Topic
Insurance
What’s New: In Brief (October 02, 2007)
October 2, 2007 by Canadian Underwriter***CORRECTION*** The following item corrects information that appeared in a version of this previously published story. We apologize for the error. Standard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings…
OSFI releases advisory on insuring in Canada a risk
October 2, 2007 by Canadian UnderwriterA foreign entity is not allowed to insure in Canada a risk as per the Insurance Companies Act (ICA), unless the Superintendent authorizes it to do so and the risk is within a class specified by the order, an advisory…
Ontario insurers should raise auto insurance rates in October, actuaries tell NICC panel
October 2, 2007 by Canadian UnderwriterOntario insurers need to raise their auto rates in order to make up for escalating loss ratios, and this could [and should] happen shortly after Ontarios election is over on Oct. 10, according to an actuary presenting on a panel…
Insurers lowballing PMLs for Vancouver eartbhquake scenario
October 2, 2007 by Canadian UnderwriterIndividual insurer’s probable maximum loss (PML) estimates for insured earthquake damages in Canada are about four times lower than those calculated by an Insurance Bureau of Canada (IBC) working group, a panelist told the National Insurance Conference of Canada in…
What’s New: In Brief (October 01, 2007)
October 1, 2007 by Canadian UnderwriterOptimum General Inc. has become a Full Partner of the Broker Identity Program (BIP) for 2007, the Insurance Brokers Association of Canada (IBAC) announced.By investing in the program, Optimum supports the message being delivered every day to consumers, legislators, government…
What’s New: In Brief (October 01, 2007)
October 1, 2007 by Canadian UnderwriterStandard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings from an A- to a BBB+. According to Standard and Poors rating report, the ratings are reflective of the companys strong…
Insurers should use more realistic capital stress tests: OSFI
October 1, 2007 by Canadian UnderwriterInsurers will have to do much more realistic, believable capital stress testing in the wake of the damage done to Canadas asset-based commercial paper market, Canadas federal insurance regulator says. Canadas Superintendent of Financial Institutions, Julie Dickson, talked about the…
Solvency II coming to Canada, increasing need for self-assessment
October 1, 2007 by Canadian UnderwriterA capital adequacy model similar to Solvency II will be implemented in Quebec and Canada by 2011-2012, delegates of the National Insurance Conference of Canada in Montreal were told during the regulatory panel discussion.Jean St-Gelais, president and CEO of Quebecs…
Climate change poses threat of liability claims
September 28, 2007 by Canadian UnderwriterScientific evidence of the causes of global warming may reach a point of sophistication that supports allegations of liability for individuals, entities, industries and nations responsible for emissions of Green House Gases (GHG), Aon warns.In its report, Will Insurers be…
McLarens Canada acquires Vanler Insurance Adjusters Ltd.
September 28, 2007 by Canadian UnderwriterMcLarens Canada announced the acquisition of Vanler Insurance Adjusters Ltd. on Sept. 27. Founded in 1993 in Toronto by Dennis Schembri, president, Vanler Insurance Adjusters Ltd. will become an integral part of the McLarens management team, according to a release.…
Ontario court reiterates requirement to deliver all endorsements to insureds
September 28, 2007 by Canadian UnderwriterThe Ontario Court of Appeal has sent a warning shot across the bow to insurers: notifying an insured that an OPCF 28A Excluded Driver Endorsement has been issued is not sufficient; a copy of the actual endorsement must be sent…
Canadian cottage owners unprepared for severe weather
September 28, 2007 by Canadian UnderwriterResearch commissioned by Royal & SunAlliance (R&SA) found that one-third of 1,500 Canadian cottagers surveyed are unequipped for harsh weather conditions and only one-quarter of respondents keep their doors locked at all times when vacationing at their cottage.Specific to severe…