Industry
The Registered Insurance Brokers of Ontario (RIBO), a self-regulating body for the province’s brokers, will be preparing best practices for its membership to help brokers understand their obligations toward clients with respect to the auto reforms.In its spring bulletin, RIBO also encouraged members to participate in the Insurance Brokers Association of Ontario (IBAO)’s province-wide ‘road […]
By Canadian Underwriter | March 18, 2010
1 min read
Underwriting profits for the US property and casualty insurers were modestly better in 2009, reports FitchRatings. The modest improvement was due to the combined impact of unusually light catastrophe losses and favourable loss reserves, according to Fitch’s Property/Casualty Insurers’ Year-End 2009 Review.The group of insurers in the ‘Fitch universe’ reported an overall combined ratio of […]
Fitch Ratings downgraded 74 companies in the insurance sector — 39.2% of sector ratings — in 2009.Conversely, zero companies were upgraded, Fitch Ratings Global Corporate Finance 2008 Transition and Default Study reports. “The global recession, severe in breadth and depth, affected nearly every corner of the credit markets in 2009,” the study reported. “No sector […]
Claims
After nine months of planning, two teams have set off on the Catlin Arctic Survey 2010. Both the Explorer Team and the first of the Ice Base personnel left Resolute, Nunavut on a flight out to the floating ice sea of the Arctic Ocean. The researchers are investigating the effects of carbon dioxide on the […]
The Financial Services Commission of Ontario (FSCO) has released its new requirements for its ‘Certificate of Automobile Insurance’ form to reflect the government’s reforms.The new certificate must be used for all policies that are issued or renewed on or after Sept. 1, 2010 (the effective date of the reforms).Insurers can choose to either use a […]
By Canadian Underwriter | March 17, 2010
A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the subsidiaries of The Co-operators Group Limited (The Co-operators). The FSR of A- (Excellent) have been affirmed for Co-Operators General Insurance Company.The outlook for the ratings is stable, A.M. Best reports. “The ratings of Co-operators General are reflective of […]
A new pilot program in Saskatoon, Report Impaired Drivers (RID), encourages residents to call 9-1-1 to report suspected impaired drivers to the police. “Drinking and driving continues to be the number one contributing factor in fatal collisions in Saskatchewan,” June Draude, the minister responsible for SGI, said. “RID promotes the public’s assistance in reporting impaired […]
A.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior) and issuer credit ratings (ICR) of “aa+” of the Chubb Group of Insurance Companies (Chubb Group) and its property/casualty members. The outlook for all ratings is stable, A.M. Best reports. “The ratings reflect Chubb Group’s superior risk-adjusted capitalization, excellent underwriting and overall […]
Three major aviation loss events cost the market roughly $1.2 billion in 2009, according to a GC Capitals report. The first major loss saw 49 people die when a Bombardier Dash 8 crashed while heading into Buffalo Niagara International Airport in February. On June 1, one of the largest losses in the aviation market occurred […]
Alberta incorporated property and casualty companies reported a collective net income of $40.7 million in 2009, marking an improvement from 2008’s consolidated net income of $29 million, according to postings by Alberta’s Superintendent of Insurance.The figures include:• Alberta Motor Insurance Company;• Canadian Farm Insurance Corp;• Fortress Insurance Company;• Millenium Insurance Company;• Peace Hills Insurance Company; […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
