News
Damages from New Zealand aftershock to eclipse losses from Sept. 2010 quake
February 22, 2011 by Canadian UnderwriterAn earthquake that struck the New Zealand’s city of Christchurch on Feb. 21, 2011 was smaller in magnitude than the quake that struck the area in September 2010, but damages from the recent quake will eclipse those of the 2010…
BC and federal regulator stick with fixed date for de-recognition under IFRS
February 22, 2011 by Canadian UnderwriterBritish Columbia’s regulator is echoing the Office of the Supervisor of Financial Institutions (OSFI)’s decision to stick with the fixed date of Jan. 1, 2004 to apply de-recognition of financial assets and liabilities requirements under IFRS 1.The standard IAS 39,…
Insurance company CEOs optimistic about growth over the next three years: PwC survey
February 22, 2011 by Canadian UnderwriterInsurance company CEOs around the world are more bullish about their companies’ growth potential over the next three years than their counterparts in other industries, according to the PwC 14th Annual Global CEO survey. The survey was conducted with 1,201…
Swiss Re reports a 74% increase in profit in 2010
February 18, 2011 by Canadian UnderwriterSwiss Re reported a 74% increase in its 2010 profits, showing a full-year net income of $863 million in 2010, compared to a $496 million net income in 2009.The reinsurer’s return on equity was 3.6% in 2010, up from 2.3%…
2010 SCOR Report shows gains in premiums written, investments and profits
February 18, 2011 by Canadian UnderwriterThe 2010 SCOR Report has updated the results of five companies, showing a collective, three-year increase for the companies in direct premiums written, investment income and net income.The companies included in the report are Arch Insurance Company, Canadian Direct Insurance,…
Saskatchewan AutoPay stickers may say ‘Continuous,’ but drivers must still declare eligibility for registration each year: SGI
February 18, 2011 by Canadian UnderwriterSaskatchewan auto insurance customers using SGI’s AutoPay program with ‘Continuous’ stickers must still remember to declare their eligibility for Saskatchewan registration each year.Failure to complete the declaration puts insurance coverage at risk of cancellation.“A year has gone by since we…
Fairfax reports drop in 2010 profits
February 18, 2011 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a drop in its 2010 net earnings to $469 million from 2009’s profit of $856.8 million.The company said lower net gains on investments and weaker underwriting results were responsible for the…
Federal government releases regulations repealing ceding limits
February 18, 2011 by Canadian UnderwriterThe government of Canada has officially introduced new regulations repealing the 75% and 25% reinsurance ceding limits.The new rules come into effect on June 30, 2011. As of that date, property and casualty companies will no longer be prohibited from…
AMF officially appoints Mario Albert CEO and president
February 18, 2011 by Canadian UnderwriterMario Albert is officially president and CEO of the Autorité des marchés financiers.In January, he took on the role on an interim basis following the departure of Jean St-Gelais.Albert joined AMF in 2008 as superintendent of distribution. Two years later,…
Chubb Insurance Company of Canada selects Women in Insurance Cancer Crusade (WICC) for national sponsorship
February 18, 2011 by Canadian UnderwriterChubb Insurance Company of Canada has selected the Women in Insurance Cancer Crusade (WICC) as its chosen charity for national sponsorship.Chubb’s support for WICC endorses WICC’s work in raising funds and awareness for the Canadian Cancer Society.Chubb is WICC’s newest…
Geneva Association insists on increased supervision of non-core activities
February 17, 2011 by Canadian UnderwriterGovernments and regulatory bodies should focus on insurers undertaking non-core activities that have the potential to pose systemic risk rather than over-regulating all insurers, says the Geneva Association, an international insurance think tank. In an open letter to the finance…
The Co-operators reports decrease in net income in 2010 Q4, 2010 annual profit up 8%
February 17, 2011 by Canadian UnderwriterCo-operators General Insurance Company reported a net income of $53.9 million in 2010 Q4, marking a decrease from $82.6 million in 2009 Q4.On an annual basis, the insurer reported an increase in profit to $80.7 million in 2010 from $74…