Topic
Insurance
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…
No connection between one storm and global warming
June 26, 2009 by Canadian UnderwriterHurricane Katrina was the big poster storm for the global warming debate, but the link between the hurricane and global warming may be weaker than commonly thought, said Peter Bowyer, program manager at the Canadian Hurricane Centre. There is no…
Aviva Canada teams up with Hagerty Insurance
June 25, 2009 by Canadian UnderwriterAviva Canada Inc. has formed a partnership to distribute Hagerty Insurance, a specialist in the collector car market, across Canada.Under the partnership, Aviva Canada will underwrite Hagerty Insurance in Canada and assist in distribution through its broker network, with Hagerty…
RIBO warns of ‘market blocking’
June 25, 2009 by Canadian UnderwriterOntario’s broker regulator, the Registered Insurance Brokers of Ontario (RIBO), is cautioning brokers about a practice commonly referred to as “market blocking.”“In short, this involves the practice where a broker, in advance of an upcoming commercial renewal, sends out a…
ILS market showing signs of recovery
June 25, 2009 by Canadian UnderwriterThe global insurance-linked securities (ILS) market has taken a hit because of the recent market disruptions, but it is beginning to re-emerge and adapt, according to a report by Standard & Poor’s Ratings Services.Insurance-linked securities are instruments used to transfer…
FSCO follows up on credit scoring bulletin; review isn’t over yet
June 24, 2009 by Canadian Underwriter“Almost all” insurers in Ontario have indicated to the province’s insurance regulator, the Financial Services Commission of Ontario (FSCO), that they understand FSCO’s concerns about credit scoring, expressed in a February 2009 bulletin, and that if they don’t already conform…
What’s New: In Brief (June 24, 2009)
June 24, 2009 by Canadian UnderwriterJames Giffen has been promoted to director of the Global Technical Services (GTS) division with Crawford & Company (Canada) Inc. Giffen has nearly 25 years of experience and currently manages Crawford’s Toronto GTS branch. He is an executive general adjuster…
Insurers see offshore wind as an attractive investment area: Willis
June 24, 2009 by Canadian UnderwriterInsurers are increasingly seeing offshore wind as an attractive investment area with considerable growth potential, Willis Group Holdings (NYSE:WSH) says.“Offshore wind is a significant opportunity for the insurance industry, with the market expected to grow nearly 30-fold between now and…
Average cost of risk dropped in 2008, despite economy and catastrophes
June 24, 2009 by Canadian UnderwriterThe average total cost of commercial risk (TCOR) per US$1,000 dropped 9.4% in 2008, according to the 2009 RIMS Benchmark Survey.Advisen Ltd. compiled and analyzed data on more than 1,300 companies in the United States and Canada. Data was collected…
Health Claims for Auto Insurance (HCAI) system to be re-introduced using a staged approach
June 23, 2009 by Canadian UnderwriterHealth Claims for Auto Insurance (HCAI), an electronic system for processing auto insurance claims, is once again entering a pilot phase, starting on Sept.1, 2009.HCAI was shut down in April 2008 at the request of the Insurance Bureau of Canada…
B.C. brokers call for legislative ban on credit scoring
June 23, 2009 by Canadian UnderwriterThe Insurance Brokers Association of B.C. (IBABC) has asked the B.C. government for legislative changes that would prohibit insurers’ ability to collect information for the purpose of credit scoring.“Our position is that we don’t want credit scoring to be an…