News
Enhancing automobile insurance system in NS
September 10, 2008 by Canadian UnderwriterThe duties of the Nova Scotia Insurance Review Board (IRB) will be reassigned to the Utility and Review Board (UARB) effective Oct. 1, 2008. The Nova Scotia Department of Finance says it believes assigning IRB responsibilities to the UARB will…
Agricultural sector insurers should explore alternative cover options
September 9, 2008 by Canadian UnderwriterTrading in carbon dioxide (CO2) certificates and parametric covers may be alternatives for agricultural risk, given the growing risk trends in this sector, suggests Partner Re.Climate change, bio-fuels, insurance premium subsidies, commodity price inflation and new farming methods are just…
A.M. Best predicts further softening in Canadian P&C market
September 9, 2008 by Canadian UnderwriterCanada’s property and casualty insurance sector is stable, according to a recent market report by A.M. Best, “but strong capitalization and profitability provide the ingredients for continued softening in the market.” In its special report, “Canadian P/C Insurers See Profits…
2008 ranks as seventh-worst hurricane season in 38 years
September 9, 2008 by Canadian UnderwriterTo date, this year ranks as the seventh-most active hurricane year since 1950, according to a mid-season report by climate forecaster Tropical Storm Risk (TSR).TSR is a consortium of experts on insurance, risk management and seasonal climate forecasting led by…
MADD Canada calls for mandatory alcohol interlocks
September 9, 2008 by Canadian UnderwriterCanadian provinces and territories all deserve poor grades for failing to establish mandatory alcohol ignition interlock programs for those convicted of impaired driving, according to Mothers Against Drunk Driving (MADD Canada). An ignition interlock device is an in-car alcohol breath-screening…
Severe rainfall brings flood of homeowner claims to Atlantic Provinces
September 8, 2008 by Canadian UnderwriterPost-tropical storm Hanna soaked the Atlantic provinces on Sept. 7, leaving more than 100 mm of rain in some parts of the area. Counties along the Fundy Coast of New Brunswick and Newfoundland were the hardest hit, as embedded rain…
IBAC, TIC jointly working to simplify tax process for commercial clients
September 8, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) and the Toronto Insurance Conference (TIC) have proposed a model ‘Export List’ to make life simpler for brokers’ clients when they apply for an exemption from the excise tax on unlicenced insurance.Clients of…
Facilities Association asks Ontario regulator to include cost of capital in rate-setting process
September 8, 2008 by Canadian UnderwriterOntario bumped up rates for its private passenger auto insurance by 2% at last filing, but the rate change did not include a “cost of capital” provision that Facilities Association wants the provincial regulator to include.In a report to the…
Reinsurers top S&P’s ERM Score Card
September 8, 2008 by Canadian UnderwriterReinsurers are leading the pack in the implementation of enterprise risk management (ERM), Standard & Poor’s (S&P’s) says in its 2008 Global ERM Score Card.S&P’s assessment designates a (re)insurer’s ERM as excellent, strong, adequate or weak. It considers approximately 80%…
Moody’s assigns ‘stable’ rating outlook to global reinsurance sector
September 5, 2008 by Canadian UnderwriterThe outlook for the global reinsurance sector remains stable, Moody’s Investor Service says in a new industry outlook.“Following two years of strong profitability and enhanced risk management processes, the industry’s robust capital position places it on solid footing to confront…
Moody’s expects U.S. insurers to handle Gustav losses without difficulty
September 5, 2008 by Canadian UnderwriterInsured losses from Hurricane Gustav are not expected to significantly affect the ratings of U.S. property and casualty insurers, according to a new report issued by Moody’s Investors Service. “Given the range of preliminary insurance loss estimates of [US]$3 billion…
Top 10-quoted hybrid cars in 2008
September 5, 2008 by Canadian UnderwriterKanetix.ca has released the top 10 most popular hybrids quoted for 2008, as determined by auto insurance quotes sought on the site. The top 10-quoted hybrids for the first six months of 2008 are: Toyota PriusHonda Civic HybridToyota Camry HybridFord…