Industry
In order to ensure confidentiality of client information, a brokerage office must be separate and distinct from other business, according to the Registered Insurance Brokers of Ontario (RIBO). Also, the premises of the brokerage must be clearly identified to avoid any confusion as to the independence of the brokerage from other businesses on the premises, […]
By Canadian Underwriter | June 4, 2009
1 min read
OSFI-regulated insurers in 2009 Q1 continued to see their profits spiral downward.Canadian and foreign property and casualty insurers saw their 2009 Q1 profits sink to a total of Cdn$399.6 million, down from Cdn$628.3 million over the same period last year.In addition, Canadian property and casualty companies saw their overall minimum capital test (MCT) score decline […]
2 min read
OSFI is moving to meet with insurers on a more frequent, quarterly basis to appraise financial trends and issues related to insurer solvency.Chubb Canada president and CEO Ellen Moore made the observation at Chubb Canada’s first annual Executive Women’s Forum, held in Toronto on June 3. The forum is designed to further the leadership development […]
By Canadian Underwriter | June 3, 2009
In light of the financial meltdown in 2008 of companies that relied heavily on risk modelling, companies should be cautious about using risk models, but they should not abandon their use altogether, Guy Carpenter & Company LLC’s global chief economist and risk strategist says.Joan Lamm-Tennant of Guy Carpenter was speaking at Chubb Canada’s first annual […]
While the cost of directors and officers liability insurance is flat or declining for most insureds, rates for financial institutions-related D&O have increased 30% or more in 2009, reports Standard & Poor’s.In its report, Directors’ & Officers’ Insurance: An Evolving Product Line, S&P’s says that publicly traded financial institution D&O exposure is viewed in general […]
Canadian Underwriter received two Gold Awards at the Canadian Business Press’s Kenneth R. Wilson Memorial Awards held in Toronto on June 2. Canadian Underwriter received a Gold Award for its December 2008 cover, ‘Shifting Ground.’Designed by Pylon.ca, the cover featured 11 black boxes, each of which contains a quote from a Canadian primary insurance company […]
By Canadian Underwriter | June 2, 2009
When planning the acquisition of a Canadian insurance company or its assets, “care must be taken to ensure that transaction timelines permit various regulatory reviews to be completed in a timely manner,” Lang Michener says in a paper prepared for the International Law Office.The Lang Michener paper, Insurance Company Mergers: A Regulatory Guide, opens by […]
Somalia, Yemen, Iraq, Indian, Pakistan, Afghanistan are all classified under the most extreme category of ‘severe threats’ on Aon’s 2009 Terrorism Threat Map.Aon released the map during a conference call on June 1. Created in coordination with Janusian, a security consultancy firm, the map shows global levels of terrorist activity identified by means of attacks, […]
An active hurricane season could pose significant challenges with respect to the energy sector, according to Bertil Olsson, energy leader for Marsh’s US energy, mining and power practice. “Last year, many oil companies operating in the Gulf of Mexico had adequate insurance coverage and cash to cover the cost of — and quickly make — […]
If the eventual Supreme Court decision confirms the strike down of Alberta’s minor injury regulation (MIR) Insurance Bureau of Canada (IBC) has recommended a 40.2% rate increase for basic personal auto coverage.IBC retained a consulting actuary, Ron Miller, to prepare an analysis of the indicated adjustment to premiums for the basic auto insurance product as […]
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