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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…