Industry
Moody’s Investors Service has revised its outlook for the U.S. commercial lines insurance sector to negative from stable.The downgrade is based on a “confluence of factors,” including intensified stress on insurers’ investment portfolios and financial inflexibility arising from capital market turmoil, together with continued cyclical weakening of underwriting, a Moody’s release says.In addition to above-average […]
By Canadian Underwriter | April 17, 2009
1 min read
Auto rate applications approved by the Financial Services Commission of Ontario (FSCO) for 2009 Q1 averaged +0.95% based on the entire market. In 2009 Q1, the average rate change was +3.09% for the 30.91% of the market that had approved changes, when weighted by market share, according to FSCO. Rate changes approved for the entire […]
A catastrophically injured victim of a drive-by shooting is not entitled to coverage under the OPCF 44R–Family Protection Coverage Endorsement, the Ontario Court of Appeal has ruled.Louise Russo walked into a Toronto-area sandwich shop in 2004, when a van with three men drove up to the window of the shop and two men fired guns […]
By Canadian Underwriter | April 16, 2009
2 min read
Many insurers manage risk using stale, outdated reports and information, a study by the London-based Economist Intelligence Unit found.In 2008 Q4 and 2009 Q1, the EIU surveyed 446 senior executives from 10 industries around the world about their views on the financial processes that support governance, risk and compliance. Of this total, 58 came from […]
The Co-operators has reported a net income of Cdn$82.4 million in 2008, a decrease from Cdn$158.7 million in 2007. “The Co-operators and its member-owners reflected upon a year marked by unprecedented economic upheaval and market volatility,” according to a company release. “Despite the challenging environment, The Co-operators maintained its financial strength, expanded its membership base […]
The threat of over-regulation looms large for global insurance experts, according to results from a Geneva Association survey. In early April, 46 senior insurance experts and professionals from around the world, including 15 heads of supervisory and regulatory authorities, participated in the PROGRES 2009 Regulatory Questionnaire. The survey found that: • 80% of survey respondents […]
By Canadian Underwriter | April 15, 2009
Inadequate pricing is the primary reason why insurers fail, and strict rate regulation is among several contributors to inadequate pricing, the Property and Casualty Insurance Compensation Corporation (PACICC) says in its recently released report, Why Insurers Fail: Inadequately Pricing the Promise of Insurance.PACICC’s most recent publication, the third in a series of reports on why […]
The Property and Casualty Insurance Compensation Corporation (PACICC) is planning to encourage legislative reforms that would align the financial reporting standards of provincially supervised insurance companies with those of federal and international solvency regulators.“PACICC continues to advocate improved public disclosure of insurance company financial information,” PACICC board member Robin Spencer said in remarks to the […]
There were no applications for increases of premium level for basic coverage for private passenger vehicles to the Alberta Insurance Rate Board in 2009 Q1.Only one change to the basic rate for private passenger vehicles was approved in Q1, and that was a 1.9% premium reduction for AXA Pacific Insurance Company.Seven insurers applied for and […]
Out of the thousands of random drop-ins at collision repair shops by ICBC, only 48 collision repair shops required a formal audit because of a suspected problem so far this year, according to the ICBC. Of the 48 audits, only 39 have turned up a problem; in some instances, the problem was over-billing, according to […]
By Canadian Underwriter | April 14, 2009
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