Industry
After several years of strong operating results, Canada’s federally-regulated property and casualty insurers are starting to show signs of stress, the Office of the Supervisor of Financial Institutions (OSFI) said in its 2007-08 Annual Report.The industry’s overall combined ratio (COR) increased from 88.6% to 91.9% in 2007, OSFI noted. But the solvency regulator further observed […]
By Canadian Underwriter | November 19, 2008
1 min read
An Ontario law firm has filed a Cdn$550-million class action against the U.S. American International Group Inc. (AIG), AIG Financial Products Corp. (AIGFP) and various directors and officers, alleging in a statement of claim that disclosures made by the American company caused massive losses to Canadian investors. The allegations have not been proven in court. […]
Insuring troubled assets through the creation of an ‘asset stabilization pool’ would help to strengthen America’s economy, Aon told the House Committee on Financial Services in Washington. The plan involves the sharing of risk by participants in an entity referred to as the “asset stabilization pool,” according to D. Cameron Findlay, executive vice president and […]
The Nova Scotia Supreme Court has allowed the admissibility of six doctors’ records in a personal injury case even though the physicians were not available to testify, but the opinions contained in the doctors’ records are not admissible as truth.In Tingley v. Wellington Insurance, the plaintiffs, Patricia Tingley, Margaret Burton, Kelli Smith and Todd Smith, […]
2 min read
Ontario has introduced new legislation designed to strengthen the province’s graduated licensing system, crack down on suspended drivers and help keep impaired drivers off roadways.Proposed changes to Ontario’s Graduated Licensing System would mean it would take a new driver 16 months longer to obtain a driver’s licence (i.e. 36 months, instead of the current 20 […]
By Canadian Underwriter | November 18, 2008
Only 57% of Canadian drivers put snow tires on their cars; of the 43% who don’t, half (54%) are not willing to spend the money to do so, according to an RBC Insurance/Ipsos Reid consumer survey.The survey was conducted between Mar. 27 and Apr. 10, 2008. The poll was based on a randomly selected sample […]
Gordon Kerr has accepted the role of CEO and chief agent of Arch Insurance Group’s Canadian insurance operations. Kerr was previously the chief operating officer of American International Group’s (AIG) Canadian commercial insurance operations.He replaces Michael Baxter, who will become worldwide chief underwriting officer for Arch Insurance Group’s Onshore Energy (Technical Risk) and CAR/EAR platforms, […]
Blake Craig, president of J. Leroy Gallant Insurance Limited, has been named president of the Insurance Brokers Association of Prince Edward Island.Craig succeeds the association’s past president, Karen Doiron, who currently serves on the board of directors for the Insurance Brokers Association of Canada.Craig is the grandson of J. LeRoy Gallant, who founded the family-owned […]
*** CLARIFICATION/CORRECTION*** This item clarifies and corrects information contained in an item posted on Nov. 14. Zurich Financial Services has posted a Q3 net income after tax of US$154 million, marking a dramatic drop from the profit of US$1.5 billion quarter-over-quarter. Before taxes, it posted a Q3 loss of US$119 million, as compared to a […]
The Insurance Brokers Association of Canada (IBAC) says the Canadian Council of Insurance Regulators (CCIR) has “missed an opportunity” to implement a new licensing regime for sellers of incidental insurance products.The national insurance market conduct regulator has just released its much-anticipated Incidental Selling of Insurance Report. In it, the CCIR defines incidental sellers of insurance […]
By Canadian Underwriter | November 17, 2008
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