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Negative outlook for global reinsurance sector: Fitch

September 3, 2009 by Canadian Underwriter

The outlook on the global reinsurance sector remains negative, due to potential inability of reinsurers in the current economic environment to replenish capital if they suffered large catastrophe losses, according to Fitch Ratings. Historically, this heightened vulnerability for the reinsurance…

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Manitoba’s Driver Safety Rating comes into effect in early 2010

September 2, 2009 by Canadian Underwriter

Manitoba Public Insurance (MPI)’s Driver Safety Rating (DSR) system will begin on Mar. 1, 2010. The objective of DSR is to reward safe driving based on a system of premium decreases or increases tied to safe and risky driving behaviours,…

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Canadian P&C market “stable,” but earnings pressure will continue: A.M. Best

September 2, 2009 by Canadian Underwriter

Although global financial markets have improved substantially since March 2009, earnings and capitalizations in the Canadian property and casualty insurance market are expected to remain under some pressure, according to a special report by A.M. Best.The full report, Canadian Insurers…

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What’s New: In Brief (September 01, 2009)

September 1, 2009 by Canadian Underwriter

SCM Risk Management Services and Compu-Quote have partnered to develop a data validation service, providing an accreditation process for information submitted by consumers to insurance brokers during the quoting process.Compu-Quote will receive information from SCM Risk Management Services to validate…

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Canadian P&C insurers continue to suffer from recessionary conditions: Swiss Re

September 1, 2009 by Canadian Underwriter

Canadian property and casualty insurers continued to suffer from recessionary conditions in 2009 Q1, with underwriting profitability continuing to deteriorate, Swiss Re observed in its July 2009 edition of Canadian Property & Casualty Quarterly.Overall, the Canadian property and casualty industry…

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Insurer must show due diligence before voiding policy based on unreported “material change in risk”

August 31, 2009 by Canadian Underwriter

An insurance company cannot void an auto insurance policy because it is not informed of a “material change in the risk,” unless the company takes steps to ascertain this material change itself — including obtaining the driving record of a…

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What’s New: In Brief (August 31, 2009)

August 31, 2009 by Canadian Underwriter

Markel International has reached an agreement to acquire Elliott Special Risks (ESR). Markel International is a specialty property and casualty insurer based in London, England. ESR is based in Canada, and provides insurance underwriting and administrative services on behalf of…

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Capital returning to reinsurance market: Guy Carpenter

August 28, 2009 by Canadian Underwriter

Gains in underwriting and a return of calm to the global financial markets have helped some reinsurers regain half or more of the capital they lost as a result of the 2008 financial crisis and windstorms, according to Guy Carpenter.According…

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Insurance Institute for Highway Safety tests roof strength of minicars

August 28, 2009 by Canadian Underwriter

The Smart Fortwo has the strongest roof and the Chevrolet Aveo the weakest among the 2009 micro and minicars recently tested by the Insurance Institute for Highway Safety (IIHS).The Smart earns the highest rating of good compared with acceptable for…

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Friends and colleagues of Ciaran Shannon to hold tribute, fundraiser

August 27, 2009 by Canadian Underwriter

Friends and colleagues of the late Ciaran Shannon will hold a tribute evening on Oct. 23, 2009 to raise funds for the education of his children.Shannon came to Canada in 2001 and joined Marsh Canada as a general insurance broker.…

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OSFI releases draft guideline for stress testing

August 27, 2009 by Canadian Underwriter

In its draft guideline for stress testing, the Office of the Superintendent of Financial Institutions suggests that insurers need to identify situations when the interrelationship of risk factors breaks down.For a property and casualty insurer, changing economic conditions will not…

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General average rate increase of 4.2% for Saskatchewan Auto Fund

August 26, 2009 by Canadian Underwriter

SGI’s rate request for the Saskatchewan Auto Fund, which includes rate rebalancing, is to be effective Nov. 1, 2009, according to the Saskatchewan Rate Review Panel’s Report to the Minister of the Crown Investment Corporation of Saskatchewan. SGI had applied…