Topic
Insurance
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 &…
Global broker-led acquisitions to outpace private equity buyouts, S&P’s report says
March 11, 2009 by Canadian UnderwriterThanks in part to a fundamental shift in the debt market, the era of private equity-leveraged buyouts in the insurance broker sector is over, and a new era of broker-led acquisitions has begun, Standard & Poor’s says in a new…
What’s New: In Brief (March 11, 2009)
March 11, 2009 by Canadian UnderwriterA spokesman for America’s Watchdog says homeowners from several communities in B.C.’s Lower Mainland have joined a chorus of calls to investigate the use of Chinese drywall in buildings.Thomas Martin, president of America’s Watchdog, is quoted by Chris Montgomery of…
Front end collision tests need to consider “small overlap” crashes
March 11, 2009 by Canadian UnderwriterResearchers conducting front-end crash tests need to focus on “small overlap” collision tests, which involve 20% or less of the vehicle’s front end, in addition to full-width crash tests, the Insurance Institute for Highway Safety (IIHS) says.The IIHS analyzed 2000-06…
What’s New: In Brief (March 11, 2009)
March 11, 2009 by Canadian UnderwriterICBC is reducing optional rates by an average of 3% in 2009 and basic rates are expected to remain the same based on preliminary indications. Customers who have purchased the same basic and optional policies from the ICBC over the…
Canadian insurance industry records bleakest hiring outlook since 1994
March 10, 2009 by Canadian UnderwriterThe hiring outlook in the finance, insurance and real estate segment of Canada’s economy has declined to its least optimistic level in 15 years, according to survey data released by Manpower Canada.The Manpower Employment Outlook Survey is conducted quarterly to…
2008 Q4 drags down Canadian P&C industry results
March 10, 2009 by Canadian UnderwriterThe Canadian property and casualty industry’s underwriting income took a huge hit in 2008, dropping from an underwriting profit of Cdn$1.35 billion in 2007 to an underwriting loss of Cdn$752 million in 2008 (a 155.9% decrease), MSA Research Inc. reports.Putting…
Auto trade organization gives Bill-273 (Right to Repair) a qualified endorsement
March 10, 2009 by Canadian UnderwriterThe National Automotive Trades Association of Canada (NATA) has offered its qualified support of a private member’s bill before the House of Commons that, if passed, would address the issue of whether vehicle manufacturers should be providing independent repairers access…
High fuel prices drives up construction costs
March 10, 2009 by Canadian UnderwriterThe overall cost of replacing a damaged home in the United States increased last year thanks in large part to rising fuel costs, according to Xactware’s Property Report 08.The report notes the gas hike in the summer of 2008 drove…