Industry
With the 2010 Olympic and Paralympic Winter Games fast approaching, Insurance Bureau of Canada (IBC) is reminding B.C. homeowners to make sure they are properly insured before renting out their property to visitors.Since last year, IBC has been encouraging B.C. homeowners who are planning to rent their homes or apartments during the Olympics, in whole […]
By Canadian Underwriter | October 29, 2009
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Tess Romain has been appointed to Insurance Bureau of Canada (IBC)’s Ontario Division as manager of government relations, effective Nov. 2, 2009.Romain holds plenty of work experience with the Ontario government, specifically in the Minister’s offices of Public Infrastructure Renewal and Health. Most recently she served as the director of policy to the Minister of […]
Despite signs of an economic recovery, including positive trends in the equity markets and lower credit spreads, Standard & Poor’s (S&P’s) Rating Services remains of the opinion that market conditions will continue to put pressure on its ratings of global multiline insurers (GMIs).“Over the past two years, impairments on invested assets have substantially eroded GMI’s […]
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The implementation of the Harmonized Sales Tax (HST) will result in a one-time hit of $250 million for the insurance industry at the end of 2009, Don Forgeron, president and CEO of Insurance Bureau of Canada, told delegates of the Property Casualty Underwriters Club luncheon in Toronto. Ontario and British Columbia each have HSTs coming […]
By Canadian Underwriter | October 28, 2009
The New Brunswick Insurance Board held a public hearing on Oct. 27 to consider an auto insurance rate filing by IAO Actuarial Consulting Services Inc. (IAO), which recommends an average rate decrease of 6.02% for 2010.The outcome of the meeting will be made public in the future.”Although the IAO does not write automobile insurance, insurance […]
RenaissanceRe Holdings Ltd. reported a US$258.6-million profit in 2009 Q3, compared to a net loss of US$231 million in 2008 Q3. But gross premiums written (GPW) declined by US$37.4 million, down to US$202.4 million, in 2009 Q3. The reinsurer said the GPW decrease was due principally to US$49 million in reinstatement premiums written in the […]
ACE Limited reported a $494-million profit in 2009 Q3, compared to a $54-million profit over the same quarter last year.“Our P&C combined ratio was 88.1% and benefited from positive prior period reserve development and light catastrophe losses in the period,” Evan G. Greenberg, chairman and CEO of ACE Limited, said in a release. “Excluding those […]
Willis Group Holdings Limited has reported a 2009 Q3 profit from continuing operations of US$78 million, compared to US$36 million during the same period a year ago. The company reported a US$357-million profit from continuing operations for the first nine months of 2009, compared with a US$241-million profit during the same period a year ago. […]
By Canadian Underwriter | October 27, 2009
Although more (re)insurers are disclosing their own risk management methods, levels of risk tolerance and ERM structural information, the general quality of disclosure remains unchanged, according to a Guy Carpenter report.Guy Carpenter’s Risk Profile, Appetite and Tolerance: Fundamental Concepts in Risk Management and Reinsurance Effectiveness is a product of publicly available information — including annual […]
Insurance brokers need to adopt a much stronger Web presence, IBAO incoming president Bryan Yetman said in a speech to the IBAO’s 89th annual convention held in Toronto.As the Internet increasingly becomes the dominant mode of communication for consumers, brokers need to adapt their business strategies to take advantage of this trend, said Yetman. And […]
By Canadian Underwriter | October 26, 2009
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