Industry
Nine catastrophe bonds were issued for the first half of 2009, generating risk capital of US$1.38 billion, according to Cat Bond Update: Second Quarter 2009, issued by GC Securities. This is compared to 11 transactions in the first half of 2008, resulting in US$2.4 billion issued, according to the report posted at GCCapitalIdeas.com. Six catastrophe […]
By Canadian Underwriter | July 27, 2009
1 min read
Marine insurance is no longer an exempted class of insurance as a result of changes to Part XIII of the Insurance Companies Act, effective Jan. 1, 2010.In a communiqué, the Office of the Superintendent of Insurance (OSFI) says amendments to the act “will remove the exemption that allowed foreign insurers to insure in Canada marine […]
The much-anticipated hard market in commercial lines is taking its time to develop, as rates for U.S. commercial property/casualty premiums idled during the second quarter of the year, according to The Council of Insurance Agents & Brokers’ (CIAB) quarterly Commercial P/C Market Index Survey. “We saw no significant change in pricing trends from the first […]
By Canadian Underwriter | July 24, 2009
The Chubb Corporation [NYSE: CB] saw its 2009 Q2 profits increase to US$551 million, compared to US$469 million in 2008 Q2, even though it wrote less premium than it did during the same period last year.Total net written premiums for 2009 Q2 accounted for US$2.8 billion, a decline of 7% from premiums of US$3 billion […]
Claims
If an Ontario auto insurer disputes its priority to pay no-fault accident benefits after the statutory 90-day notification period is over, an arbitrator oversteps his or her bounds by considering the quality and/or timing of the insurer’s investigation after the 90-day notice period is over, the Ontario Superior Court has ruled in Dominion v. Certas.Lawyers […]
By Canadian Underwriter | July 23, 2009
3 min read
The use of credit derivatives as a proportion of total derivatives was very limited in the 2009 Q1 filings of 100 companies, and its use was seemingly concentrated more among banks than insurance companies, according to a review of the filings by Fitch Ratings. Improvements to derivatives disclosure became mandatory for all U.S. companies in […]
Alberta’s auto cap legislation is going to the Supreme Court of Canada. The Alberta Court of Appeal ruled in June that a Cdn$4,000 cap on insurance claims for minor auto injuries does not infringe the Canadian Charter of Rights and Freedoms.The plaintiffs in Alberta Court of Appeal case, Peari Morrow and Brea Pederson, have instructed […]
By Canadian Underwriter | July 22, 2009
Vancity, Canada’s largest credit union, has agreed to sell Vancity Insurance Services Limited (VISL) — its subsidiary for home, auto, travel and business insurance — to The Co-operators.The price tag of the deal, which is subject to regulatory approvals, was undisclosed.VISL is a wholly owned subsidiary of Vancity that provides insurance through 17 retail branches […]
By Canadian Underwriter | July 21, 2009
Three fires are currently raging through the Kelowna area of B.C., forcing more than 11,000 residents to evacuate their homes. There are three separate fires in the Kelowna area. One is in the Glenrosa area and is estimated to be roughly 400 hectares in size, according to fire updates from the Vancouver Sun. It is […]
Aon Reed Stenhouse Inc. has acquired IAO Actuarial Consulting Services. The terms of the deal were not announced.IAO’s capabilities will be integrated into Aon’s Global Risk Consulting business, which provides a range of services from risk identification and control to assessment and risk financing, the company notes in a release. The acquisition of IAO will […]
By Canadian Underwriter | July 20, 2009
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