Industry
Governments should limit the systemic risks posed by organizations deemed “too big to fail” through increased regulatory oversight, argues the Conference Board of Canada (CBC).Lessons from the Recession and Financial Crisis: “Too Big to Fail” Means Too Big is part of the CBC’s ongoing series on lessons from the recession and financial crisis.Organizations considered too […]
By Canadian Underwriter | March 8, 2010
2 min read
Canada’s federal budget would allow credit unions to become national, thus allowing them to grow and compete with banks — but will it also allow them to compete with insurers?In its budget documents, the Department of Finance Canada says it intends to introduce “a legislative framework to enable credit unions to incorporate and continue federally, […]
By Canadian Underwriter | March 5, 2010
1 min read
Canadian Western Bank Group, which owns Canadian Direct Insurance Incorporated (Canadian Direct), a subsidiary that provides personal auto and home insurance to customers in B.C. and Alberta, reported a record quarterly profit in 2010 Q1.Canadian Direct Insurance Incorporated (Canadian Direct) started the year with record net income of $3.3 million, up $2.5 million compared to […]
There were approximately 20% fewer claims reported during the 2010 Winter Games than during the same time period in 2009, according to the ICBC.The observation is based on preliminary numbers.”We put a plan in place to deal with an anticipated increase in claims, but thanks to everyone’s smart choices we actually saw a decrease in […]
American International Group Inc. (AIG) is planning to sell the rest of its 9.1-million remaining shares in Transatlantic Holdings Inc. (TRH).American Home Assurance Company (AHAC), an AIG subsidiary, currently holds the TRH stock.AHAC’s current ownership in TRH represents approximately 13.8% of TRH’s common shares issued and outstanding.AHAC intends to commence such an offering on or […]
A ‘What’s New In Brief’ item published on Feb. 10, 2010 stated: “An Insurance Bureau of Canada (IBC) steering committee is recommending full adoption of the Health Claims for Auto Insurance (HCAI) electronic system for processing auto insurance health claims by Mar. 31, 2010.”The sentence should have read: “An Insurance Bureau of Canada (IBC) steering […]
Women made up 17.4% of the total number of directors in 81 finance and insurance companies surveyed in 2009 by Catalyst, an organization that provides resources related to the women’s leadership development. The biennial count in 2009 Catalyst Census: Financial Post 500 Women Board Directors surveyed 478 of the National Post’s Top 500 companies in […]
By Canadian Underwriter | March 4, 2010
Aviva has reported a preliminary International Financial Reporting Standard (IFRS) operating profit of £213 million (Cdn$330.2 million) for the North America division, compared to £149 million (Cdn$231 million) in 2008. “In Canada, where we are the second largest general insurer, we experienced good growth in the commercial lines market, which has had the desired benefit […]
The B.C. government plans to take $778 million from the Insurance Corp. of B.C. over the next three years for general revenue, the Vancouver Sun has reported.”First revealed in the provincial budget Tuesday, the plan is for ICBC to transfer $487 million to the province in 2010, $144 million in 2011 and $147 million in […]
Reinsurers could bear upwards of three-quarters of insured losses from the Chilean earthquake, according to the Insurance Information Institute (III).Early estimates by AIR Worldwide place insured losses at more than $2 billion.Many large international insurers and reinsurers compete for business in Chile, in addition to Chilean insurers. Reports note the maturity of the insurance market […]
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