News
What’s New: In Brief (October 02, 2009)
October 2, 2009 by Canadian UnderwriterThe CIP Society has announced eight leaders to be recognized in the inaugural awarding of the National Leadership Awards. The recipients have been recognized by their peers for their contribution and affect on the property and casualty community. Established Leaders…
B.C. regulator drafts legislation in response to concerns about Part XIII amendments
October 2, 2009 by Canadian UnderwriterAmendments to Part XIII of the federal Insurance Companies Act make it easier for a bogus insurer to operate outside the Canadian regulatory regime and yet do business in Canada, said Alan Clark, superintendent of the Financial Institutions Commission of…
Canada’s market is healing, but it will not seem like that for awhile, economist tells NICC
October 2, 2009 by Canadian UnderwriterCanada’s recession is over, although it probably won’t feel like that for some time, economist Dr. Christopher Probyn told people attending the National Insurance Conference of Canada (NICC) in Ottawa.Probyn, chief economist of State Street Global Advisors in Boston, said…
Look for Facility Association numbers in Ontario to increase in 2010, former FA chair predicts
October 1, 2009 by Canadian UnderwriterGiven the ongoing deterioration of Ontario auto insurance results, Facility Association is looking at a potential situation in 2010 that might “look and feel a lot like 2003,” Rob Wesseling, an immediate past chair of FA, told the National Insurance…
Liquidity crisis still poses barrier to entry for capital in the reinsurance industry
October 1, 2009 by Canadian UnderwriterIf there was a major catastrophe loss in today’s marketplace it’s unlikely that the reinsurance industry would be able to raise new capital following the event to the same extent that it did post hurricanes KRW in 2005, delegates of…
OSFI open to discussing innovative risk-transfer solutions related to property losess
October 1, 2009 by Canadian UnderwriterCanada’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…
Mutual insurers urged to help establish a plan to reduce insurers’, property owners’ carbon footprints
October 1, 2009 by Canadian UnderwriterFor 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…
Too many disincentives in Ontario’s AB system to help people get better: SIU fraud investigator
September 30, 2009 by Canadian UnderwriterTreatment 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…
Automakers, independent repair providers reach an agreement on “right to repair” issue
September 30, 2009 by Canadian UnderwriterCanadian 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…
Facebook evidence must be specific, relevant to undermine injury claim: B.C. court
September 30, 2009 by Canadian UnderwriterThe 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…
What’s New: In Brief (September 30, 2009)
September 30, 2009 by Canadian UnderwriterPPG 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…
S&P’s downgrades Kingsway to a ‘CCC+’
September 29, 2009 by Canadian UnderwriterStandard & 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,…