Topic
Insurance
PACICC calls for required insolvency clauses in arrangements between insurers, reinsurers
November 24, 2008 by Canadian UnderwriterOnly reinsurance arrangements that include an appropriate insolvency clause should be recognized by Canada’s solvency regulator as an allowable asset, Canada’s insurance guarantee fund has recommended in a report.The Property and Casualty Insurance Compensation Corporation (PACICC), which reimburses Canadian policyholders…
IBC pushes Ontario government to stall changes to Part XIII of Insurance Companies Act
November 24, 2008 by Canadian UnderwriterInsurance Bureau of Canada (IBC) wants the government of Ontario to work with the federal government to delay changes to Part XIII of the Insurance Companies Act of Canada until the initiative is fully understood by provincial regulators.IBC made the…
Manitoba court says threshold, although inadequate, still applies to MPs case
November 24, 2008 by Canadian UnderwriterManitoba’s Court of Appeal has denied an application for leave to appeal a decision that denied an insured the right to claim accident benefits under section 138 of the Manitoba Public Insurance Corporation Act, which carries no maximum limit for…
Supreme Court of Canada finds insurers liable for malfunction of machinery
November 21, 2008 by Canadian UnderwriterThe Supreme Court of Canada has overturned an Ontario Court of Appeal decision and ordered a group of property insurers to cover the costs related to a damaged tunnel boring machine under an all-risk policy.In Canadian National Railway Co. v…
IBC urges Ontario government to reform auto insurance framework
November 21, 2008 by Canadian UnderwriterOntario’s government needs to reform its auto insurance regulatory framework to contribute to long-term stability of the provincial economy by keeping the cost of insurance for consumers from growing, Insurance Bureau of Canada (IBC) says.In a pre-budget submission to Dwight…
Fairfax removes hedge from its equity portfolio investments
November 21, 2008 by Canadian UnderwriterFairfax Financial Holdings Ltd (TSX and NYSE: FFH) has removed the hedge on its equity portfolio investments.As of Oct. 31, 2008, Fairfax continued to hold approximately 73% of its investment portfolio in treasury bills and government bonds as well as…
Crawford announces recent staffing appointments
November 21, 2008 by Canadian UnderwriterCrawford & Company (Canada) has announced five appointments. Santo Carbone has been appointed vice president, partnerships and regional claims centre (RCC) operations, at Crawford & Company (Canada). Carbone brings more than 27 years of claims management and operations experience to…
Higher credit ratings linked to ERM maturity levels: RIMS
November 20, 2008 by Canadian UnderwriterCompanies with greater risk management and enterprise risk management (ERM) maturity levels are more likely to have higher credit ratings, according to RIMS ‘State of ERM Report 2008 — an in-depth study on ERM practices.’ There is a distinct correlation…
U.S. P&C insurers diversifying into life are most likely to see equity declines
November 20, 2008 by Canadian UnderwriterU.S. property and casualty companies that diversified into life insurance have been hit hardest by US$55 billion in GAAP equity losses over the first nine months of 2008, according to a recent report by Fitch Ratings.Fitch analyzed a “public company…
What’s New: In Brief (November 20, 2008)
November 20, 2008 by Canadian UnderwriterPolicy Works Inc. has released a second white paper in a campaign to communicate with commercial brokers. The white paper, ‘To Trust or Not To Trust: 7 Tactics to Help Brokers Build Trust,’ investigates why consumers have feelings of distrust…
Domestic insurers key to survival of independent broker channel
November 20, 2008 by Canadian UnderwriterBrokers must maintain a balanced portfolio and resist relying too heavily on European-based insurers, warned Colin Simpson, senior vice president and chief strategy officer of Kingsway Financial Services.Simpson spoke at the Insurance Institute of Ontario’s ‘At the Forefront’ breakfast in…
Canadian P&C insurers showing signs of stress: OSFI
November 19, 2008 by Canadian UnderwriterAfter several years of strong operating results, Canada’s federally-regulated property and casualty insurers are starting to show signs of stress, the Office of the Supervisor of Financial Institutions (OSFI) said in its 2007-08 Annual Report.The industry’s overall combined ratio (COR)…