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News

Are Some Insurers “Too Big to Fail”? FSB Denies List

March 25, 2010

Are certain banks and insurers “too big to fail?” A global regulatory agency is denying reports that it has singled out major financial institutions—including six major insurers—for cross-border supervision. A Financial Times report—published November 30—alleges that the Financial Stability Board…

News

OSFI Memorandum Highlights Cap Challenge, HST

March 25, 2010

Insurance companies facing liabilities associated with the ongoing challenge to Alberta’s minor injury cap must disclose them—along with provisions—in their upcoming actuarial reports, according to OSFI’s updated memorandum on actuarial reports. The regulator’s latest bulleting to P&C insurers highlights changes…

News

Tougher New Driver Rules, Fewer Accidents: ICBC

March 25, 2010

British Columbia’s enhanced graduated licensing regulations prevented over 17,000 accidents and saved 31 lives between 2003 and 2006, new ICBC figures reveal. In the three years since stricter rules new drivers took effect in 2003, the crash rate for that…

News

Climate Change Gives Insurers “an Opportunity to Serve”: Kovacs

March 25, 2010

Climate change should be part of insurers’ corporate strategies and their larger leadership efforts, according to the head of the Institute for Catastrophic Loss Reduction. Industry members have specific skills that make them natural leaders on climate change, Paul Kovacs…

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P&C to concentrate on six areas of focus, says OSFI

March 25, 2010

Fresh off of an international podium – where the focus was on the Canadian financial market and its regulator’s performance during the sub-prime credit crisis of 2008/2009 – Canada’s top financial supervisor opened the 3rd Annual National Insurance Conference of…

News

Markel to Acquire Elliott Special Risks

March 25, 2010

Specialty insurer Markel International has agreed to acquire Elliott Special Risks in a deal worth $75 million, the two companies announced September 1. The acquisition of Canada’s leading managing general agent builds on Markel’s plans to develop its international portfolio…

News

Bulletin: The Co-operators Takes Another Step Toward Sustainability

March 25, 2010

A leading environmental group has added The Co-operators to its network of corporate and public interest leaders working toward sustainability. The Guelph, Ontario-based company has become the first insurer to join Ceres, a national network of investors and environmental groups.…

News

Recession Still Pinching Insurers: Celent Report

March 25, 2010

Global bankers may be announcing the recession’s end, but insurers are slower to agree, even though they’re more positive about the industry’s longer-term prospects. Insurer may be more optimistic than previous quarters—ranking their outlook for company performance at 3.4 out…

News

UK Launches Sharia-Compliant Insurance

March 25, 2010

The United Kingdom is launching its first-ever Islamic insurance group that will provide Sharia-compliant services. The Principle Insurance Company, trading as Salaam Halal, announced it will start with automobile coverage offered to1.6 million Muslims living in Britain. In compliance with…

News

Survey Finds Companies Short On Liability Insurance

March 25, 2010

Companies are not purchasing enough liability insurance despite acknowledging losses to such risks as workplace crime or employment-related law suits, a new survey shows. “Despite a down economy and an increase in risks, private companies may not be purchasing sufficient…

News

Canada’s P&C Underwriting Loss A First Since 2002

March 25, 2010

Canada’s property and casualty insurance sector took an underwriting loss during the first fiscal quarter of 2008. It’s the first loss for the industry since 2002, says MSA/Baron in its Outlook Report. While the report indicates that premiums grew by…

News

Outlook: Markets to harden further in 2009

March 25, 2010

Canada’s property and casualty insurance market will continue to harden in 2009 as insurers look to prop up eroding capital levels, according to industry experts. “All of the underlying drivers point to further and broader market hardening extending into casualty…