News
ICBC’s policies don’t restrict competition, bureau finds
September 12, 2008 by Canadian UnderwriterInsurance Corporation of British Columbia (ICBC)’s policies relating to optional auto insurance do not contravene the Competition Act, a federal Competition Bureau investigation has concluded.The Bureau initiated its inquiry after receiving a complaint alleging that ICBC’s policies were anti-competitive and…
Europe’s planned regulation of ratings agencies should follow international standards: S&P’s
September 12, 2008 by Canadian UnderwriterStandard & Poor’s (S&P’s) president Deven Sharma wants European policymakers to base their proposed system of supervising credit rating agencies on internationally accepted principles and standards to ensure ratings opinions remain comparable worldwide. Speaking at the September 2008 Eurofi conference…
What’s New: In Brief (September 12, 2008)
September 12, 2008 by Canadian UnderwriterThe Autorit des marchs financiers (AMF) has issued Cdn$2,500 penalties against Gravel, David, Rouleau & associs inc. and R.W. Mills inc.Gravel, David, Rouleau & associs failed to ensure that one of its representatives had their claims adjuster certification properly reinstated,…
Well-capitalized (re)insurers relying too heavily on others to resolve cash-flow problems: S&P’s
September 11, 2008 by Canadian UnderwriterFacing a potential liquidity crisis as the 2008 hurricane season ramps up to the midway point, insurers may be running the risk of relying too heavily on state-sponsored entities and low-rated or unrated reinsurers, Standard & Poor’s (S&P’s) observes in…
Integro shuffles executive team
September 11, 2008 by Canadian UnderwriterPeter Garvey, president of Integro Insurance Brokers, has assumed the additional role of CEO following the resignation of Roger Egan for undisclosed reasons.“As president of Integro since its inception, Pete has had responsibility for our professional staff and client service,”…
Assessing strategic impact of IT investment should be emphasized, report says
September 11, 2008 by Canadian UnderwriterInsurers continue to struggle with capturing and evaluating the strategic impact of IT investments and setting IT project priorities, reports Celent.In its report, Celent examines various IT investment evaluation methodologies (both traditional and alternative methodologies) and the rationales behind them.…
Hurricane Ike strengthens in Gulf, bears down on Texas
September 10, 2008 by Canadian UnderwriterHurricane Ike has moved away from Cuba and is picking up steam as it heads through the Central Gulf of Mexico towards Texas.The National Hurricane Center reported on Sept. 10 that Ike, with sustained wind speeds of 155 km-h, is…
What’s New: In Brief (September 10, 2008)
September 10, 2008 by Canadian UnderwriterWICC (Women in Insurance Cancer Crusade) Ontario Chapter will host its 11th Annual “Breakfast for Breast Cancer” on Nov. 4, 2008 in Toronto.Erin Anderssen, senior writer for the Globe and Mail, will speak at the event. Anderssen spent five months…
U.S. report recommends increasing driver’s license ages to beyond 16
September 10, 2008 by Canadian UnderwriterLicensing U.S. teenagers to drive at ages older than 16 would substantially reduce crashes involving teen drivers, a new Insurance Institute for Highway Safety report says.The report, which cites Canadian research, has been released at the annual meeting of the…
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…