Topic
Insurance
Stakes are high for auto insurance industry: IBC
April 29, 2009 by Canadian UnderwriterThe stakes are quite high for Canada’s auto insurance system — one of the most highly regulated industries in the world — to show signs of a financial recovery, says the Insurance Bureau of Canada (IBC).The industry’s most recent financial…
What’s New: In Brief (April 29, 2009)
April 29, 2009 by Canadian UnderwriterThe number of questionable — and perhaps fraudulent — claims is on the rise as the economy continues to falter, according to a new report from the National Insurance Crime Bureau. There is a definite increase in claims related to…
Low interest rates create pressure for increase in premium
April 29, 2009 by Canadian UnderwriterHistorically low interest rates at global central banks over the past six months are exerting downward pressure on the non-life insurance sector’s investment returns and driving the need to increase technical premiums, BestWire reported.“Twelve months ago, balance sheets were strong,…
Companies have policies in place for dealings with agents, adjusters: Alberta survey
April 29, 2009 by Canadian UnderwriterA vast majority of Alberta’s insurers have policies in place to make sure they comply with laws governing their business with authorized insurance agents and insurance adjusters, a risk-based market conduct survey released by the Government of Alberta has found.The…
Economic and national security could be threated by climate change
April 28, 2009 by Canadian UnderwriterClimate change is likely to threaten countries’ economic and national security, according to a 360º report from Lloyd’s. This will spark growing tension between states, as competition heats up for increasingly scarce natural resources — food, water and energy, according…
World Health Organization raises its level of pandemic alert based on swine influenza
April 28, 2009 by Canadian UnderwriterThe World Health Organization (WHO) has raised the level of influenza pandemic alert from the current Phase 3 to Phase 4, indicating the likelihood of a pandemic has increased but is not inevitable.The WHO committee issued the notice after considering…
Reduction in renewals for commercial D&O: Willis
April 28, 2009 by Canadian UnderwriterLondon market insurers reported an average premium reduction of 8% on renewal business for the commercial sector’s D&O liability over the last three months, according to Willis Group Holdings. The D&O market is expected to continue softening in the second…
Saskatchewan regulator cautions consumers about loan firm
April 28, 2009 by Canadian UnderwriterThe Saskatchewan Financial Services Commission (SFSC) is cautioning consumers about an online credit agency purporting to offer loan proceeds upon the receipt of a signed acknowledgement and the remittance of a portion of an insurance policy premium to secure the…
What’s New: In Brief (April 27, 2009)
April 27, 2009 by Canadian UnderwriterSupreme Collision has committed to being a National Sponsor at the Platinum Level of the Women in Insurance Cancer Crusade (WICC). This is the first time a collision repair centre has committed to being a major WICC sponsor, according to…
PartnerRe reports increased net income in 2009 Q1
April 27, 2009 by Canadian UnderwriterPartnerRe Ltd. (NYSE:PRE) has reported a net income of US$141.5 million in 2009 Q1, up from its 2008 Q1 income of US$129 million.Commenting on the 2009 Q1 results, PartnerRe president and CEO Patrick Thiele said, “PartnerRe posted solid results for…
Reinsurers see capacity shrink by 15% in 2008
April 27, 2009 by Canadian UnderwriterU.S., Bermuda and large international reinsurance companies lost about 15% of their capacity in 2008 as measured by shareholders’ equity, says a recent A.M. Best special report, Reinsurers Keep Their Balance Despite 15% Drop in Shareholders’ Equity.The report found the…
SSQ reports decrease in net income for fiscal 2008
April 27, 2009 by Canadian UnderwriterSSQ Financial Group reported a net income of Cdn$25.8 million in 2008, providing a return on equity of 11.3% compared to 13.6% in 2007.The volume of business of its general insurance increased to Cdn$128.4 million from Cdn$123.6 million in 2007,…