News
Private equity/hedge fund activity in reinsurance market not likely to reach pre-crisis levels
January 28, 2010 by Canadian UnderwriterThe participation of alternative sources of capital in the reinsurance market has rebounded since the economic crisis, but not to pre-crisis levels, reports Standard & Poor’s.In its report, Global Reinsurers Enter 2010 on Stronger Financial Footing but Face Weaker Pricing,…
Credit ratings no longer the main tool for corporate insurance buyers to test insurers’ financial strength: survey
January 28, 2010 by Canadian UnderwriterInsurer security remains a top priority for corporate buyers a year and a half after the peak of the financial crisis, Lloyd’s of London reports. The crisis has left a lasting impression on buying behaviour, despite the fact that insurance…
Ontario Teachers’ Insurance Plan working with police to recover stolen laptops
January 28, 2010 by Canadian UnderwriterThe Ontario Teachers’ Insurance Plan (OTIP) is working with Waterloo Regional Police to recover three stolen laptop computers, one of which may have contained personal information of OTIP’s insured teacher members.The burglary happened on Dec. 3, 2009. Waterloo Regional Police…
Elevated political risk levels likely to continue as a result of the economy: Aon
January 27, 2010 by Canadian UnderwriterPolitical and financial instability remain a feature of the business landscape as a result of the recession, Aon Risk Services reports. The company believes elevated political risk levels will continue before an overall tendency for improving global business conditions becomes…
What’s New: In Brief (January 27, 2010)
January 27, 2010 by Canadian UnderwriterThe Ontario chapter of the Women in Insurance Cancer Crusade (WICC) has launched the 2010 edition of its WICC C4C [Change for Change] Ontario Insurance Industry Challenge.For 12 months, participants will be challenged to raise as much money as possible…
CCIR seeks input for new strategic plan
January 27, 2010 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is seeking stakeholder feedback as it develops a new strategic plan that takes into account the changing regulatory environment resulting from the financial crisis.At the same time, CCIR has decided to review its…
MPI to launch new rating program
January 27, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI) is launching a new rating program intended to increase merits that drivers can earn for driving safely, thereby decreasing drivers’ premiums by a projected total of almost $1 million.The Driver Safety Rating (DSR) will come into…
Cell phone ban while driving exposes employers to vicarious liability
January 26, 2010 by Canadian UnderwriterEmployers might be held vicariously liable if they permit employees to use hand-held devices while driving, warns Zurich North America.This could include operating a company-owned cell phone or mobile device while driving.As the banning of such devices grows more common…
What’s New: In Brief (January 26, 2010)
January 26, 2010 by Canadian UnderwriterTed Bellinger, vice president of business development at ENCON Group Inc., is cycling from Vancouver to Halifax to raise funds for the Sears National Kids Cancer Ride.Bellinger’s personal goal is to raise a minimum of $25,000 for the charity by…
OSFI amends P&C-1 and P&C-2 reporting forms to reflect Part XIII changes
January 26, 2010 by Canadian UnderwriterChanges to the federal solvency regulator’s financial reporting forms now reflect amendments to Part XIII of the Insurance Companies Act, and have been posted on the Web site of the Office of the Superintendent of Financial Institutions (OSFI).The amended forms…
What’s New: In Brief (January 26, 2010)
January 26, 2010 by Canadian UnderwriterEight winning entries have been selected for the first Aviva Community Fund for change in their community. The four winners of the big ideas ($50,000 to $250,00) are: 1) Building a lodge for Camp Triumph in Malpeque, P.E.I. A lodge…
AIA to assume responsibility for I-CAR training in Canada as of May 2010
January 25, 2010 by Canadian UnderwriterThe Automotive Industries Associations (AIA) will officially assume responsibility for I-CAR training in Canada as of May 1, 2010, AIA president Marc Brazeau told delegates at the Canadian Collision Industry Forum (CCIF) on Jan. 23 in Toronto.The Inter-Industry Conference on…