Topic
Insurance
Recession will affect buying behaviour
June 8, 2009 by Canadian UnderwriterThe financial crisis and the resultant economic recession will have a strong — perhaps major — impact on customers’ buying behaviour, according to 45% of the insurance and reinsurance CEOs surveyed by the Geneva Association.The annual survey of 40 industry…
Uncertainty in auto product does not warrant a “wait and see” approach on rates: OSFI
June 5, 2009 by Canadian UnderwriterUncertainty in the auto insurance business does not mean insurers should take a “wait and see” attitude when it comes to increasing rates to offset increased claims costs, the Office of the Superintendent of Financial Institutions (OSFI) has cautioned.“Don’t wager…
Less active hurricane season: Colorado State University
June 5, 2009 by Canadian UnderwriterThe 2009 Atlantic hurricane season will be slightly less active than average, according to Colorado State University (CSU) forecasters. CSU is predicting roughly five hurricanes for the 2009 storm season, of which 2 will be major (Category 3-5).In addition, it…
Insurers still finding innovative means of building capital
June 5, 2009 by Canadian UnderwriterThe insurance industry is finding non-traditional means of building capital despite the current economic situation, according to a Swiss Re and Insurance Information Institute (III) Webinar.The financial crisis is the second largest capital event for the insurance industry, behind Hurricane…
What’s New: In Brief (June 05, 2009)
June 5, 2009 by Canadian UnderwriterKingsway Financial Services has withdrawn its Standard and Poors and DBRS Ratings.Kingsway announced on June 4 that its board unanimously authorized management to withdraw ratings provided by Standard and Poors and by DBRS in connection with its outstanding debt and…
Free online job postings for insurance industry at i-hire.ca
June 4, 2009 by Canadian UnderwriterAll employers and recruiters in Canada’s insurance industry are now being offered free online job postings at i-hire.ca.Employers and recruiters can post as many positions as required on the site, which is owned and operated by Canadian Underwriter. Posting durations…
Trial lawyers have ear of Ontario’s finance minister on auto reform, IBC says
June 4, 2009 by Canadian UnderwriterOntario’s personal injury lawyers appear to have the Ontario Finance Minister’s ear when it comes to increasing access to tort for auto insurance injury claimants, the Insurance Bureau of Canada (IBC) has cautioned the insurance industry.Ontario’s insurance regulator, the Financial…
Brokerages should be “separate and distinct” from other business: RIBO
June 4, 2009 by Canadian UnderwriterIn order to ensure confidentiality of client information, a brokerage office must be separate and distinct from other business, according to the Registered Insurance Brokers of Ontario (RIBO). Also, the premises of the brokerage must be clearly identified to avoid…
Canada’s P&C industry profits continue to slide in 2009 Q1: OSFI figures
June 4, 2009 by Canadian UnderwriterOSFI-regulated insurers in 2009 Q1 continued to see their profits spiral downward.Canadian and foreign property and casualty insurers saw their 2009 Q1 profits sink to a total of Cdn$399.6 million, down from Cdn$628.3 million over the same period last year.In…
OSFI increases involvement with insurers to quarterly meetings
June 3, 2009 by Canadian UnderwriterOSFI is moving to meet with insurers on a more frequent, quarterly basis to appraise financial trends and issues related to insurer solvency.Chubb Canada president and CEO Ellen Moore made the observation at Chubb Canada’s first annual Executive Women’s Forum,…
Insurers warned to not rely on, nor abandon risk models
June 3, 2009 by Canadian UnderwriterIn light of the financial meltdown in 2008 of companies that relied heavily on risk modelling, companies should be cautious about using risk models, but they should not abandon their use altogether, Guy Carpenter & Company LLC’s global chief economist…
What’s New: In Brief (June 03, 2009)
June 3, 2009 by Canadian UnderwriterHot and dry weather has hit B.C. and interface fires have already affected some structures. Insurance Bureau of Canada is reminding homeowners to double-check policies to ensure coverage, instead of waiting until a forest fire threatens their communities. “Every time…