Industry
A.M. Best Co. has revised the outlook of Peace Hills General Insurance Company to negative from stable and affirmed its financial strength rating of B+ (Good) and issuer credit rating of “bbb-.””The negative outlook is a result of Peace Hills’ weakening capitalization due primarily to its declining asset values and diminishing earnings,” A.M. Best said […]
By Canadian Underwriter | January 12, 2009
2 min read
Preliminary assessments place the claims costs of insurable losses related to the recent winter storms in British Columbia at Cdn$39 million. Thus far, 4,300 claims have been received, according to the Insurance Bureau of Canada. As a result of this series of storms, insurance companies received an unusually high number of claims within a short […]
By Canadian Underwriter | January 9, 2009
1 min read
Joe Restoule was inaugurated as the president of the Risk and Insurance Management Society (RIMS) on Jan. 8 at a reception at the Harvard Club in New York City.Restoule discarded his hidden, prepared notes and gave a heartfelt thanks to fellow RIMS board members, especially immediate past-president Janice Ochenkowski.“She has been a mentor, a coach […]
The Financial Services Authority (FSA) has fined Aon Limited £5.25 million (Cdn$9.47 million) for “failing to take reasonable care to establish and maintain effective systems and controls to counter the risks of bribery and corruption associated with making payments to overseas firms and individuals.” “This is the largest financial crime related fine imposed by the […]
Fitch Ratings anticipated debates about fair value (FV) accounting in 2008, but “the increased scrutiny accounting received in the wider global finance debate exceeded our expectations,” the ratings agency notes in a recent report.Posted online, the special report is entitled: ‘Accounting and Financial Reporting: 2009 Global Outlook.’This year looks to be “a bellwether for the […]
Global reinsurance prices firmed for Jan. 1, 2009 renewals and are expected to remain that way for April and July 2009 renewals, according to the January 2009 Reinsurance Market Outlook issued by Aon Benfield. Aon Benfield expects the reinsurance renewal market in April and July 2009 will be similar to the January market, assuming only […]
By Canadian Underwriter | January 8, 2009
The KRG Children’s Charitable Foundation has donated more than Cdn$1.3 million to The Hospital for Sick Children. “KRG is in the insurance business and The Hospital for Sick Children represents a giant insurance policy for children and their families,” says Steven Wise, chairman and CEO of KRG Insurance Group and chairman of KRG Children’s Charitable […]
Most businesses have improved access to commercial insurance at more affordable prices than at any time in the past four years, according to recent surveys conducted by Insurance Bureau of Canada (IBC).IBC conducted two surveys to gauge the experiences of commercial insurance consumers when insuring their businesses. One survey polled 158 commercial insurance users to […]
The Ontario Superior Court of Justice has upheld the principle that an insurer cannot simply deny paying accident benefits to an applicant — even if the policy had been cancelled two months before the accident — so long as there is some kind of connection between the applicant and the insurer.In Lombard Canada Limited v. […]
Manitoba’s auto theft rates have dropped to the lowest level since 1993, according to claims data released by Manitoba Public Insurance (MPI). The trend is driven in part by a 40% decrease in auto theft taking place in Winnipeg, MPI noted in a press release.In 2008, 3,173 vehicles were stolen in Winnipeg, down from 5,476 […]
By Canadian Underwriter | January 7, 2009
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