News
What’s New: In Brief (April 24, 2008)
April 24, 2008 by Canadian UnderwriterThe Saskatchewan Mutual Insurance Company (SMI) is continuing its investment as a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.“For many years, SMI has sponsored IBAC’s broker awareness campaign and we are proud to continue…
XL Capital’s Q1 profits take a hit
April 23, 2008 by Canadian UnderwriterXL Capital Ltd. reported a net income of US$211.9 million for 2008 Q1, a 39% drop from the same period of last year’s profit of US$549.7 million.The reduction of US$337.8 million in net income is partly due to a decrease…
Newfoundland and Labrador eliminate insurance premium tax
April 23, 2008 by Canadian UnderwriterNewfoundland and Labrador’s Department of Finance has retroactively eliminated the provincial 15% retail sales tax (RST) on insurance premiums.Effective immediately, insurers are no longer required to collect the tax.If a person purchased or renewed a contract of insurance on or…
Asian reinsurance market shows more rate discipline than U.S. market
April 23, 2008 by Canadian UnderwriterProperty catastrophe reinsurance renewal rates decreased globally as of Apr. 1, 2008, but some areas of the world showed greater rate discipline than others, according to a report by Guy Carpenter & Company LLC.Insurers in Asia and in the United…
Liberty Mutual to acquire Safeco
April 23, 2008 by Canadian UnderwriterLiberty Mutual Group is acquiring Safeco Corporation for roughly US$6.2 billion. Upon completion of the transaction, Liberty Mutual will become the fifth largest property and casualty insurer in the United States, the company reports in a release. Currently, Liberty Mutual…
What’s New: In Brief (April 22, 2008)
April 22, 2008 by Canadian UnderwriterIn order for the current soft market cycle to differ from previous ones, the current market must be able to respond to inadequate profit opportunities with swifter adjustments in market capacity and corresponding rate increases, according to a FitchRatings report.In…
What’s New: In Brief (April 22, 2008)
April 22, 2008 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) has filed a preliminary short form base shelf prospectus with the Canadian securities regulatory authorities, allowing Fairfax to offer up to US$1 billion of debt, equity or other securities over a 25-month…
Forward collision warning systems show greatest potential
April 22, 2008 by Canadian UnderwriterNew technologies including forward collision warning and lane departure warning show more potential to avoid or mitigate crashes, including fatal ones, according to research by the Insurance Institute for Highway Safety (IIHS).In its latest Status Report, IIHS researchers categorized the…
Canadian companies lagging in move to IFRS
April 22, 2008 by Canadian UnderwriterMany companies are closer to the starting gate rather than the finish line when it comes to preparing for the country’s transition to International Financial Reporting Standards (IFRS), a survey by the Chartered Accountants of Canada (CA) has found.Just over…
Ontario auto rates increase in 2008 Q1
April 21, 2008 by Canadian UnderwriterOntario auto rates are on the rise, according to data posted by the Financial Services Commission of Ontario (FSCO), the regulator of the province’s insurers.Rate applications approved for 2008 Q1 averaged +1.05%, based on the entire market, FSCO noted in…
B.C. insurers may be on hook for all heath care costs in bodily injury claims
April 21, 2008 by Canadian UnderwriterIf Bill 22 is passed in British Columbia, insurers will be on the hook for all health care costs related to bodily injury claims, warns Jonathan Hodes of Clark Wilson, LLP.Since the 1950s, the insurance industry in British Columbia had…
What’s New: In Brief (April 21, 2008)
April 21, 2008 by Canadian UnderwriterDesjardins Group and recycling company Cascades have teamed up to support each other’s sustainable development and business reciprocity initiatives. Under the agreement, according to a joint release, the two companies will collaborate in:developing a preferred partnership for the Desjardins Paper…