Industry
The Institute for Catastrophic Loss Reduction has been accepted as an advisory institution into the working group of the United Nations Environment Programme Finance Initiative (UNEP FI). UNEP FI is a global partnership between the United Nations Environment Programme (UNEP) and the financial sector. More than 170 institutions, including banks, insurers and fund managers, work […]
By Canadian Underwriter | May 20, 2009
2 min read
Companies using Enterprise Risk Management (ERM) frameworks lost considerable amounts of capital despite the protective measures in which they had invested, according to Nick Frankland, CEO of European operations with Guy Carpenter. In his report, Capital Management Strategies Forced to Mature, Frankland notes that holistic risk and capital management may be the only means to […]
The decisions of Case Management Masters should be treated with the same deference on appeal as the decisions of higher-ranked judges when their decisions are appealed to higher courts, the Ontario Court of Appeal has confirmed in an auto collision case.In Zeitoun v. Economical Insurance Group, Mario Zeitoun was a passenger in a car insured […]
Saskatchewan Financial Services Commission (SFSC) is cautioning against an alleged online lender that requires the remittance of a portion of an insurance policy premium to secure a loan.Bovine Advisors is purporting to offer an online credit application, promising to provide loan proceeds upon the receipt of a signed acknowledgement and the remittance of a portion […]
By Canadian Underwriter | May 19, 2009
1 min read
Shelly Gobin, senior vice president and CFO at Kingsway Financial Services, has left the organization. Daniel Brazier will assume the responsibilities on an interim basis. Brazier was previously CFO of the wholesale banking division at Standard Chartered Bank. He has been heavily involved in strategy development, business transformation and finance re-engineering during his career, according […]
Insurance companies and other financial institutions should think carefully about adding directors with insurance, banking and/or risk management expertise as a way to deepen board discussions during times of financial risk, Canada’s solvency supervisor says.Julie Dickson, superintendent of the Office of the Superintendent of Financial Institutions (OSFI), made her remarks in a speech to the […]
Non-proportional (re)insurers can improve capital assessment by using a partial internal calculation formula under Solvency II, Swiss Re said.Under Solvency II, in order for insurers to calculate how much capital they need to support the business they write, assets and liabilities have to be valued using a market consistent view, Swiss Re said.Based on its […]
Insurance Bureau of Canada has called a public campaign petitioning the potential reduction of the limit on basic accident benefits an “offensive and inaccurate swipe” at the insurance industry.The Alliance of Community Medical & Rehabilitation Providers is a coalition of 43 organizations in Ontario that provide clinical services to motor vehicle accident victims. On May […]
By Canadian Underwriter | May 15, 2009
Export Development Canada (EDC) will provide reinsurance for domestic receivables to Canada’s private credit insurers, allowing them to access up to Cdn$1 billion in capacity.AIG Commercial Insurance Canada, Atradius, Coface, Euler Hermes Canada, Executive Risk Insurance Services and The Guarantee Company of North America are the companies that will access the new capacity, an EDC […]
An insurer is not liable to pay for accident benefits when the accident victim has failed to attend insurer examinations without a reasonable explanation, a Financial Services Commission of Ontario (FSCO) arbitrator has decided.Illiia Troubitsine alleges he was on a TTC bus on Nov. 10, 2006 when he claims that the bus stopped suddenly and […]
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