Industry
A.M. Best has revised how it plans to apply its Natural Catastrophe Stress Test (NCST), potentially giving insurance companies leeway in meeting risk-adjusted capital requirements in the aftermath of a reasonably severe catastrophe.The stress test considers a company’s balance sheet risks and the increased reinsurance recoverables and reserves associated with a natural catastrophe. The test […]
By Canadian Underwriter | July 20, 2009
2 min read
South Barrie Collision Centre raised $6,000 for the City of Barrie’s Royal Victoria Hospital through its charity car wash event.On July 11, members of South Barrie Collision Centre washed more than 80 cars to raise the funds. The money was donated to the RVH Hospital Expansion project and the Simcoe-Muskoka Regional Cancer Centre.“We wanted to […]
By Canadian Underwriter | July 17, 2009
1 min read
Compared to other regions, fatal collisions involving heavy trucks in British Columbia were more likely to involve truck drivers who are 41 and older or truck drivers who are speeding, according to a report by the Traffic Injury Research Foundation. The report, Best Practices for Truck Safety, identified the principal causes of casualty collisions involving […]
Travelers Guarantee Company of Canada is providing broader coverage for directors and officers of Canadian publicly traded companies in one endorsement.Travelers Executive Choice CanadianEdge is for Canadian public companies with a market capitalization of Cdn$1 billion or less.In addition to the protection offered in its public D&O liability policy, the Travelers endorsement offers the following […]
By Canadian Underwriter | July 16, 2009
The Financial Services Commission of Ontario (FSCO) approved an average rate increase of 5.86% for auto insurance, when weighted by market share, in 2009 Q2.Belair Insurance Company Inc. received approval for a decrease of 0.47%. It was the only insurer to decrease its rates in the quarter. CAA Insurance Company (Ontario) received approval for the […]
The adoption of enterprise risk management seems to have reached a plateau at 65% of firms, according to a joint Marsh and Risk and Insurance Management Society report.In the sixth annual Excellence in Risk Management VI: Strategic Risk Management in Practice, 450 risk managers were surveyed during 2009 Q1 about the impact of the financial […]
By Canadian Underwriter | July 15, 2009
Damage insurance companies in Quebec reported net earnings of Cdn$2.5 billion in 2008, a 51.3% drop compared to 2007, according to the 2008 report on insurance released by the Autorité des marchés financiers (AMF). Minister of Finance Raymond Bachand tabled the report on Jun. 18 in the Québec National Assembly. Trends among damage insurance companies […]
The impact of the current economic recession might explain why Ontario’s average lowest online auto quote decreased by 2.4% between 2009 Q2 and 2008 Q2, says Kanetix, an online marketplace for insurance quotes and mortgage rates.The counterintuitive result is featured in Kanetix’s latest quarterly car insurance premium study.The decrease is counterintuitive in the sense that […]
By Canadian Underwriter | July 14, 2009
Enhanced safety belt reminders in new vehicles has increased driver safety belt usage and reduced driver fatalities, according to a report by the Insurance Institute for Highway Safety (IIHS).In its most recent issue of Status Report, the IIHS notes that all new cars sold in the United States since 1975 have been required to display […]
The government of Canada has published the regulations surrounding low-Volatile Organic Compound (VOC) automotive refinishing products. The regulations introduce VOC concentration limits for 14 categories of coatings and surface cleaners, which are used for refinishing or repairing the painted surfaces of automobiles, trucks, and other mobile equipment, according to Environment Canada’s Web site. The regulations […]
By Canadian Underwriter | July 13, 2009
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