Industry
Federally regulated insurance companies that are about to sign long-term agreements with foreign-based reinsurers — i.e. agreements that extend beyond 2010 — should be aware of the potential impact that changes to Part XIII might have on capital/asset credit eligibility, Canada’s federal solvency regulator says.The Office of the Superintendent of Financial Institutions (OSFI) has indicated […]
By Canadian Underwriter | December 4, 2008
2 min read
The trend in outsourcing the manufacturing of non-invasive medical devices could introduce new risk exposures, a Lloyd’s report warns.The long-tail risk exposures for invasive medical devices could also increase due to expanding knowledge of technologies that were implemented years ago, it continues.North American or European-based manufacturers of medical devices need to ensure that parts that […]
Fifty-seven per cent of fatalities in New Brunswick involving 16- to 19-year-olds, and 41% of fatalities involving 20- to 25-year-olds, are caused by alcohol-related vehicle collisions, according to data from the Traffic Injury Research Foundation. Aiming to reduce the number of fatalities, Insurance Bureau of Canada (IBC) is partnering with the Province of New Brunswick […]
1 min read
Agriculture Financial Services Corporation (AFSC) is offering a first-of-a-kind livestock insurance program to Alberta beef producers to help protect their operations from fluctuating market prices.The Cattle Price Insurance Program (CPIP) is an Alberta-made livestock insurance product developed through a partnership with the federal government, the Government of Alberta and the Alberta Beef Producers.“This type of […]
Kingsway Financial Services Inc. has called a special shareholders’ meeting to be held on Feb. 10, 2009 that will address the status of two Kingsway board members that a minority shareholder wants replaced.The Stilwell Group owns more than 5% of the Kingsway’s common shares as a result of purchases the group has initiated during the […]
By Canadian Underwriter | December 3, 2008
The Financial Services Commission of Ontario (FSCO) has released the indexation percentage for the Operational Index Benefit under section 29 of the Statutory Accident Benefits Schedule, raising the percentage from 2.5% to 3.4% in 2009.Benefit amounts and monetary limits are indexed on Jan. 1 of each year immediately following the accident. The indexation percentage is […]
Given that the Canadian property and casualty insurance industry is owned to a large extent by foreign entities that have been adversely affected by global financial turmoil, there may be opportunities for financially sound Canadian insurers to acquire assets or blocks of business.Many of the foreign parent companies have experienced large losses in their home […]
Manitoba Public Insurance (MPI) has reduced its auto insurance rates by 1% overall, the second rate decrease in three years. The decrease was spurred by the success of Manitoba’s immobilizer program and record declines in theft numbers. The Public Utilities Board approved the rate decrease, meaning more than 600,000 vehicles will pay either the same […]
Canadian federally regulated insurers during the first nine months of 2008 saw their collective net income drop about Cdn$700 million compared to the same period last year.Insurers reporting to the Office of the Superintendent of Financial Institutions (OSFI) posted a Cdn$1.5-billion net income during the first three months of 2008, down from the Cdn$2.3 billion […]
By Canadian Underwriter | December 2, 2008
The Insurance Brokers Association of Ontario (IBAO) held its inaugural Awards of Excellence Gala, giving recognition to six outstanding brokers during its 88th Annual Convention in Toronto in October.The winners of the 2008 IBAO Awards of Excellence, listed below, were selected from among the 10,000 brokers represented by the IBAO for their outstanding work as […]
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