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OSFI open to discussing innovative risk-transfer solutions related to property losess

October 1, 2009 by Canadian Underwriter

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…

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Mutual insurers urged to help establish a plan to reduce insurers’, property owners’ carbon footprints

October 1, 2009 by Canadian Underwriter

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…

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Too many disincentives in Ontario’s AB system to help people get better: SIU fraud investigator

September 30, 2009 by Canadian Underwriter

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…

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Automakers, independent repair providers reach an agreement on “right to repair” issue

September 30, 2009 by Canadian Underwriter

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…

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Facebook evidence must be specific, relevant to undermine injury claim: B.C. court

September 30, 2009 by Canadian Underwriter

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…

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What’s New: In Brief (September 30, 2009)

September 30, 2009 by Canadian Underwriter

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…

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S&P’s downgrades Kingsway to a ‘CCC+’

September 29, 2009 by Canadian Underwriter

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,…

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B.C. brokers hail Bill 6 proposal to eliminate difference between fire and multi-peril policies

September 29, 2009 by Canadian Underwriter

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…

News Insurance

U.S. P&C insurers plan to increase IT spending in 2008-09, but by 6.2% less than they did in 2007-08

September 29, 2009 by Canadian Underwriter

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…

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Insurance industry’s capital base is growing again: Aon Benfield

September 29, 2009 by Canadian Underwriter

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…

News Climate ChangeInsurance

Atlantic hurricane season getting longer, storms getting stronger

September 28, 2009 by Canadian Underwriter

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…

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Quebec City area P&C insurers among the “most dynamic” in the region

September 28, 2009 by Canadian Underwriter

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…