Claims
More accident benefits (AB) claimants will likely find themselves in small claims court as a result of the Jan. 1, 2010 changes to Rules of Civil Procedure, said Kadey Shultz, an associate at Hughes Amys, LLP.Shultz spoke on recent decisions and changes to legislation affecting AB claims at the Ontario Insurance Adjusters’ Association conference in […]
By Canadian Underwriter | February 3, 2010
2 min read
Industry
Capital has come back to the global re/insurance market “with a vengeance” in 2009, and the debate is on as to whether companies will try to reduce some of their capital through share buybacks or mergers and acquisitions activity in 2010, speakers told a Guy Carpenter seminar held in Toronto.Whereas the recent volatility in the […]
A recent guideline issued by the Office of the Privacy Commissioner of Canada states that third parties must be blurred out in surveillance footage. The OPC published guidelines on covert surveillance in the private sector in May of 2008. By and large, the claims industry had no issue with most of the recommended practices, save […]
By Canadian Underwriter | February 2, 2010
The Risk and Insurance Management Society (RIMS) is publicly opposing two aspects of the Obama Administration’s budget blueprint.Specifically, RIMS opposes a budget proposal to roll back the government’s terrorism insurance backstop by $250 million.Secondly, it is concerned about a proposal to deny an existing tax deduction for domestic insurers that pay reinsurance premiums to foreign […]
Canadian Securities Administrators (CSA) commenced 124 securities proceedings in 2009, marking a decrease from the 171 proceedings commenced in 2008, according to the CSA’s 2009 Enforcement Report.The 124 matters were commenced against a total of 154 individuals and 112 companies.The CSA concluded 141 cases in 2009, involving 160 individuals and 103 companies. By comparison, the […]
1 min read
Munich Re increased its 2009 profit to €2.56 billion (about Cdn$3.78 billion), marking an increase from 2008’s profit of €1.58 billion, according to the reinsurer’s preliminary calculations.The profit for 2009 Q4 was €780 million (about Cdn$1.15 billion), marking an increase from 2008 Q4’s €110 million (about Cdn$163 million).The combined ratio in reinsurance was 95.3% for […]
The Canadian Council of Insurance Regulators (CCIR) has revised its December 2009 voluntary consent and undertaking, eliminating portions that specified how insurers were to be conducting their business in Canada.“After consultations with industry stakeholders, regulators have revised the consent and undertaking (C&U) that was sent to you on Dec. 1, 2009,” the CCIR wrote to […]
By Canadian Underwriter | February 1, 2010
The 2009 Q3 results of the Canadian property and casualty industry represented a tale of two cities, including the “worst of times” for personal and multi-lines insurers and the “best of times” for commercial insurers, according to the latest data from the Q3-2009 MSA/Baron Outlook Report. “Personal and multi-lines insurers experienced an underwriting loss of […]
Insurance Bureau of Canada (IBC) has rebranded itself.The new logo prominently features a dark red maple leaf and identifies IBC as a national trade organization and as “Canada’s trusted voice in insurance,” a release says.Within the maple leaf are three rays, intended to represent Canada’s private home, car and business insurers and IBC’s “lasting commitment […]
The implementation of Solvency II could result in a minimum capital requirement increase of 62% for United Kingdom insurers, according to EMB, a UK-based actuarial consulting firm.EMB studied 49 companies, covering a broad range of non-life insurance sectors —including personal lines, commercial lines, Lloyd’s, P&I clubs (protection and indemnity insurers), and other London Market sectors […]
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