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OSFI: Canadian insurers underestimating work involved in becoming Basel 2-compliant

November 22, 2007 by Canadian Underwriter

Canadas insurance industry may be looking for their own form of Basel 2 capital framework, but they are seriously underestimating the time and effort involved to achieve compliance with its capital standards, according to the Superintendent of Financial Institutions, Julie

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Keep ERM approach simple to avoid “frenzy”

November 21, 2007 by Canadian Underwriter

When designing and implementing an enterprise risk management (ERM) program, risk managers need to avoid getting caught in a frenzy and approach the undertaking systematically, Paul Brehm, managing director of Guy Carpenter & Companys Instrat Unit, told delegates of the

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Hot economy in Western Canada poses challenges

November 21, 2007 by Canadian Underwriter

The red-hot economy in Western Canada is posing challenges of increasing claims costs and talent retention issues for insurers, Diane Brickner, president and CEO of Peace Hills Insurance Company, told delegates of the North American Insurance Conference, in Tampa, Florida.While

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A.M. Best to review Swiss Re’s ‘A+’ financial strength rating

November 21, 2007 by Canadian Underwriter

A.M. Best Co. has placed the A+ financial strength rating of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its similarly-rated subsidiaries under review with negative implications, following Swiss Res revelation that it took a loss linked to the subprime mortgage

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Neck pain most frequent injury in car crashes: ICBC

November 21, 2007 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) says neck pain is the most frequent type of injury reported in motor vehicle crashes.Citing statistics from 2002-06, John Gane, ICBCs manager of vehicle safety and research, says: “More than 70% of people

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P&I claims and premiums on the rise, Aon report says

November 20, 2007 by Canadian Underwriter

The surge in costly in protection and indemnity (P&I) pool claims in 2006 could be a sign of the times, as booming shipping operations become more expensive, according to Aons P&I Pre-renewal Report 2007. In anticipation, P&I clubs are already

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CCIF in Calgary discusses technician certification, Alberta labour shortages

November 20, 2007 by Canadian Underwriter

The Canadian Collision Industry Forum (CCIF)s initiative to create a national accreditation program is proceeding apace, according to an update of the CCIFs October 2007 meeting in Calgary.Following on the heels of insurer-driven accreditation programs, the CCIF has established a

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What’s New: In Brief (November 20, 2007)

November 20, 2007 by Canadian Underwriter

Gore Mutual Insurance Companys Gore Mutual Foundation donated in late October a total of more than Cdn$100,000 to 12 local charities.The charities included: United Way of Cambridge & North Dumfries; KidsAbility Foundation; Cambridge Shelter Corporation; Cambridge and District Humane Society;

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XL Insurance purchases Global Asset Protection Services (GAPS)

November 20, 2007 by Canadian Underwriter

XL Insurance, the global insurance operation of XL Capital Ltd (NYSE: XL), has reached an agreement with Swiss Re to purchase Global Asset Protection Services LLC (GAPS), a loss prevention consulting service provider. The transaction is expected to be completed

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Swiss Re reports CHF$1.2-billion hit arising from subprime fallout

November 19, 2007 by Canadian Underwriter

Swiss Re has reported a CHF1.2-billion, pre-tax, mark-to-market loss (about Cdn$1.058 billion) resulting from the U.S. subprime mortgage fallout.The reinsurer made its announcement following completion of its 2007 Q3 performance report.Swiss Re reported the loss came as a result of

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A.M. Best seeks comment on plans to rate Takaful insurers

November 19, 2007 by Canadian Underwriter

A.M. Best is seeking public comment on its plans to rate and assess Takaful insurance companies, which operate in compliance with Islamic Sharia principles.In its report, Draft: Takaful (Sharia Compliant) Insurance Companies, A.M. Best notes that Takaful insuranceis clearly on

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Insurers predicted to increase outsourcing of the management of investment assets

November 19, 2007 by Canadian Underwriter

Expect more insurance companies to join the global wave of outsourcing of the management of general account investment assets, up to the tune of US$1.9 trillion by 2011, according to the asset management firm State Street.According to a study cited