Industry
In a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste Canada Inc. v. Allianz Insurance Company of Canada, Allianz insured Neste for contingent business interruption […]
By Canadian Underwriter | March 26, 2008
2 min read
Federally regulated property and casualty insurance companies in Canada reported a total profit of Cdn$3.284 billion in 2007 Q4, a slight increase over the same period last year.Information posted by the Office of the Superintendent of Financial Institutions (OSFI) shows Canadian P&C insurers reported earning a net income of Cdn$3.256 billion in 2006 Q4, and […]
By Canadian Underwriter | March 25, 2008
1 min read
Various disclosure regulations put forth by the U.S. Securities and Exchange Commission (SEC) in 2007 have created challenges in boardrooms nationwide during this proxy season, according to Aon Consulting’s Radford Surveys + Consulting.At issue is pay-for-performance, a major area of interest and concern for investors. For years, investors have pushed companies for more performance-oriented programs […]
Nearly half of the global insurers surveyed by KPMG predict the rate of consolidation to accelerate in the international insurance market.In “Globalizing the Risk Business: Surviving and competing in the global insurance industry,” 49% of the 148 insurers surveyed believed that the rate of consolidation will increase, and only 9% reported the opposite.In a parallel […]
The insurance industry will likely follow general industry trends towards embedding sustainability within governance, management and operations structures, according to a study commissioned by The Co-operators. The report, “The Future of Sustainable Insurance: A Thought Leaders Study,” includes input from 10 experts on trends in sustainable insurance over the coming decade. Sustainability reporting and carbon-neutral […]
Insurers are optimistic about the future role of enterprise risk management (ERM), according to a survey of chief risk officers (CROs) by Ernst & Young LLP. However, while the ERM building blocks are in place, the industry faces significant challenges as it prepares to move to the next level, according to Ernst & Young’s 2008 […]
By Canadian Underwriter | March 24, 2008
Ninety per cent of 62 property and casualty claims officers surveyed by Towers Perrin late last year said increased competition, consolidation and convergence are among the leading challenges facing their industry in 2008.Survey respondents represented property and casualty insurance companies of varying types and sizes (and encompassing both personal and commercial lines): 37% were from […]
Desjardins General Insurance (DGI) is now offering direct home and auto insurance in Ontario. “We’ve been planning and researching our launch into the Ontario mass market for some time,” Jean-Francois Chalifoux, general manager and senior executive vice-president at DGI said in a company release. “We believe there is a significant opportunity for a true direct […]
By Canadian Underwriter | March 20, 2008
BMO Bank of Montreal and Farm Mutual Reinsurance Plan Inc. (FMRP) have launched a joint financing program designed to assist with the perpetuation of independent insurance brokerages. The Insurance Brokers Association of Ontario (IBAO), which initiated the partnership, issued a press release applauding the move.”There will be increased demand for buyout financing as more and […]
Ninety-eight vehicles from a Burnaby-based research and training facility of the Insurance Corporation of British Columbia (ICBC) were sold without proper designation and disclosure to buyers, an internal investigation has confirmed.ICBC’s own investigation revealed the public insurer lacked clear and specific policies and procedures to govern the designation, repair and sale of vehicles from its […]
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