Industry
Non-life insurance premiums declined only marginally in 2008, by 0.8%, mainly due to lower demand for cover and softening rates, according to a Swiss Re sigma study.In industrialized countries, non-life premiums fell 1.9%. Growth in the emerging markets remained strong at 7.1%, compared to 2007, the study World insurance in 2008, reveals. “At the same […]
By Canadian Underwriter | June 30, 2009
1 min read
Immunization for the H1N1 virus is expected to begin late October, according to Canada’s chief public health officer, as quoted by Reuters. Dr. David Butler-Jones, chief public health officer at the Public Health Agency of Canada, was quoted by the news agency as saying Canada is hoping to start immunizing for the virus in late […]
A first insurer in Ontario has a legal obligation to start paying accident benefits to an auto injury claimant, even though the only “sufficient nexus” between the claimant and the insurance company is information contained in an apparently fraudulent pink insurance slip.Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), made the finding in […]
2 min read
The Office of the Superintendent of Financial Institutions (OSFI) has ruled that a bank’s Web site is not a branch, and it can therefore promote and sell insurance products or services on its Web site. The Insurance Brokers Association of Canada had asked OSFI to clarify the issue of whether or not a bank that […]
Ninety per cent of auto insurance shoppers are retained by their current provider, according to J.D. Power and Associates’ 2009 Insurance Shopping Study.The survey examined the purchase behaviours and overall satisfaction of U.S. buyers shopping for a new auto insurance provider. The survey is based on responses from more than 13,500 consumers who requested an […]
By Canadian Underwriter | June 29, 2009
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has just released a discussion paper on developing a new capital-testing framework. The paper, Key Principles for the Future Direction of the Canadian Regulatory Capital Framework for Property & Casualty Insurance, outlines 14 key principles that should be incorporated into any new capital […]
The Royal Canadian Mint intends to file a claim under its all risks insurance policy to offset approximately Cdn$15.3 million worth of unreconciled gold. The Mint commissioned Deloitte and Touche to conduct an audit to determine if the unreconciled difference in gold was the result of an accounting or transaction recording error. The report concluded: […]
Towers Perrin, Forster & Crosby Inc. and Watson Wyatt Worldwide Inc. have merged to form a new publicly-listed company, Towers Watson & Co. The implied equity value of the transaction is approximately US$3.5 billion, according to a release. The CEO of the new company is John Haley, CEO of Watson Wyatt, and the new president […]
Canadian Underwriter has launched instouch, an online network for insurance industry professionals. instouch (www.instouch.com) is a way for professionals to connect with industry contacts, groups and associations. “Membership at instouch is open to individuals working within all segments of the insurance market,” said Steve Wilson, senior publisher of Canadian Underwriter’s Insurance Media Group. Members at […]
By Canadian Underwriter | June 26, 2009
The U.S. Securities and Exchange Commission (SEC) does not intend to take any enforcement action after investigating Fairfax Financial Holdings Limited (TSX and NYSE: FFH) in connection with finite reinsurance contracts. Fairfax and its chairman and CEO, Prem Watsa, received subpoenas from the SEC in March 2006. The subpoenas were in connection with a Feb. […]
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