News
FSCO follows up on credit scoring bulletin; review isn’t over yet
June 24, 2009 by Canadian Underwriter“Almost all” insurers in Ontario have indicated to the province’s insurance regulator, the Financial Services Commission of Ontario (FSCO), that they understand FSCO’s concerns about credit scoring, expressed in a February 2009 bulletin, and that if they don’t already conform…
What’s New: In Brief (June 24, 2009)
June 24, 2009 by Canadian UnderwriterJames Giffen has been promoted to director of the Global Technical Services (GTS) division with Crawford & Company (Canada) Inc. Giffen has nearly 25 years of experience and currently manages Crawford’s Toronto GTS branch. He is an executive general adjuster…
Insurers see offshore wind as an attractive investment area: Willis
June 24, 2009 by Canadian UnderwriterInsurers are increasingly seeing offshore wind as an attractive investment area with considerable growth potential, Willis Group Holdings (NYSE:WSH) says.“Offshore wind is a significant opportunity for the insurance industry, with the market expected to grow nearly 30-fold between now and…
Average cost of risk dropped in 2008, despite economy and catastrophes
June 24, 2009 by Canadian UnderwriterThe average total cost of commercial risk (TCOR) per US$1,000 dropped 9.4% in 2008, according to the 2009 RIMS Benchmark Survey.Advisen Ltd. compiled and analyzed data on more than 1,300 companies in the United States and Canada. Data was collected…
Health Claims for Auto Insurance (HCAI) system to be re-introduced using a staged approach
June 23, 2009 by Canadian UnderwriterHealth Claims for Auto Insurance (HCAI), an electronic system for processing auto insurance claims, is once again entering a pilot phase, starting on Sept.1, 2009.HCAI was shut down in April 2008 at the request of the Insurance Bureau of Canada…
B.C. brokers call for legislative ban on credit scoring
June 23, 2009 by Canadian UnderwriterThe Insurance Brokers Association of B.C. (IBABC) has asked the B.C. government for legislative changes that would prohibit insurers’ ability to collect information for the purpose of credit scoring.“Our position is that we don’t want credit scoring to be an…
‘Greenwashing’ proving to be new liability frontier
June 23, 2009 by Canadian UnderwriterThe number of so-called ‘green’ or environmentally friendly products is on the rise, and there has been a corresponding up-tick in the number of ‘greenwashing’ liability suits against companies accused of exaggerating the environmental benefits of their products, says Levick…
A.M. Best takes rating actions on 51 Canadian insurers
June 23, 2009 by Canadian UnderwriterThe financial strength ratings (FSR) and issuer credit ratings (ICR) of 33 Canadian property/casualty companies have been affirmed by A.M. Best Co. Additionally, one company had its FSR and ICR confirmed, four had their ICRs upgraded, four had their FSRs…
EU moves ahead with changes to financial regulation; establishes new risk board
June 22, 2009 by Canadian UnderwriterThe European Union is moving ahead with the creation of a European Systemic Risk Board, which will monitor and assess potential threats to financial stability, the European Council has decided.In addition, “where necessary,” the risk board in a financial crisis…
What’s New: In Brief (June 22, 2009)
June 22, 2009 by Canadian UnderwriterA.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” and the unsecured debt ratings of Fairfax Financial Holdings Limited of Toronto (TSE, NYSE: FFH). “The ratings of Fairfax recognize the quality of its ongoing operations, which are…
When calculating income for death benefits, start with same accounting method as deceased: Saskatchewan Court
June 22, 2009 by Canadian UnderwriterWhen determining death benefits under the province’s Automobile Accident Insurance Act, Saskatchewan’s government auto insurer, SGI, should use the same accounting method for calculating income as the deceased, the Court of Appeal for Saskatchewan has ruled.The decision considered whether the…
Piracy risk should be covered under war policies, not hull policies
June 22, 2009 by Canadian UnderwriterPiracy risk should be removed from general hull and machinery policies and placed with war insurance policies, a report from Allianz says.In the report, Piracy: An ancient risk with modern faces, Dr. Sven Gerhard, global head of hull insurance at…