Topic
Insurance
U.S. reinsurers see combined ratio break 100%
March 16, 2009 by Canadian UnderwriterA group of 19 U.S. property and casualty reinsurers reported a total combined ratio (COR) of 101.8% in 2008, deteriorating from the 94.7% COR reported in 2007.The RAA attributes the result to a 71% loss ratio and an expense ratio…
Insurers re-engineer actuarial departments to adapt to new economy
March 16, 2009 by Canadian UnderwriterCanadian insurers are re-engineering their actuarial departments to improve performance while at the same time dealing with current regulatory challenges and increased accounting requirements, PricewaterhouseCoopers says.In its report, Adapting to a New Economic Reality, PwC notes that insurers are undertaking…
U.K. court says insurers on hook for coverage if deliberate damage is done as a result of insanity
March 16, 2009 by Canadian UnderwriterA recent England and Wales High Court (Queen’s Bench Division) says insurers are on the hook to provide coverage when an insured deliberately causes damage to his or her property, so long as the insured meets the legal definition of…
What’s New: In Brief (March 16, 2009)
March 16, 2009 by Canadian UnderwriterThe Certified Restoration Drycleaning Network (CRDN) is challenging insurance companies to dig into their closets and donate professional attire to help economically disadvantaged Canadians dress for success. The clothing drive, held Apr. 20 to May 1, supports Dress Your Best,…
SGI introduces program to help immigrants to Saskatchewan obtain driver’s license
March 13, 2009 by Canadian UnderwriterSGI, Saskatchewan’s public insurer, has introduced its Immigrant Driver Education Grant Program, which provides funds to help immigrants to Saskatchewan obtain a driver’s license.SGI is making Cdn$125,000 available for refugees and immigrants who have taken up permanent residency in Saskatchewan…
Export Canada given green light to provide temporary credit insurance capacity
March 13, 2009 by Canadian UnderwriterWith the passing of Bill C-10 on Mar.12, the Government of Canada has given Export Development Canada (EDC) a new, temporary ability to participate in domestic financing and insurance with private sector financial institutions, private insurance providers and the surety…
What’s New: In Brief (March 13, 2009)
March 13, 2009 by Canadian UnderwriterSmall businesses appear to be weathering the financial turmoil with more resilience than large organizations, the Canadian Federation of Independent Business (CFIB) observes.The CFIB pointed to employment numbers released by Statistics Canada that show the percentage change in employment growth…
Increased demand for trade credit insurance
March 13, 2009 by Canadian UnderwriterDemand for trade credit insurance skyrocketed last year, and insurers are more cautious about what they will cover and the charge for the coverage, Marsh says in a recent report, As Global Economic Recession Deepens, Businesses Look to Protect Revenue…
What’s New: In Brief (March 12, 2009)
March 12, 2009 by Canadian UnderwriterAviva Canada has teamed up with Thinkfirst Canada to deliver Aviva Brain Day in Grade 5 classrooms across the country, aimed at promoting brain and spinal cord injury prevention.Although children and youth make up only 17% of the Canadian population,…
OSFI revises its outsourcing of business activities guideline
March 12, 2009 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions Canada (OSFI) has set out its expectations for federally regulated entities (FRE) that outsource or contemplate the outsourcing of one or more business activities to a service provider.The revisions to Guideline B-10…
Many U.K. insurers still lack specific, embedded capital models required for Solvency-II compliance
March 12, 2009 by Canadian UnderwriterThe biggest challenge for insurers in complying with risk-based Solvency II requirements is likely to involve the development of specific internal capital models and embedding those models into day-to-day business practices, a U.K. chartered accounting firm suggests.In its Spring 2009…
Transparency, competition should be part of any new regulatory regime for ratings agencies: S&P’s
March 12, 2009 by Canadian UnderwriterGreater transparency, accountability and ongoing competition among ratings agencies should be mainstays of any global regulatory framework for ratings agencies, Standard & Poor’s says in a recent white paper.Acknowledging weaknesses in the current regulatory regime for ratings agencies, Standard &…