News
Canadian P&C insurers showing signs of stress: OSFI
November 19, 2008 by Canadian UnderwriterAfter several years of strong operating results, Canada’s federally-regulated property and casualty insurers are starting to show signs of stress, the Office of the Supervisor of Financial Institutions (OSFI) said in its 2007-08 Annual Report.The industry’s overall combined ratio (COR)…
Siskinds LLP files class action lawsuit by Canadian investors against AIG
November 19, 2008 by Canadian UnderwriterAn Ontario law firm has filed a Cdn$550-million class action against the U.S. American International Group Inc. (AIG), AIG Financial Products Corp. (AIGFP) and various directors and officers, alleging in a statement of claim that disclosures made by the American…
Aon proposes way to insure troubled assets
November 19, 2008 by Canadian UnderwriterInsuring troubled assets through the creation of an ‘asset stabilization pool’ would help to strengthen America’s economy, Aon told the House Committee on Financial Services in Washington. The plan involves the sharing of risk by participants in an entity referred…
Nova Scotia court allows doctors’ notes as limited exception to hearsay rules
November 19, 2008 by Canadian UnderwriterThe Nova Scotia Supreme Court has allowed the admissibility of six doctors’ records in a personal injury case even though the physicians were not available to testify, but the opinions contained in the doctors’ records are not admissible as truth.In…
Ontario proposes road safety legislation aimed at young, novice drivers
November 18, 2008 by Canadian UnderwriterOntario has introduced new legislation designed to strengthen the province’s graduated licensing system, crack down on suspended drivers and help keep impaired drivers off roadways.Proposed changes to Ontario’s Graduated Licensing System would mean it would take a new driver 16…
Slightly more than half of Canadians use snow tires
November 18, 2008 by Canadian UnderwriterOnly 57% of Canadian drivers put snow tires on their cars; of the 43% who don’t, half (54%) are not willing to spend the money to do so, according to an RBC Insurance/Ipsos Reid consumer survey.The survey was conducted between…
What’s New: In Brief (November 18, 2008)
November 18, 2008 by Canadian UnderwriterGordon Kerr has accepted the role of CEO and chief agent of Arch Insurance Group’s Canadian insurance operations. Kerr was previously the chief operating officer of American International Group’s (AIG) Canadian commercial insurance operations.He replaces Michael Baxter, who will become…
What’s New: In Brief (November 18, 2008)
November 18, 2008 by Canadian UnderwriterBlake Craig, president of J. Leroy Gallant Insurance Limited, has been named president of the Insurance Brokers Association of Prince Edward Island.Craig succeeds the association’s past president, Karen Doiron, who currently serves on the board of directors for the Insurance…
Zurich’s Q3 profit drops on investments
November 18, 2008 by Canadian Underwriter*** CLARIFICATION/CORRECTION*** This item clarifies and corrects information contained in an item posted on Nov. 14. Zurich Financial Services has posted a Q3 net income after tax of US$154 million, marking a dramatic drop from the profit of US$1.5 billion…
CCIR misses opportunity to license incidental sellers of insurance: IBAC
November 17, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) says the Canadian Council of Insurance Regulators (CCIR) has “missed an opportunity” to implement a new licensing regime for sellers of incidental insurance products.The national insurance market conduct regulator has just released its…
Brokers losing competition with directs in advertising spending
November 17, 2008 by Canadian UnderwriterIn terms of total revenue dollars, the amount independent brokers are investing in advertising is roughly half of that needed in order to compete with direct writers, said Randy Carroll, president and CEO of the Insurance Brokers Association of Ontario.…
Capital markets, bad weather bite into Desjardins’ 2008 Q3 profits
November 17, 2008 by Canadian UnderwriterDesjardins Group reported a 2008 Q3 profit of Cdn$149 million, down Cdn$99 million or 39.9% from the corresponding quarter last year. The company’s quarterly return on equity (ROE) fell to 6.2% compared to 11.0% in 2007 Q3.“These results reflect the…