Industry
There are 47% more auto insurance claims during the winter months compared to the rest of the year, according to claims data from Aviva Canada. Weather-related incidents, slippery roadways and white-out conditions accounted for more than $37.8 million in auto collision claim payments for Aviva Canada between December 2009 and February 2010. The first snowfall […]
By Canadian Underwriter | November 30, 2010
1 min read
Internationally, regulators appear to have accepted a high degree of volatility inherent in the global markets, and are focusing more on creating cushions against more severe bouts of volatility rather than on creating rules to decrease volatility.John R.V. Palmer, a former superintendent of financial institutions for Canada, made the observation while chairing a panel discussion […]
2 min read
Canada’s federally regulated property and casualty insurers have increased their net income by about $504.2 million up to the end of 2010 Q3, according to the Office of the Superintendent of Financial Institutions (OSFI).OSFI numbers show federally regulated insurers reported a $1.9-billion profit as of the end of 2010 Q3, up from the $1.4-billion profit […]
By Canadian Underwriter | November 29, 2010
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), plans to implement its Draft Guideline B-3-Sound Reinsurance Practices and Procedures on July 1, 2011.The new date represents a six-month extension from the original Jan. 1, 2011 date for implementation.The final version of OSFI’s Guidance for Reinsurance Security Agreements will be posted on […]
A study for Chubb Insurance Company of Canada suggests Canadian companies are planning growth strategies in light of a tentative economic recovery, but they haven’t prepared to cover additional exposures related to growth with appropriate insurance policies.Canadian research firm Pollara conducted the 2010 Private Company Survey in early 2010. The survey included interviews with specialty […]
Scotiabank Group has opened a second retail ScotiaLife Financial Insurance Centre, located in downtown Toronto.”With the success of the first ScotiaLife Financial Insurance Centre in Mississauga, the new centre located on the concourse level of the Bay Adelaide Centre in Toronto further solidifies the bank’s strategy to explore and grow this distribution channel,” Scotiabank Group […]
By Canadian Underwriter | November 26, 2010
The Ontario Legislature has passed a non-binding private member’s motion calling on the insurance industry to reduce premiums for those who have winter tires. Bill Mauro, MPP for Thunder Bay-Atikokan, introduced his private member’s motion in the Ontario Legislature in early November and was passed on Nov. 25. Such a motion typically asks the legislature […]
Researchers in Canada are one step closer to being able to predict increased earthquake risk over periods as short as five to 10 years.The new method suggests potential seismic activity over the next five years near Ottawa, Montreal and Quebec City. Over the next eight years, it suggests significant seismic activity in British Columbia in […]
Standard and Poor’s has reaffirmed its rating of The Guarantee Company of North America as A- (Stable). Guarantee issued a press release saying, “the rating reflects the company’s strong competitive position and financial performance in its specialty markets and its strong capitalization.”
By Canadian Underwriter | November 25, 2010
Banks are predictably lobbying the federal government during the 2012 Bank Act review to lift restrictions preventing them from marketing and selling insurance products in their branches, but a recent Canadian Bankers Association (CBA) submission suggests banks see this more of a long-term than a short-term project.In a submission to the federal government related to […]
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