Industry
Insurance Bureau of Canada (IBC) wants the government of Ontario to work with the federal government to delay changes to Part XIII of the Insurance Companies Act of Canada until the initiative is fully understood by provincial regulators.IBC made the suggestion as part of its pre-budget submission to Ontario’s minister of finance.The Office of the […]
By Canadian Underwriter | November 24, 2008
1 min read
Manitoba’s Court of Appeal has denied an application for leave to appeal a decision that denied an insured the right to claim accident benefits under section 138 of the Manitoba Public Insurance Corporation Act, which carries no maximum limit for personal home assistance.Steven Fletcher was paralyzed from the neck down as result of a 1996 […]
2 min read
The Supreme Court of Canada has overturned an Ontario Court of Appeal decision and ordered a group of property insurers to cover the costs related to a damaged tunnel boring machine under an all-risk policy.In Canadian National Railway Co. v Royal and SunAlliance Insurance Co. of Canada, a panel of four Supreme Court of Canada […]
By Canadian Underwriter | November 21, 2008
Ontario’s government needs to reform its auto insurance regulatory framework to contribute to long-term stability of the provincial economy by keeping the cost of insurance for consumers from growing, Insurance Bureau of Canada (IBC) says.In a pre-budget submission to Dwight Duncan, minister of finance, IBC has identified areas where it believes strategic government action can […]
Fairfax Financial Holdings Ltd (TSX and NYSE: FFH) has removed the hedge on its equity portfolio investments.As of Oct. 31, 2008, Fairfax continued to hold approximately 73% of its investment portfolio in treasury bills and government bonds as well as approximately $9.7 billion notional amount of credit default swaps. “The credit default swaps are extremely […]
Crawford & Company (Canada) has announced five appointments. Santo Carbone has been appointed vice president, partnerships and regional claims centre (RCC) operations, at Crawford & Company (Canada). Carbone brings more than 27 years of claims management and operations experience to Crawford’s Mississauga RCC. Serge Deschenes has been appointed manager of Crawford’s Quebec City branch. Deschenes, […]
Companies with greater risk management and enterprise risk management (ERM) maturity levels are more likely to have higher credit ratings, according to RIMS ‘State of ERM Report 2008 — an in-depth study on ERM practices.’ There is a distinct correlation between companies that score higher on the RIMS Risk Maturity Model (RMM) and companies that […]
By Canadian Underwriter | November 20, 2008
U.S. property and casualty companies that diversified into life insurance have been hit hardest by US$55 billion in GAAP equity losses over the first nine months of 2008, according to a recent report by Fitch Ratings.Fitch analyzed a “public company universe” of 52 companies in its recent ‘Nine-Month 2008 Results Review.’ Shareholders’ equity for 46 […]
Policy Works Inc. has released a second white paper in a campaign to communicate with commercial brokers. The white paper, ‘To Trust or Not To Trust: 7 Tactics to Help Brokers Build Trust,’ investigates why consumers have feelings of distrust towards the insurance industry. It further examines the concept of trust as a multi-factor construct […]
Brokers must maintain a balanced portfolio and resist relying too heavily on European-based insurers, warned Colin Simpson, senior vice president and chief strategy officer of Kingsway Financial Services.Simpson spoke at the Insurance Institute of Ontario’s ‘At the Forefront’ breakfast in Toronto on the need for brokers to support domestic insurers to ensure the survival of […]
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