Industry
Toyota Motor Corp.’s announcement that it was halting the sale and manufacturing of eight of its popular models in Canada, the U.S., Europe and Asia poses a major reputation crisis that could make or break the brand, experts suggest.On Jan. 26, 2010, Toyota Canada Inc. announced it was suspending sales of eight models involved in […]
By Canadian Underwriter | January 28, 2010
2 min read
The participation of alternative sources of capital in the reinsurance market has rebounded since the economic crisis, but not to pre-crisis levels, reports Standard & Poor’s.In its report, Global Reinsurers Enter 2010 on Stronger Financial Footing but Face Weaker Pricing, S&P’s notes that hedge funds participation in reinsurance and retrocessional deals has remained relatively low […]
1 min read
Insurer security remains a top priority for corporate buyers a year and a half after the peak of the financial crisis, Lloyd’s of London reports. The crisis has left a lasting impression on buying behaviour, despite the fact that insurance made it out relatively unscathed, according to a survey by the Association of Risk and […]
The Ontario Teachers’ Insurance Plan (OTIP) is working with Waterloo Regional Police to recover three stolen laptop computers, one of which may have contained personal information of OTIP’s insured teacher members.The burglary happened on Dec. 3, 2009. Waterloo Regional Police informed OTIP that “this appears to be a smash-and-grab’ operation, with the intent to steal […]
Political and financial instability remain a feature of the business landscape as a result of the recession, Aon Risk Services reports. The company believes elevated political risk levels will continue before an overall tendency for improving global business conditions becomes established. “For many companies and across different sectors, including credit and political risk insurance, the […]
By Canadian Underwriter | January 27, 2010
The Ontario chapter of the Women in Insurance Cancer Crusade (WICC) has launched the 2010 edition of its WICC C4C [Change for Change] Ontario Insurance Industry Challenge.For 12 months, participants will be challenged to raise as much money as possible using the C4C donation boxes. All funds donated will go directly to the Canadian Cancer […]
The Canadian Council of Insurance Regulators (CCIR) is seeking stakeholder feedback as it develops a new strategic plan that takes into account the changing regulatory environment resulting from the financial crisis.At the same time, CCIR has decided to review its mandate and determine where it has been most effective. The strategic plan, effective Apr. 1, […]
Manitoba Public Insurance (MPI) is launching a new rating program intended to increase merits that drivers can earn for driving safely, thereby decreasing drivers’ premiums by a projected total of almost $1 million.The Driver Safety Rating (DSR) will come into effect on Mar. 1, 2010. Incentives under the DSR include:• Instead of the current five-merit […]
Ted Bellinger, vice president of business development at ENCON Group Inc., is cycling from Vancouver to Halifax to raise funds for the Sears National Kids Cancer Ride.Bellinger’s personal goal is to raise a minimum of $25,000 for the charity by Sept. 9, 2010, when the ride begins.“At any given time, cancer holds 10,000 Canadian children […]
By Canadian Underwriter | January 26, 2010
Changes to the federal solvency regulator’s financial reporting forms now reflect amendments to Part XIII of the Insurance Companies Act, and have been posted on the Web site of the Office of the Superintendent of Financial Institutions (OSFI).The amended forms include a section defining the difference between “registered” and “unregistered” insurers. They also include changes […]
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