Industry
Net earnings improved for many companies within the U.S. property and casualty industry despite declining investment losses, but deteriorating accident-year underwriting results and lower investment income pressured operating profits, reports Fitch.Fitch’s Property/Casualty Insurers’ Mid-Year 2009 Results Review compiled mid-year GAAP 2009 financial results for Fitch Ratings’ universe of publicly traded (re)insurers. The industry’s underwriting results […]
By Canadian Underwriter | September 24, 2009
1 min read
Consumer satisfaction declines substantially among auto insurance policyholders who are not notified in advance of rate increases, according to the J.D. Power and Associates 2009 Canadian Home and Auto Insurance Customer Satisfaction Study. The study, released on Sept. 23, finds that 38% of auto insurance policyholders reported experiencing a rate increase in 2009, up from […]
By Canadian Underwriter | September 23, 2009
2 min read
As expectations of risk management functions grow in the current economic and regulatory climate, actuaries will have to move beyond their “familiar zone” and begin to consider the entire range of risks faced by an insurer, said Julie Dickson, the Superintendent of Financial Institutions.Dickson delivered a speech to the Actuaries Club of Toronto on Sept. […]
The need to deal with catastrophic and project risks is driving an increased focus on risk management by private entities, according to a survey of more than 200 public entity organizations in Europe. More than half of the respondents had experienced some type of significant disaster over the last five years, the survey conducted by […]
JEVCO Insurance Company will assume the assets and liabilities of Kingsway General Insurance Company (KGIC), effective Oct. 1, 2009, subject to regulatory approval. Both KGIC and JEVCO are subsidiaries of Kingsway Financial Services Inc. (Kingsway).JEVCO will be Kingsway’s marketing brand in Canada, according to a release. All new and renewal business will be written on […]
As the global recession affects shipping activity, marine insurers are faced with decreased demand and an increase in piracy, according to A.M. Best. Impeding free trade could have a negative impact on the global economic recovery, Deidre Littlefield, president of the International Union of Marine Insurance (IUMI), warned during the IUMI conference in Bruges, A.M. […]
By Canadian Underwriter | September 22, 2009
Eighty-nine per cent of companies surveyed by OpenPages, a provider of integrated risk management solutions, expect to increase spending on governance, risk management and compliance (GRC) activities in 2010.The survey polled more than 50 strategic risk, governance and finance professionals from companies such as Swiss Re, Barclays and Lloyd’s, a release says.Eighty-two per cent of […]
The Financial Services Commission of Ontario (FSCO) has released the Health Claims for Auto Insurance (HCAI) 2009 Pilot Guideline. The guideline was issued to facilitate a staged return of the HCAI system, which was suspended Mar. 11, 2008. More guidelines are anticipated if the system meets performance expectations, according to the FSCO bulletin. The pilot […]
The qualification and registration committee of Registered Insurance Brokers of Ontario (RIBO), a self-regulatory body for the province’s insurance brokers, is reminding brokers that if they take on employment outside of brokering, they need to resign their registration immediately.”We consistently have cases where individuals have left a brokerage and fall under the inactive class,” RIBO […]
Claims
California’s attorney general, Edmund G. Brown, has issued subpoenas to Standard & Poor’s, Moody’s and Fitch as part of an investigation into whether or not the credit agencies’ role fuelled the financial crisis.“Standard & Poor’s, Moody’s and Fitch put their seal of approval on high-risk mortgage-backed securities, recklessly giving stellar ratings to shaky assets that […]
By Canadian Underwriter | September 21, 2009
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