Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is “open for business” when it comes to discussing new risk transfer solutions to weather-related losses, OSFI superintendent Julie Dickson told P&C insurance industry representatives at the National…
For insurers, climate change represents a remarkable opportunity to serve property owners concerned about the growing frequency and severity of extreme weather events, according to Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction. Speaking at the International…
Treatment providers and ancillary businesses have a vested interest in a person’s auto-related injuries, leading to disincentives in the system to get people better, according to Bob Reinhart, SIU investigator at RBC Insurance. Speaking to people attending the Annual Toronto…
Canadian vehicle manufacturers have reached a voluntary agreement to equip independent service and repair providers with access to important information and tools for the repair of vehicles.As reported online by CBC, the new agreement, known as the Canadian Automotive Service…
The Supreme Court of British Columbia recently derailed an effort by defence counsel to introduce 273 Facebook pictures that purportedly showed a car accident victim was exaggerating her injuries. In doing so, Mayenburg v. Lu sends a message that insurance…
PPG Refinish has launched ‘MVP Business Solutions’ Web site. The site is tailored to PPG’s collision centre customers and contains information on MVP training, tools and service.“Customers can find out about our MVP offerings and quickly get up-to-the-minute information about…
Standard & Poor’s (S&P’s) has lowered its unsolicited long-term counterparty credit and senior unsecured debt ratings on Kingsway Financial Services Inc. to ‘CCC+’ from ‘B-’.The negative outlook “reflects our assessment of the company’s weak profitability, weak liquidity, weak capital adequacy,…
The Insurance Brokers Association of B.C. (IBABC) is pleased that amendments to Bill 6, the Insurance Amendment Act, propose to eliminate an existing distinction between fire and multi-peril policies.Now in first reading, Bill 6 was introduced into the B.C. legislature…
U.S. property and casualty insurers plan to increase IT spending by 1.6% from 2008 to 2009, according to the fourth annual joint Information Technology (IT) spending survey conducted by Gartner, an IT research and advisory company, and the Property Casualty…
Insurer capital bases have grown by 8% through the first half of 2009 after decreasing by 29% in 2008, according to Aon Benfield. Over the same period, reinsurer capital bases increased by 9% after decreasing by 15% in 2008, Aon…
There may be evidence that the Atlantic hurricane season is getting longer and hurricanes may in fact be getting stronger, according to research summarized in Partner Re’s Hazard & Risk Science Review 2009. The Review is a digest for the…
Eleven insurance companies in the Quebec City and Lévis region are continuing to grow, create new jobs and gain market share, according to the Insurance and Financial Services Development Centre.The 11 insurance companies from the Québec Chaudière-Appalaches region represent both…