News
Auto insurance cap reform not a priority for new Nova Scotia government
June 10, 2009 by Canadian UnderwriterNova Scotia’s new government has indicated it does not consider amendments to the province’s auto insurance system to be a key priority, although it will conduct a review of the system in the future, says Bill Adams, Insurance Bureau of…
What’s New: In Brief (June 09, 2009)
June 9, 2009 by Canadian UnderwriterPaul Johnstone has been appointed manager of Chubb Personal Insurance, Canadian zone, Chubb Insurance Company of Canada. He assumed the role effective May 11, 2009.Johnstone brings 15 years of industry experience to his post, having served in underwriting, marketing and…
Minster to respond to FSCO recommendations by end of June
June 9, 2009 by Canadian UnderwriterOntario minister of finance Dwight Duncan stated in a June 4 Ontario Legislature session that he anticipates responding to the recommendations set out in the Ontario insurance regulator’s five-year auto review by the third or fourth week of June. “We…
What’s New: In Brief (June 09, 2009)
June 9, 2009 by Canadian UnderwriterSome U.S. property and casualty insurers could be under-reserving, despite the potential onset of a hard market, according to a panel of actuaries and analysts at a Standard & Poor (S&P)’s Ratings Services insurance conference on June 1-2 in New…
Primary and excess D&O coverage terms may differ in event of bankruptcy or restructuring
June 9, 2009 by Canadian UnderwriterAs companies in the financial sector opt for excess D&O coverage, this could lead to increased wrangling between insurers as to who will have to indemnify in the event of a claim, reports Standard & Poor’s. At its conference ‘Navigating…
Brokers debate whether or not a Web site constitutes a branch
June 8, 2009 by Canadian Underwriter***CORRECTION*** This item has been amended to reflect the fact that IBAO’s efforts were undertaken in conjunction with similar lobby efforts by the Insurance Brokers Association of Canada (IBAC). IBAC raised the Web issue with OSFI and not the IBAO,…
Auto insurance reform should be sequential, brokers told
June 8, 2009 by Canadian UnderwriterOntario’s auto insurance product needs to be fixed sequentially, not in one big swoop of a reform, said Jean Francois Blais, president and CEO of AXA Canada.Blais spoke to delegates of Ontario’s Young Broker Council’s conference in Niagara Falls on…
AIG sells majority of its stock in Transatlantic Holdings for US$1.136 billion
June 8, 2009 by Canadian UnderwriterAmerican International Group (AIG) Inc. is selling a total of 29.9 million shares of its common stock of Transatlantic Holdings Inc. (NYSE: TRH), including a secondary offering of 3.9 million shares, the company announced on June 8.AIG and its subsidiaries…
Recession will affect buying behaviour
June 8, 2009 by Canadian UnderwriterThe financial crisis and the resultant economic recession will have a strong — perhaps major — impact on customers’ buying behaviour, according to 45% of the insurance and reinsurance CEOs surveyed by the Geneva Association.The annual survey of 40 industry…
Uncertainty in auto product does not warrant a “wait and see” approach on rates: OSFI
June 5, 2009 by Canadian UnderwriterUncertainty in the auto insurance business does not mean insurers should take a “wait and see” attitude when it comes to increasing rates to offset increased claims costs, the Office of the Superintendent of Financial Institutions (OSFI) has cautioned.“Don’t wager…
Less active hurricane season: Colorado State University
June 5, 2009 by Canadian UnderwriterThe 2009 Atlantic hurricane season will be slightly less active than average, according to Colorado State University (CSU) forecasters. CSU is predicting roughly five hurricanes for the 2009 storm season, of which 2 will be major (Category 3-5).In addition, it…
Insurers still finding innovative means of building capital
June 5, 2009 by Canadian UnderwriterThe insurance industry is finding non-traditional means of building capital despite the current economic situation, according to a Swiss Re and Insurance Information Institute (III) Webinar.The financial crisis is the second largest capital event for the insurance industry, behind Hurricane…