Topic
Insurance
U.S. property/casualty industry profits take 5.8% hit in 2007
April 9, 2008 by Canadian UnderwriterThe U.S. property and casualty insurance industry’s profits took a 5.8% hit in 2007, slipping to US$61.9 billion last year from US$65.8 billion in 2006. By contrast, the Canadian property and casualty industry saw its net income fall 3.6% in…
Individuals must carefully re-examine auto coverage limits
April 9, 2008 by Canadian UnderwriterIn the wake of the introduction of Bill 18 in Ontario, and given an ever-increasing size of damage awards (often running in the multi-millions of dollars), everyone needs to re-think what qualifies as adequate limits.Maurice Audet of Aon Reed Stenhouse…
What’s New: In Brief (April 09, 2008)
April 9, 2008 by Canadian UnderwriterAviva Canada Inc. has reached an agreement to acquire National Home Warranty Group of Companies (National Home). The deal is expected to close within the next 90 days, an Aviva release says.National Home provides new home warranty coverage to new…
What’s New: In Brief (April 09, 2008)
April 9, 2008 by Canadian UnderwriterManitoba’s CIP Society wants to help make dreams a reality, by organizing a gala to help raise money to build new homes for families in need.Saturday, Oct. 18, 2008 will mark the first CIP Society of Manitoba Dreambuild Gala, in…
What’s New: In Brief (April 08, 2008)
April 8, 2008 by Canadian UnderwriterAviva Canada, has re-branded its subsidiaries Pilot Insurance Company and Scottish & York Insurance Co. Ltd. Moving forward the companies will be known as Aviva Pilot and Aviva Scottish & York.Aviva, which has been insuring Canadians since 1906, was created…
AIG reshuffles its organizational structure
April 8, 2008 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has renamed its Domestic General Insurance operations the AIG Property Casualty Group, and has shuffled a number of executive positions.“These organizational changes will contribute substantially to an improved operating environment, provide greater results in our…
What’s New: In Brief (April 08, 2008)
April 8, 2008 by Canadian UnderwriterPaul Taylor, the CEO of the Insurance Corporation of British Columbia (ICBC), is moving to a new position in the private sector.Details of his new position were not included in an ICBC release.“Mr. Taylor’s move to the private sector was…
Direct offshore foreign insurers must be authorized by Australia’s regulator prior to June 2008
April 8, 2008 by Canadian UnderwriterThe Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are jointly reminding direct offshore foreign insurers (DOFIs) and local insurance brokers about new authorization requirements for foreign insurers that come into effect on July 1,…
National complaint data reporting system among FSCO’s 2008 priorities
April 7, 2008 by Canadian UnderwriterFSCO’s 2008 draft Statement of Priorities includes the creation of a national complaint data reporting system.The national system would be an expanded version of the complaint data reporting system currently used by FSCO and the Authorite des marches financiers (AMF),…
Ontario court weighs in on vehicle theft
April 7, 2008 by Canadian UnderwriterOntario’s Superior Court recently waived a claim against Pilot Insurance Company in a case that tackled the thorny question of how to prove a vehicle had been “stolen.”In Comer v. Mochulla (Mochulla Auto Service), Baysville, Ontario resident Cary Comer in…
OSFI to focus on quick identification of emerging risks in next three years
April 7, 2008 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) says enhanced identification of emerging risks is Priority 1 for the next three years.The regulator intends to improve its ability to identify emerging risks through more inter-sector communication, more focus on…
Commercial lines market softening at an accelerating pace
April 7, 2008 by Canadian UnderwriterCommercial lines insurance premiums in 2008 Q1 experienced the largest quarterly drop since 2005, according to the Risk and Insurance Management Society (RIMS) Benchmark Survey.Undeterred by mounting claims from the meltdown of the subprime mortgage market, the average directors and…