Industry
Police-reported motor vehicle theft decreased 9% in 2007, the fourth consecutive annual decline, Statistics Canada noted in a recent report.Vehicle theft remains one of the most frequent offences committed in Canada, according to police-reported data. But the rate peaked in 1996, and has been generally dropping since.“According to police and insurance companies, reasons for this decline include the […]
By Canadian Underwriter | December 22, 2008
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Stephen Greene, former executive director of the Insurance Brokers Association of Nova Scotia (IBANS), is one of 18 new senators appointed by Prime Minister Stephen Harper.Harper announced his new appointments to the Senate on Dec. 22. Greene served as the executive director of IBANS for eight years. He went on to serve as Preston Manning’s […]
The Office of the Superintendent of Financial Institutions has outlined the type of notice a ceding company can expect to receive from a reinsurer that experiences a change in status as a result of OSFI’s changes to Part XIII of the Insurance Companies Act (effective Jan. 1, 2010).OSFI’s amendments are intended to clarify that the […]
By Canadian Underwriter | December 19, 2008
Despite a predicted 10% decline in the U.S. property and casualty market’s surplus in 2008, Fitch Ratings predicts the industry’s capital adequacy will remain favourable.The U.S. property and casualty industry experienced surplus growth of nearly 80% between 2003 and 2007, due to strong underwriting profits in three of the last four years and favourable investment […]
1 min read
Many accountants believe their companies will be ready for the changeover to International Financial Reporting Standards (IFRS) in 2011, although most of these companies remain in an early stage of preparedness, according to a recent survey of Canadian chartered accountants in senior executive roles.About 425 senior executives were surveyed in November 2008 as part of […]
The Insurance Brokers Association of Ontario (IBAO) is reminding consumers that if thieves break into a vehicle and steal some of its contents, two insurance claims will need to be filed.The auto policy covers damage to the vehicle, while the homeowners or tenants policy will cover any lost possessions that were in the car. During […]
By Canadian Underwriter | December 18, 2008
A recent Willis Group Holdings survey suggests liability insurance for financial loss will be a hot commodity in the near future.Willis’ Financial and Executive Risks (FINEX) division surveyed 40 delegates attending Willis’ quarterly Financial Institutions seminar. Sixty-six per cent of these delegates said they expected financial lines insurance would play a more prominent role in […]
Most new small cars now earn good ratings in frontal crash tests but not when it comes to side and rear crashes, according to a report by the Insurance Institute for Highway Safety (IIHS). The IIHS recently completed front, side and rear tests of seven 2009 model small cars. They include the Chevrolet HHR, Chrysler […]
The Insurance Bureau of Canada (IBC)’s 2008 list of the Top 10 most frequently stolen vehicles in Canada includes the appearance of luxury Audis and aging Dodge Neons, reflecting two motivations for auto theft — export and parts. Luxury vehicles are usually stolen by organized crime for export, while low-end vehicles are stolen for transportation, […]
By Canadian Underwriter | December 17, 2008
When it comes to anti-theft devices for automobiles, immobilizers aren’t the only game in town, says a Montreal-headquartered company that sells wireless tracking devices and vehicle recovery systems. Noting that IBC-approved immobilizers have not, when used as the sole method of protecting a vehicle, completely prevented vehicles from getting stolen, Boomerang Tracking Inc. says it […]
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