Segment
P&C Companies
Willis chairman pushes for global principles-based regulations
March 22, 2007 by Canadian UnderwriterJoe Plumeri, chairman and CEO of Willis Group Holdings (NYSE: WSH), the global insurance broker, stressed the importance of embracing a principles-based rather than a rules-based approach not just to regulation, but to running the entire industry at the UKs…
B.C. Insurance Council raises license fees, changes reporting requirements
March 21, 2007 by Canadian UnderwriterThe Insurance Council of British Columbia, which licenses the provinces insurance brokers and sales agents, is increasing its application fees for a first licence, licence renewal and licence reapplication to $125, effective June 1, 2007.Fees for transfer, reinstatement and amendment…
What’s New: In Brief (March 21, 2007)
March 21, 2007 by Canadian UnderwriterAudatex announced the appointment of Rick Tuuri as associate vice president of industry relations. Tuuri will serve as a central point of contact for all industry-related opportunities in North America, working with his counterparts around the globe. A 28-year veteran…
What’s New: In Brief (March 21, 2007)
March 21, 2007 by Canadian UnderwriterB.C.s stormy winter of 2007 is expected to result in more than 17,000 claims, according to a press release by the Insurance Bureau of Canada (IBC).In total, IBC said the provinces insurers expect to pay more than Cdn$135 million to…
Aviva teams up with ThinkFirst
March 21, 2007 by Canadian UnderwriterAviva Canada Inc. has announced a sponsorship of ThinkFirst Foundation of Canada and has launched a new campaign to prevent spinal cord and brain injuries in children.ThinkFirst and Aviva Insurance Safety for Canadas Kids is the centrepiece of Avivas commitment…
El Nino weakens, portending more 2007 storms
March 20, 2007 by Canadian UnderwriterEl Nio which moderated storm activity last year has dissipated, thereby increasing the likelihood of 2007 being an active season, according to Tropical Storm Risk (TSR), a consortium of experts on seasonal climate forecasting led by the Benfield UCL Hazard…
Canadian insurance industry posts “very strong” results in 2006
March 20, 2007 by Canadian UnderwriterOverall, 2006 has been a very strong year financially for the Canadian property and casualty industry, the Insurance Bureau of Canada observed at the Swiss Re Canadian Insurance Outlook Breakfast in Toronto.If there was only one cloud in the silver…
Industry should improve communication to prevent intervention
March 20, 2007 by Canadian UnderwriterIn order for insurers and reinsurers to avoid government intervention and pressure from regulators, they need to improve communication with both insureds and government bodies, says Pierre Ozendo, chairman and CEO, Swiss Re America Corportation.Ozendo told journalists in a meeting…
What’s New: In Brief (March 20, 2007)
March 20, 2007 by Canadian UnderwriterGore Mutual Insurance Company has increased its investment in The Insurance Brokers Association of Canadas Broker Identity Program (BIP) for 2007. Gore Mutuals decision to become a full partner of IBAC is the result of our commitment to brokers, Kevin…
Ontario to see harmonized insurance classes, definitions in April 2007
March 19, 2007 by Canadian UnderwriterHarmonized classes of insurance and applicable definitions will be implemented in Ontario on Apr. 30, 2007, according to a FSCO bulletin.Please note that insurers current licensing status will not be affected and no action is required by insurers as a…
A.M. Best to expand public issuance of insurers’ Issuer Credit Ratings
March 19, 2007 by Canadian UnderwriterA.M. Best Co. is expanding its public issuance of Issuer Credit Ratings (ICR) on insurance companies in 2007. Over the next year, A.M. Best expects to publish ICRs on all rated direct insurers and reinsurers as part of each company’s…
Insurers’ desire for fewer vendors squeezing bodyshops
March 19, 2007 by Canadian UnderwriterVarious pressures are reshaping the auto collision repair industry in 2007 including insurance demands for fewer vendors and many feel this will be the year that some bodyshop owners decide to close their doors, according to an online report by…