What’s New: In Brief (June 06, 2008)

A.M. Best Co. has upgraded the financial strength ratings (FSR) of AXA Insurance (Canada) (Ontario), AXA Pacific Insurance Company (British Columbia) and AXA General Insurance Company (Newfoundland) from A- to A. In addition, A.M. Best has affirmed the FSR of A of the operating parent, AXA Assurances Inc. (Montreal, Quebec) and its other wholly owned subsidiary AXA Assurances agricoles Inc. (Montreal, Quebec), according to an A.M. Best release. “These positive rating factors are partially offset by industry softening in commercial lines pricing; increased pressure from major competitors for market share; the potential for adverse reserve development due to construction liability claims in Western Canada; catastrophic earthquake exposure in British Columbia and Quebec; and the uncertainty regarding the long-term benefits of regulated product reforms to auto insurance in the companies’ major markets of Ontario and Alberta,” A.M. Best notes in a release.

Seventy-four per cent of Canadians are prepared to pay more for environmentally friendly products, according to a CROP survey carried out within the framework of the 2008 AXA Retirement Scope. This is above the international average of 63.5%. Canadians rank second in the list of countries whose citizens are prepared to change their habits to fight global warming (90%), right behind Thailand (93%). Most Canadians believe they can personally take action to fight climate change, the survey found.The survey canvassed the opinions of 18,000 working and retired persons in more than 26 countries.