Industry
Although 2009 has been “a year of stability” in the auto insurance market for consumers in New Brunswick, “lurking in the background” are such issues as credit scoring, the rise in home insurance premiums and the province’s minor injury cap, the province’s Consumer Advocate for Insurance says in its 2009 annual report.The Consumer Advocate observed […]
By Canadian Underwriter | March 31, 2010
2 min read
It’s very important for financial services industry regulators to think about the differences between the banking and insurance industry models when proposing “broad brush” solutions to the world’s economic financial crisis, Swiss Re CEO Stefan Lippe cautioned at the 2010 Swiss Re Breakfast in Toronto.“It’s very important to talk about the differences between the banks […]
By Canadian Underwriter | March 30, 2010
The impact of the Harmonized Sales Tax (HST) on Ontario and B.C. property and casualty insurers’ reserves in 2009 — estimated to be $268 million — is equivalent to that of a large catastrophic loss, according to the Insurance Bureau of Canada (IBC).Barbara Sulzenko-Laurie, IBC’s vice president of policy, noted the effects of the HST […]
More than 13% of the average cost to consumers of an insurance policy in Canada goes to fixed taxes and regulatory costs, said Barbara Sulzenko-Laurie, Insurance Bureau of Canada (IBC)’s vice president of policy.Sulzenko-Laurie spoke about the state of the Canadian P&C industry at the Swiss Re–IBC Breakfast on Mar. 30, 2010.She said IBC commissioned […]
Canadian property and casualty insurers writing Ontario auto lost an astounding $907 million in 2009, said Barbara Sulzenko-Laurie, vice president of policy at the Insurance Bureau of Canada (IBC).Sulzenko-Laurie presented a ‘State of the Industry’ speech at the Swiss Re–IBC Breakfast in Toronto on Mar. 30, 2010.The continued escalation of the “excesses and abuses” of […]
The Insurance Brokers Association of Nova Scotia (IBANS) says limitations placed on pain and suffering awards in the province have “resulted in a satisfied consumer, a competitive marketplace and rate stability that has been continuous since 2003.”The association thus responded to a government review of the cap, promised during the province’s 2009 election campaign. The […]
By Canadian Underwriter | March 29, 2010
Nine out of 10 students enrolled in the Manitoba Public Insurance High School Driver Education (HSDE) program said the course helped them to become more careful drivers, according to a Manitoba Public Insurance (MPI) survey. The telephone survey, conducted last November, polled driver education students and their parents about the program they had recently completed.The […]
1 min read
The U.S. property and casualty insurance industry’s profit in 2009 nearly tripled that of 2008, according to A.M. Best Company’s 12-month 2009 property/casualty results.The U.S. industry registered a $35.4-billion profit in 2009, up substantially from its $3.8- billion profit in 2008.This final tally is $4.8 billion more than A.M. Best’s forecasted results in February. The […]
Marsh will no longer accept contingent commissions in its core broking segment in Canada or the United States.The firm will “continue to provide detailed transactional disclosure to clients in its core brokerage operations, including all quotes received and compensation information,” a release says.Marsh & McLennan Agency LLC and Marsh Consumer’s affinity, sponsored program and personal […]
The Office of the Superintendent of Financial Institutions (OSFI) is warning that Canada’s strengthening dollar is an emerging risk for which financial institutions should be prepared.“In recent months, a risk related to the global competitiveness of the Canadian economy has materialized,” OSFI notes in its 2010-11 Estimates: Part III — Report on Plans and Priorities.“The […]
By Canadian Underwriter | March 26, 2010
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