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OSFI defends Part XIII changes to Insurance Act

October 2, 2008 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) is reassuring the insurance industry that its scheduled changes to Part XIII of the Insurance Act are not intended to disenfranchise a class of Canadian policyholders in favour of protecting foreign

News InsuranceMergers and Aqcuisitions

Higher ROE returns needed for stability in volatile auto market

October 2, 2008 by Canadian Underwriter

Insurers should reconsider their future return on equity (ROE) targets in light of the volatility existing in the Canadian private auto insurance markets, actuarial panelists told delegates attending the National Insurance Conference of Canada in Ottawa-Gatineau, Quebec.“Return on equity: this

News Insurance

US$700-billion bailout not sufficient liquidity to resolve financial crisis, TD Bank’s chief economist says

October 2, 2008 by Canadian Underwriter

The US$700-billion bailout package the U.S. Senate passed on Oct. 1 will not solve the fiscal problems plaguing the U.S. economy, but it will help to some degree, Don Drummond, TD Bank’s chief economist, told delegates attending the National Insurance

News Insurance

OSFI defends decision not to allow debt on Canadian P&C balance sheets

October 2, 2008 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI), Canada’s federal insurance solvency regulator, makes no apologies for insisting on eliminating debt from the balance sheets of Canadian property and casualty companies, noting that its strategy to reduce leverage has

News Insurance

What’s New: In Brief (October 01, 2008)

October 1, 2008 by Canadian Underwriter

Marsh Canada Limited and XN Risk have jointly announced the launch of a program that combines comprehensive directors and officers liability (D&O) protection with an insured private health care treatment plan. The plan provides key directors and officers with priority

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (October 01, 2008)

October 1, 2008 by Canadian Underwriter

David H. Laidley, Mary Theresa McLeod and Michael M. Shaw have been appointed to the board of directors of Aviva Canada Inc., effective immediately. Laidley is a former chairman of Deloitte & Touche LLP. He has a broad background in

News Insurance

The Hartford issues statement to calm investors after ratings outlook changes

October 1, 2008 by Canadian Underwriter

The Hartford has issued a public statement to calm investors after Fitch Ratings revised its outlook on The Harford Financial Services Group’s life insurance and property and casualty operations from ‘stable’ to ‘negative.’Although Fitch revised its outlook, it maintained its

News Insurance

Disconnect between form customization and business strategy drives up carrier costs

October 1, 2008 by Canadian Underwriter

The amount of form customization rarely matches the amount called for by an insurer’s business strategy, leading to an increase in analytical challenges on pricing and underwriting, marketing difficulty and an increase in costs, a Celent report warns.In its new

News Insurance

Canadian P&C growth in direct premiums written expected to drop to less than 3% in 2008

September 30, 2008 by Canadian Underwriter

Swiss Re expects growth in direct premiums written (DPW) in Canada’s overall property and casualty industry will be less than 3% in 2008, down from 2007’s growth of 4.3%“Direct premiums written growth slowed to 1.8% [year-over-year] in [2008 Q1] from

News Climate ChangeInsurance

Bermuda insurers, (re)insurers likely to bear the brunt of recent Gulf storms

September 30, 2008 by Canadian Underwriter

Bermuda insurers and (re)insurers could be bearing the brunt nearly half of the costs associated with recent storms, including Hurricane Ike, according to preliminary estimates, A.M. Best reports. “According to the Association of Bermuda Insurers and Reinsurers, Bermuda insurers provide

News Insurance

What’s New: In Brief (September 30, 2008)

September 30, 2008 by Canadian Underwriter

AXIS Reinsurance Company, a subsidiary of AXIS Capital Holdings Limited, has been authorized to operate as a branch insurer underwriting property and casualty insurance and reinsurance business in Canada.“We are looking forward to bringing our specialized capabilities in both insurance

News Insurance

Canadian CROs earn less than American counterparts

September 30, 2008 by Canadian Underwriter

Average base salaries of American chief risk officers (CROs) outpace those of their Canadian counterparts by roughly $30,000, reports the Risk and Insurance Management Society’s Risk Management Compensation Survey.The 2008 survey presents compensation data for 11 different positions; for the