News
What’s New: In Brief (October 03, 2007)
October 3, 2007 by Canadian UnderwriterAllstate Insurance Company of Canada has launched a new product, Your Choice Home, which allows consumers to personalize their home insurance. Customers will be able to select a home insurance policy that suits their needs and will now be able…
Insurers too quick to settle
October 3, 2007 by Canadian UnderwriterInsurers are too quick to settle legal actions against them, John Campion, a partner at Fasken Martineau DuMoulin, told a panel at the National Insurance Conference of Canada (NICC).Campion is known within the insurance community for his role as defence…
Broker competition to intensify over coming decade
October 3, 2007 by Canadian UnderwriterCompetition for both brokers and underwriters will increase and grow more intense, keeping regulatory intervention at bay, Patrick Ryan, executive chairman, Aon Corp., told delegates at the National Insurance Conference of Canada in Montreal.During the one-on-one session with George Cooke,…
Sedgwick CMS launches user-managed alert feature
October 2, 2007 by Canadian UnderwriterSedgwick Claims Management Services, Inc. (Sedgwick CMS) has launched an advanced user-managed alert feature, which will notify clients of changes in the status of claims in the JURIS claims management information system, a release reports. The new feature is included…
What’s New: In Brief (October 02, 2007)
October 2, 2007 by Canadian Underwriter***CORRECTION*** The following item corrects information that appeared in a version of this previously published story. We apologize for the error. Standard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings…
OSFI releases advisory on insuring in Canada a risk
October 2, 2007 by Canadian UnderwriterA foreign entity is not allowed to insure in Canada a risk as per the Insurance Companies Act (ICA), unless the Superintendent authorizes it to do so and the risk is within a class specified by the order, an advisory…
Ontario insurers should raise auto insurance rates in October, actuaries tell NICC panel
October 2, 2007 by Canadian UnderwriterOntario insurers need to raise their auto rates in order to make up for escalating loss ratios, and this could [and should] happen shortly after Ontarios election is over on Oct. 10, according to an actuary presenting on a panel…
Insurers lowballing PMLs for Vancouver eartbhquake scenario
October 2, 2007 by Canadian UnderwriterIndividual insurer’s probable maximum loss (PML) estimates for insured earthquake damages in Canada are about four times lower than those calculated by an Insurance Bureau of Canada (IBC) working group, a panelist told the National Insurance Conference of Canada in…
What’s New: In Brief (October 01, 2007)
October 1, 2007 by Canadian UnderwriterOptimum General Inc. has become a Full Partner of the Broker Identity Program (BIP) for 2007, the Insurance Brokers Association of Canada (IBAC) announced.By investing in the program, Optimum supports the message being delivered every day to consumers, legislators, government…
What’s New: In Brief (October 01, 2007)
October 1, 2007 by Canadian UnderwriterStandard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings from an A- to a BBB+. According to Standard and Poors rating report, the ratings are reflective of the companys strong…
Insurers should use more realistic capital stress tests: OSFI
October 1, 2007 by Canadian UnderwriterInsurers will have to do much more realistic, believable capital stress testing in the wake of the damage done to Canadas asset-based commercial paper market, Canadas federal insurance regulator says. Canadas Superintendent of Financial Institutions, Julie Dickson, talked about the…
Solvency II coming to Canada, increasing need for self-assessment
October 1, 2007 by Canadian UnderwriterA capital adequacy model similar to Solvency II will be implemented in Quebec and Canada by 2011-2012, delegates of the National Insurance Conference of Canada in Montreal were told during the regulatory panel discussion.Jean St-Gelais, president and CEO of Quebecs…