Industry
Canadian and foreign insurers licensed with the Office of the Superintendent of Financial Institutions (OSFI) continued to take a beating in the auto-personal accident category (which includes accident benefits), according to OSFI’s 2009 Q3 results.Canadian insurers saw their collective claims ratio in the auto personal accident segment jump from 98.84% as of the end of […]
By Canadian Underwriter | November 23, 2009
2 min read
There is a 10% probability that over the next 30 years a magnitude eight or nine quake will occur somewhere along the Cascadia Subduction Zone, A.M. Best reported.In its special report, New Hazard Maps, Model Updates Could Shift Views on Quake Risk, A.M. Best points to modelling done by the United States Geological Survey (USGS).The […]
1 min read
Fifty-six percent of Canadian companies surveyed report being victims of economic crime with the last year, according to a PricewaterhouseCoopers (PwC) survey.This is an increase of 10% over the 2003 survey results. Several economic crimes have come to light in the midst of the past year’s global economic downturn, including large-scale Ponzi schemes in Quebec, […]
By Canadian Underwriter | November 20, 2009
For the first time, good performance in a roof strength test was required to win a Top Safety Pick designation from the Insurance Institute for Highway Safety (IIHS).The addition of the roof strength criterion recognizes manufacturers with vehicles that provide good protection in rollovers, which kill more than 9,000 people in passenger vehicles each year.“With […]
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) intends to voluntarily delist its subordinate voting shares from the New York Stock Exchange.After delisting from the NYSE, Fairfax’s subordinate voting shares will continue to be listed on the TSX, where they will be traded in both Canadian and U.S. dollars under the trading symbols FFH and […]
Claims
A man who obtained two drivers licenses under different aliases has been handed a six-month jail sentence. When applying for a license to drive in British Columbia in September 2004, Christopher Richard Alblas presented an Alberta driver’s license. After a series of checks and reviews, the customer service representative contacted her Alberta counterpart and determined […]
Saskatchewan’s Superintendent of Insurance has warned insurers marketing insurance and administering insurance contracts in the province with the assistance of unlicensed third-party entities that it intends to “follow-up” with them.In a letter, the regulator requests that non-compliant insurers remedy this situation as soon as possible.“We also understand that some insurers may be taking the position […]
By Canadian Underwriter | November 19, 2009
Ontario’s auto reforms probably won’t make their mark until the third quarter of 2010, insurance company executives said at a luncheon sponsored by the Conestoga Chapter of the Insurance Institute of Ontario.Due to the delay, the industry must now be prepared to endure “sustained negative press” for the better part of 2010, one observed. Maurice […]
Insurers need to fundamentally re-think business models rather than simply change technologies to expedite service the way it has always been done, insurance company executives told people attending a luncheon sponsored by the Conestoga chapter of the Insurance Institute of Ontario.“Companies are spending hundreds of millions of dollars to replace their legacy systems,” Gore Mutual […]
Intact Financial Corporation (TSX: IFC) intends to issue Cdn$150 million principal amount of unsecured notes pursuant to its medium term note program. Net proceeds will be used by Intact for general corporate and investment purposes.The notes, to be offered on a best efforts basis through an agency syndicate led by CIBC World Markets Inc. and […]
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.
