Segment
Risk Management
RSA Canada in 2010 reports best financial results in 20 years
February 24, 2011 by Canadian UnderwriterRSA Canada’s 2010 financial results were the best in 20 years, the company announced in a press release.“RSA had an exceptional year in 2010,” RSA Canada CEO Rowan Saunders said in a press release. “We’ve delivered a consistently strong performance…
Saskatchewan government creates flood damage reduction program
February 24, 2011 by Canadian UnderwriterSaskatchewan’s provincial government is launching a $22-million emergency flood damage reduction program to help communities, rural municipalities and individuals prepare for spring flooding.The Emergency Flood Damage Reduction Program is a joint effort between Saskatchewan’s Watershed Authority and the Ministry of…
A.M. Best upgrades Peace Hills General Insurance Company
February 24, 2011 by Canadian UnderwriterA.M. Best has upgraded Peace Hills General Insurance Company’s financial strength rating from B (fair) to B+ (good). In addition, its issuer credit rating has been upgraded to ‘bbb-‘ from ‘bb.’ The outlook for both ratings is positive.The rating actions…
Insured losses from Christchurch quake could reach $8 billion: AIR
February 23, 2011 by Canadian UnderwriterInsured losses from the Feb. 22 earthquake in Christchurch, New Zealand will likely range from $3.5 billion and $8 billion, AIR Worldwide reported.Experts warn similar factors that contributed to the massive damage in Christchurch also exist in British Columbia cities…
Aon Benfield lobbies for simplified Solvency II internal model approval process
February 23, 2011 by Canadian UnderwriterAon Benfield is lobbying for a simplified internal model approval process for natural catastrophe risk under Solvency II.Under the current Solvency II formula, insurers have the option to use either a standardized scenario approach or develop a partial internal model…
Keal integrates commercial management system with Lloyd’s Canada’s Lineage system
February 23, 2011 by Canadian UnderwriterKeal Technology’s Commercial Management System (CMS), comXP, and Lloyd’s Canada’s Lineage system are now integrated to streamline broker workflows, the companies have announced.“Keal and Lloyd’s Canada brokers can now upload commercial risk statistical data (traditionally known as bordereaux),” Keal announced…
Damages from New Zealand aftershock to eclipse losses from Sept. 2010 quake
February 22, 2011 by Canadian UnderwriterAn earthquake that struck the New Zealand’s city of Christchurch on Feb. 21, 2011 was smaller in magnitude than the quake that struck the area in September 2010, but damages from the recent quake will eclipse those of the 2010…
BC and federal regulator stick with fixed date for de-recognition under IFRS
February 22, 2011 by Canadian UnderwriterBritish Columbia’s regulator is echoing the Office of the Supervisor of Financial Institutions (OSFI)’s decision to stick with the fixed date of Jan. 1, 2004 to apply de-recognition of financial assets and liabilities requirements under IFRS 1.The standard IAS 39,…
Fairfax reports drop in 2010 profits
February 18, 2011 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a drop in its 2010 net earnings to $469 million from 2009’s profit of $856.8 million.The company said lower net gains on investments and weaker underwriting results were responsible for the…
Federal government releases regulations repealing ceding limits
February 18, 2011 by Canadian UnderwriterThe government of Canada has officially introduced new regulations repealing the 75% and 25% reinsurance ceding limits.The new rules come into effect on June 30, 2011. As of that date, property and casualty companies will no longer be prohibited from…
AMF officially appoints Mario Albert CEO and president
February 18, 2011 by Canadian UnderwriterMario Albert is officially president and CEO of the Autorité des marchés financiers.In January, he took on the role on an interim basis following the departure of Jean St-Gelais.Albert joined AMF in 2008 as superintendent of distribution. Two years later,…
Geneva Association insists on increased supervision of non-core activities
February 17, 2011 by Canadian UnderwriterGovernments and regulatory bodies should focus on insurers undertaking non-core activities that have the potential to pose systemic risk rather than over-regulating all insurers, says the Geneva Association, an international insurance think tank. In an open letter to the finance…