News
Jury still out on FSCO’s auto insurance recommendations: IBC
April 6, 2009 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) says the Financial Services Commission of Ontario (FSCO) clearly recognizes the scope of the problem with Ontario auto insurance, which is encouraging, but there are still questions as to whether or not FSCO’s recommendations…
FSCO recommendations positive for accident victims: trial lawyers
April 6, 2009 by Canadian UnderwriterThe recommendations from the Financial Services Commission of Ontario (FSCO) regarding the five-year review of automobile insurance is good news for accident victims facing massive deductibles imposed by auto insurers, according to the Ontario Trial Lawyers Association (OTLA) and the…
Insurers adapting to climate change risks, but could do more: Ceres report
April 6, 2009 by Canadian UnderwriterDespite outlining 643 insurance-related activities addressing climate change in the United States and abroad, the U.S. national investor coalition Ceres says the response of insurance companies to climate change still doesn’t match the urgency of the risks associated with the…
Canadians subject to change in reporting rules by IRS
April 6, 2009 by Canadian UnderwriterAs of June 30, 2009, Canadian companies, their employees and Canadians who do business in the United States may be required to report detailed information to the U.S. Internal Revenue Services about their Canadian bank and financial accounts if the…
FSCO makes 39 recommendations to improve Ontario’s auto insurance system
April 3, 2009 by Canadian UnderwriterOntario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has made 39 recommendations to the Minister of Finance on how to improve Ontario’s auto insurance system.FSCO has posted a final report on its five-year review of the province’s auto…
New Brunswick Consumer Advocate says “alternative” to injury caps should be sought
April 3, 2009 by Canadian UnderwriterNew Brunswick’s Consumer Advocate believes an “alternative” to minor auto injury caps should be explored.“One of the hottest issues in 2008 has certainly been the debate and the ongoing court litigation surrounding the minor injury cap legislation in this province…
What’s New: In Brief (April 03, 2009)
April 3, 2009 by Canadian UnderwriterKingsway Financial Services Inc. has appointed Serge Lavoie President and CEO of its business in Canada, reporting to Colin Simpson, senior vice president and chief operating officer. This move follows the announcement in early February that the Company would be…
U.S. agents not prepared for consumer drift toward Internet shopping
April 3, 2009 by Canadian UnderwriterU.S. insurance agents are poised to go the way of the traditional travel agent — sidestepped and left behind in an age of Internet-driven consumer behaviour, an Insurance Profit Systems (IPS) survey found.IPS directed 35,000 subscribers to its blog and…
Reserve releases in 2008 mask a Cdn$1.7-billion underwriting loss: IBC
April 2, 2009 by Canadian UnderwriterAs disappointing as the Canadian property and casualty insurers’ underwriting results were in 2008, the release of Cdn$1.42 billion in reserves last year actually flattered the final tally, industry leaders learned at the 2009 Swiss Re Breakfast held at the…
Cap challenges annually draining capital by Cdn$330 million a year in Alberta, Cdn$125 million in Nova Scotia
April 2, 2009 by Canadian UnderwriterCourt challenges to the caps on claims payments made for minor auto injuries in Alberta and Nova Scotia have substantially altered insurers’ loss ratios and capital positions, Canada’s trade association for insurers says.Speaking at the 2009 Swiss Re Breakfast in…
What’s New: In Brief (April 02, 2009)
April 2, 2009 by Canadian UnderwriterSwiss Re has announced restructuring initiatives that include the appointment of Agostino Galvagni as chief operating officer of the executive committee, effective May 1, 2009.The reinsurer has also announced it intends to reduce its current global headcount of 11,560 by…
Inflation puts sustained pressure on casualty claims
April 2, 2009 by Canadian UnderwriterInflation will likely outpace the unwinding of casualty claims over the next decade, creating a material risk of a long-term shift that puts sustained pressure on casualty results, said Brian Gray, Swiss Re’s chief underwriting officer.Gray offered a global insurance…