Industry
It all seems to be boiling down to the beginning of a hardening market starting in 2008-09. And it’s time to start planning how to tell consumers about what that might mean for their future insurance rates and availability. Yes, Canada’s insurance market is awash with capital. Yes, Canada for the past two years has […]
By David Gambrill, Editor | November 30, 2007
4 min read
Canadian insurers under the auspices of the federal Office of the Superintendent of Financial Institutions (OSFI) saw their collective net income drop Cdn$211.9 million over the first three quarters when compared to the same period of 2006. OSFI’s recent quarterly filings show that Canadian insurers regulated by OSFI claimed a net income of Cdn$2.26 billion […]
November 30, 2007
1 min read
Pricing and claims trends in Canada’s property and casualty industry over the past year suggest Canadian insurers will see a Cdn$1 billion drop in net income between 2006 and 2007, according to KPMG senior manager Blair Manktelow. Speaking at KPMG’s 16th annual insurance conference in Toronto, Manktelow predicted Canadian insurers would collectively bring in a […]
Ontario’s superintendent of financial services should review the use of the verbal threshold for establishing serious and permanent injury and/or the use of a Cdn$30,000 deductible to discourage plaintiffs from pursuing smaller auto negligence claims, according to the summary of findings in the Civil Justice Reform Project. The author of the report, the former associate […]
Canadian insurers are asking industry regulators to consider switching from a system of filing auto insurance rate changes and then waiting for regulatory approval to a more flexible system that would allow insurers to charge their proposed rate changes immediately upon filing them with the regulator. “I believe it is entirely realistic to have every […]
Canada’s property and casualty industry may want its own form of Basel 2 capital framework, but it is seriously underestimating the time and effort involved to achieve compliance with its capital standards, according to Canada’s Superintendent of Financial Institutions Julie Dickson. Dickson spoke to property and casualty insurers attending KPMG’s 16th annual insurance issues conference, […]
In a move to support the independent broker distribution channel, York Fire & Casualty Insurance removed its rates from Belair Direct Insurance’s online quoting engine, according to a release from the Insurance Brokers Association of Ontario (IBAO). The IBAO notes that it has received many complaints recently regarding the online comparative quote being provided to […]
By Canadian Underwriter | November 30, 2007
If evidence continues to mount in the next six months that North American commercial insurers will not be able to avoid another price war, Standard & Poor’s (S&P’s) may revise the sector outlook to negative.Barring a major negative “surprise” in December, 2007 earnings for commercial lines companies will approach the record level achieved in 2006, […]
Canadian insurers under the auspices of the federal Office of the Superintendent of Financial Institutions (OSFI) saw their collective net income drop Cdn$211.9 million over the first three quarters when compared to the same period last year.OSFI’s recent quarterly filings show that Canadian insurers regulated by OSFI claimed a net income of Cdn$2.26 billion for […]
By Canadian Underwriter | November 29, 2007
2 min read
Canada’s Office of the Superintendent of Financial Institutions (OSFI) has made it clear that foreign insurers providing financial guarantee insurance would not be subject to Part XIII of the Insurance Companies Act (ICA), according to a projects bulletin published by McMillan Binch Mendelsohn. The firm notes financial guarantee insurance is rarely seen in Canada, because […]
By Canadian Underwriter | November 28, 2007
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