Canadian Underwriter

Topic
Insurance


News Insurance

Lower net income could signal turn in pricing cycle

October 24, 2008 by Canadian Underwriter

Lower insurance industry net income may signal a turn in the insurance pricing cycle, according to a RIMS Benchmark Survey. This is despite the failure of two major hurricanes and a global credit crunch to derail the soft commercial insurance

News Insurance

IBC board may revisit distribution issue in its mandate

October 24, 2008 by Canadian Underwriter

The Insurance Bureau of Canada’s board of directors will discuss whether the IBC’s mandate should be revised to include a discussion about distribution issues, Jean Francois Blais, president and CEO of Axa Canada said.Blais was a member of the CEO

News Insurance

Does size matter when determining survival of insurers during financial crisis?

October 24, 2008 by Canadian Underwriter

When it comes to using a reliable indicator to figure out which Canadian P&C insurance company is best-positioned to survive the worst financial crisis to hit the North American markets since the Great Depression era, does size matter?The answer, as

News Insurance

IBAO asks insurers to sign memorandum of understanding on brokerage control

October 24, 2008 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) has asked the province’s insurance companies to sign a memorandum of understanding, promising, in effect, that the insurers will not purchase a majority control in brokerages.In Spring 2008, IBAO leadership suggested it would

News Insurance

Insurance industry needs to harness societal ‘renaissance’ to succeed in marketing

October 23, 2008 by Canadian Underwriter

The insurance industry has been taking its old marketing techniques and just dumping it into a new channel the Internet and the approach will not work, Mitch Joel, president of Twist Image, told delegates at the Insurance Brokers Association of

News Insurance

OSFI calls for prudence related to normal course issuer bids

October 23, 2008 by Canadian Underwriter

Canadian financial institutions that have normal course issuer bids in place should consult with Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), before repurchasing shares pursuant to those bids, the regulator notes in an advisory. OSFI

News Insurance

Ontario’s independent brokers stop bleeding off of consumers to direct channel

October 23, 2008 by Canadian Underwriter

Ontario’s independent broker channel appears to have turned a corner in 2007, with consumers showing signs of remaining loyal to the channel despite the aggressive marketing of direct writers, according to Rodney Hancock, the president of the Insurance Brokers Association

News Insurance

Insurance supervisors call for enhanced coordination during tough financial times

October 23, 2008 by Canadian Underwriter

Insurance supervisors worldwide have committed themselves to enhancing coordination efforts in an move to contain any contagious effects of global market volatility, the International Association of Insurance Supervisors (IAIS) has announced.The IAIS concluded its annual conference and general meeting in

News InsuranceMergers and Aqcuisitions

Antilock brakes on motorcycles reduces frequency of claims and deaths

October 22, 2008 by Canadian Underwriter

The use of antilock brakes on motorcycles reduces the frequency of crashes for which insurance claims are filed and the rate of fatal motorcycle crashes, according to research by the Insurance Institute for Highway Safety (IIHS).The Highway Loss Data Institute

News Insurance

External actuarial and auditor markets becoming increasingly monopolistic

October 22, 2008 by Canadian Underwriter

Insurers in Canada and the U.S. are increasingly turning to external actuarial firms, A.M. Best’s annual review of the auditor and actuarial markets found.The study encompasses 2007 statutory filings submitted to A.M. Best for nearly 4,000 Canadian and U.S. insurance

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (October 22, 2008)

October 22, 2008 by Canadian Underwriter

Keal Technology’s commercial management system (CMS), comXP, will be integrated with Aviva Canada’s Fastrax, a web-based commercial insurance application. The partnership will enable brokers to upload small commercial package information including client, risk and coverage details from comXP to Fastrax,

News Insurance

ING Canada’s ratings affirmed, ING Groep’s downgraded: Moody’s

October 22, 2008 by Canadian Underwriter

**CORRECTION**ING Canada’s subsidiaries were not downgraded as initially reported. Canadian Underwriter regrets and apologizes for this error. Moody’s Investors Service has affirmed ING Canada Inc.’s ratings and those of its operating subsidiaries, following the downgrade of ING Groep to Aa3