Despite the fast-approaching Jan. 1, 2011 deadline for the implementation of international financial reporting standards (IFRS), more than 12% of public companies and 20% of the private companies surveyed by PricewaterhouseCoopers have not yet taken the first step in the…
Hurricane Katrina was the big poster storm for the global warming debate, but the link between the hurricane and global warming may be weaker than commonly thought, said Peter Bowyer, program manager at the Canadian Hurricane Centre. There is no…
Aviva Canada Inc. has formed a partnership to distribute Hagerty Insurance, a specialist in the collector car market, across Canada.Under the partnership, Aviva Canada will underwrite Hagerty Insurance in Canada and assist in distribution through its broker network, with Hagerty…
Ontario’s broker regulator, the Registered Insurance Brokers of Ontario (RIBO), is cautioning brokers about a practice commonly referred to as “market blocking.”“In short, this involves the practice where a broker, in advance of an upcoming commercial renewal, sends out a…
The global insurance-linked securities (ILS) market has taken a hit because of the recent market disruptions, but it is beginning to re-emerge and adapt, according to a report by Standard & Poor’s Ratings Services.Insurance-linked securities are instruments used to transfer…
“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…
James 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 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…
The 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), 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…
The 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…
The 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…