News

Although a competitive pricing environment is expected to abate somewhat because of the recent decline in market capacity, “it is premature to predict a shift to a hardening market, outside of a few hard hit market subsegments,” says a recent…

Stephen Greene, former executive director of the Insurance Brokers Association of Nova Scotia (IBANS), is one of 18 new senators appointed by Prime Minister Stephen Harper.Harper announced his new appointments to the Senate on Dec. 22. Greene served as the…

The Office of the Superintendent of Financial Institutions has outlined the type of notice a ceding company can expect to receive from a reinsurer that experiences a change in status as a result of OSFI’s changes to Part XIII of…

Maple Leaf Foods has reached a Cdn$25-million settlement agreement in a class action following a listeriosis outbreak.The settlement is designed to increase by up to Cdn$2 million to the extent that claims and costs exceed $25 million, according to Maple…

Despite a predicted 10% decline in the U.S. property and casualty market’s surplus in 2008, Fitch Ratings predicts the industry’s capital adequacy will remain favourable.The U.S. property and casualty industry experienced surplus growth of nearly 80% between 2003 and 2007,…

Many accountants believe their companies will be ready for the changeover to International Financial Reporting Standards (IFRS) in 2011, although most of these companies remain in an early stage of preparedness, according to a recent survey of Canadian chartered accountants…

Global catastrophes in 2008 cost insurers US$50 billion, making it the second-costliest year ever in terms of insured losses, according to a forthcoming Swiss Re sigma study.More than 238,000 people lost their lives to natural catastrophes and man-made disasters this…

The Insurance Brokers Association of Ontario (IBAO) is reminding consumers that if thieves break into a vehicle and steal some of its contents, two insurance claims will need to be filed.The auto policy covers damage to the vehicle, while the…

A recent Willis Group Holdings survey suggests liability insurance for financial loss will be a hot commodity in the near future.Willis’ Financial and Executive Risks (FINEX) division surveyed 40 delegates attending Willis’ quarterly Financial Institutions seminar. Sixty-six per cent of…

Most new small cars now earn good ratings in frontal crash tests but not when it comes to side and rear crashes, according to a report by the Insurance Institute for Highway Safety (IIHS). The IIHS recently completed front, side…

The Insurance Bureau of Canada (IBC)’s 2008 list of the Top 10 most frequently stolen vehicles in Canada includes the appearance of luxury Audis and aging Dodge Neons, reflecting two motivations for auto theft — export and parts. Luxury vehicles…

When it comes to anti-theft devices for automobiles, immobilizers aren’t the only game in town, says a Montreal-headquartered company that sells wireless tracking devices and vehicle recovery systems. Noting that IBC-approved immobilizers have not, when used as the sole method…