News
Insurers should think more like judges when drafting insurance contracts
October 27, 2008 by Canadian UnderwriterInsurers and brokers need to think more like judges when they read or draft insurance policy contracts, because judges will ultimately determine whether or not policy coverage exists in a claim situation, a litigator told brokers attending an education session…
What’s New: In Brief (October 27, 2008)
October 27, 2008 by Canadian UnderwriterDavid Brosnan has been appointed CEO of ACE Canada, contingent upon obtaining a work permit from Citizenship and Immigration Canada.Karen Barkley will now serve as COO of ACE Canada and president of ACE Canada’s property and casualty business, a release…
Lower net income could signal turn in pricing cycle
October 24, 2008 by Canadian UnderwriterLower insurance industry net income may signal a turn in the insurance pricing cycle, according to a RIMS Benchmark Survey. This is despite the failure of two major hurricanes and a global credit crunch to derail the soft commercial insurance…
IBC board may revisit distribution issue in its mandate
October 24, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada’s board of directors will discuss whether the IBC’s mandate should be revised to include a discussion about distribution issues, Jean Francois Blais, president and CEO of Axa Canada said.Blais was a member of the CEO…
Does size matter when determining survival of insurers during financial crisis?
October 24, 2008 by Canadian UnderwriterWhen it comes to using a reliable indicator to figure out which Canadian P&C insurance company is best-positioned to survive the worst financial crisis to hit the North American markets since the Great Depression era, does size matter?The answer, as…
IBAO asks insurers to sign memorandum of understanding on brokerage control
October 24, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has asked the province’s insurance companies to sign a memorandum of understanding, promising, in effect, that the insurers will not purchase a majority control in brokerages.In Spring 2008, IBAO leadership suggested it would…
Insurance industry needs to harness societal ‘renaissance’ to succeed in marketing
October 23, 2008 by Canadian UnderwriterThe insurance industry has been taking its old marketing techniques and just dumping it into a new channel the Internet and the approach will not work, Mitch Joel, president of Twist Image, told delegates at the Insurance Brokers Association of…
OSFI calls for prudence related to normal course issuer bids
October 23, 2008 by Canadian UnderwriterCanadian financial institutions that have normal course issuer bids in place should consult with Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), before repurchasing shares pursuant to those bids, the regulator notes in an advisory. OSFI…
Ontario’s independent brokers stop bleeding off of consumers to direct channel
October 23, 2008 by Canadian UnderwriterOntario’s independent broker channel appears to have turned a corner in 2007, with consumers showing signs of remaining loyal to the channel despite the aggressive marketing of direct writers, according to Rodney Hancock, the president of the Insurance Brokers Association…
Insurance supervisors call for enhanced coordination during tough financial times
October 23, 2008 by Canadian UnderwriterInsurance supervisors worldwide have committed themselves to enhancing coordination efforts in an move to contain any contagious effects of global market volatility, the International Association of Insurance Supervisors (IAIS) has announced.The IAIS concluded its annual conference and general meeting in…
Antilock brakes on motorcycles reduces frequency of claims and deaths
October 22, 2008 by Canadian UnderwriterThe use of antilock brakes on motorcycles reduces the frequency of crashes for which insurance claims are filed and the rate of fatal motorcycle crashes, according to research by the Insurance Institute for Highway Safety (IIHS).The Highway Loss Data Institute…
External actuarial and auditor markets becoming increasingly monopolistic
October 22, 2008 by Canadian UnderwriterInsurers in Canada and the U.S. are increasingly turning to external actuarial firms, A.M. Best’s annual review of the auditor and actuarial markets found.The study encompasses 2007 statutory filings submitted to A.M. Best for nearly 4,000 Canadian and U.S. insurance…