Industry
A.M. Best has published a rating methodology outlining how risk management is incorporated into the overall rating process for insurers and reinsurers, and exploring the key risk-management trends in the insurance industry.”Risk Management and the Rating Process for Insurance Companies,” details the three key areas that A.M. Best believes encompasses enterprise risk management.The three areas […]
By Canadian Underwriter | January 25, 2008
1 min read
The Canadian Council of Insurance Regulators has published its three-year planning objectives for 2008-2011, among them it listed its strategic initiative including several components. The first component involves facilitating informed consumer decision-making by: developing and facilitating the implementation of consumer friendly disclosure documents for individual variable insurance contracts (IVICs) and other insurance products; and reviewing […]
2 min read
Aviva Canada has changed the structure of its senior executive team. The following changes will come into effect on Feb. 4, 2008: Ross Betteridge, executive vice president and chief operating officer, corporate partnerships and emerging markets, will continue in his role. He will have increased capacity to lead and execute long-term business strategies to grow […]
By Canadian Underwriter | January 24, 2008
The Co-operators has expanded its membership, welcoming two new members the Canadian Worker Co-operative Federation (CWCF) and Fdration des coopratives qubcoises en milieu scolaire/COOPSCO.The new members bring to 39 the number of co-operatives, credit unions and like-minded organizations that make up the ownership group of The Co-operators Group Ltd.”Our members provide important links to a […]
Faced with a high volume of policy requests and underwriting information, AXA Canada is turning towards an XML-based platform to automate its data systems, according to a report by ITWorldCanada.com.The insurer has made the change as Canada’s insurance industry standards have moved towards XML regulations, such as those created by Canada’s Centre for Studies in […]
Establishing a global fair value method for valuing insurance contracts will help to determine how fair value should be defined for insurance reserves, according to a special report by Fitch Ratings on global accounting and financial reporting. Fitch notes the International Accounting Standards Board (IASB) has published a discussion paper about insurance contracts, and the […]
By Canadian Underwriter | January 23, 2008
The Canadian Council of Insurance Regulators (CCIR) is consulting the insurance industry on the incidental selling of insurance (ISI).”As a result of potential licensing and consumer issues stemming from the sale of insurance incidental to some other core business activity, the [CCIR] created the ISI working group,” the CCIR says in a letter sent to […]
The extreme sports market is evolving, with an increasing number of people participating in extreme sports and an expanding number of sports being added to the category, according Lloyd’s. “The demand for our products has been growing a clear indication that more people are taking part in extreme sports,” said Julian Hicks, director, Sportscover Direct, […]
Keal Technology and ING Insurance Company of Canada announced a “commercial integration relationship,” in which Keal’s commercial management system (CMS), comXP, will exchange data with the ING Insurance broker application SaversCL.Using CSIO XML standards, data can be exchanged between broker and insurer using CMS applications like Keal’s comXP, a Keal release says.The integration will allow […]
A United States retreat into political isolationism, tensions in the Middle East and the growing threat of another terrorist attack are the major risks threatening the global financial market in 2008, according to the results of a study posted on the Lloyd’s of London Web site.Ian Bremmer, the president of the U.S. research and consulting […]
By Canadian Underwriter | January 22, 2008
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