Industry
The Registered Insurance Brokers of Ontario (RIBO) is warning of an alleged automobile insurance scam.A newspaper ad advertising auto insurance with a 1-800 contact number has been placed in several Ontario city newspapers, a RIBO release says. Typically, the perpetrators of the scheme place the newspaper ads for about a week and then move onto […]
By Canadian Underwriter | April 23, 2010
1 min read
RSA has teamed with MarshBerry, a consulting firm, to offer RSA’s key brokers tools to grow their businesses. MarshBerry, a U.S. broker consulting firm, offers expertise in management, peer-to-peer exchange network, informational services, sales effectiveness and merger and acquisition advisory services. Through its resources and insurance industry knowledge, MarshBerry will act as a support tool […]
The Insurance Brokers Association of Ontario (IBAO) is reaching out to local organizations on behalf of the Canadian Crime Victim Foundation (CCVF) to raise sponsorship for the CCVF’s 8th Annual Gala and Fundraiser. The CCVF is a charitable organization dedicated to supporting and empowering victims of crime, by providing resources and effecting positive change to […]
Returns on insurance-linked securities (ILS) averaged 3.4% for 2010 Q1, marking an improvement over the 0.95% returns reported in 2009 Q1, said Aon Benfield.In its report, Insurance-Linked Securities: First Quarter Update 2010, Aon noted that for the 12 months ended March 31, 2010, investor returns surpassed 13% — significantly greater than the 2.6% seen in […]
The size of an insurer and whether or not the Canadian office has a parent company will likely be key drivers in whether or not Canadian property and casualty insurers take advantage of the solvency regulator’s move to allow internal capital modeling targets by 2014.For Aviva Canada, the influence of a parent company was definitely […]
By Canadian Underwriter | April 22, 2010
2 min read
Claims
There is a potential systemic risk in the use of catastrophe models in Canada because of the property and casualty industry’s “extensive reliance on vendor-provided catastrophe models, particularly with extensive reliance on one vendor in Canada,” KPMG says in research contracted by the Insurance Bureau of Canada (IBC). Rachel Dutil of KPMG LLG shared preliminary […]
Canada will not be adopting the Solvency II European capital test, Bernard Dupont, the managing director of the Office of the Superintendent of Financial Institutions (OSFI)’s capital division, told the 2010 IBC Financial Affairs Symposium in Toronto.Dupont said OSFI would be willing to examine any valuable aspects of the Solvency II European capital model, but […]
The Office of the Superintendent of Financial Institutions (OSFI) has rejected the notion of mutual recognition of international regimes for the purpose of regulating the use of unlicensed reinsurance.Instead, look for OSFI to maintain its collateral regime for unregistered reinsurance. “It would be premature to consider a full ‘mutual recognition’ framework,” OSFI assistant superintendent Mark […]
AXIS Reinsurance Company has announced two appointments to its Canadian branch.Rohit Trivedi will be establishing AXIS Reinsurance’s insurance claims operation in Canada. He joins AXIS from Munich Re Group where he established and led the claims department for Munich Re’s primary arm, Temple Insurance.Vangie Artes accepted the role of assistant vice president of AXIS property. […]
The Ontario Superior Court recently re-asserted the limits of how much a plaintiff’s counsel can help his or her client during an examination for discovery in an action concerning a motor vehicle accident.In Michael Madonis v. Julian G. Dezotti and Donna L. Dezotti, counsel for the plaintiff (Madonis) made numerous attempts to provide answers on […]
By Canadian Underwriter | April 21, 2010
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