canadian UnderwriterOn a written exposure basis (or one car insured for one year), Alberta’s risk sharing pools (RSP) are the fourth largest in North America on a combined basis, the Facility Association says in its report to the Automobile Insurance Rate…
Internal social networking platforms potentially more valuable to organizations
June 18, 2009 by Canadian UnderwriterWhen implementing initiatives around online social networking, insurers that create internal networking platforms have the potential to extract far more value than those that create external communities for the public at large, a Celent report suggests. The popularity of online…