Industry
The financial strength ratings (FSR) and issuer credit ratings (ICR) of 33 Canadian property/casualty companies have been affirmed by A.M. Best Co. Additionally, one company had its FSR and ICR confirmed, four had their ICRs upgraded, four had their FSRs and ICRs assigned and nine had their FSRs and ICRs downgraded by A.M. Best Co. […]
By Canadian Underwriter | June 23, 2009
1 min read
The European Union is moving ahead with the creation of a European Systemic Risk Board, which will monitor and assess potential threats to financial stability, the European Council has decided.In addition, “where necessary,” the risk board in a financial crisis would “issue risk warnings and recommendations for action,” the EU Council said in its Presidency […]
By Canadian Underwriter | June 22, 2009
A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” and the unsecured debt ratings of Fairfax Financial Holdings Limited of Toronto (TSE, NYSE: FFH). “The ratings of Fairfax recognize the quality of its ongoing operations, which are well-managed, diversified and well-capitalized,” an A.M. Best release says.“These ongoing operations also are historically profitable, […]
When determining death benefits under the province’s Automobile Accident Insurance Act, Saskatchewan’s government auto insurer, SGI, should use the same accounting method for calculating income as the deceased, the Court of Appeal for Saskatchewan has ruled.The decision considered whether the income of a self-employed farmer, Roger Howard Schmitz, who died in an auto accident on […]
2 min read
Piracy risk should be removed from general hull and machinery policies and placed with war insurance policies, a report from Allianz says.In the report, Piracy: An ancient risk with modern faces, Dr. Sven Gerhard, global head of hull insurance at Allianz Global Corporate & Specialty, suggests there are several problems with including piracy risk in […]
The Ontario Superior Court of Justice has overturned an order to dismiss, on account of delay, two motor vehicle insurance claims (each of which has lasted for six years or longer) that arose from an October 2001 auto accident.A court registrar made an order to dismiss the two cases on Feb. 18, 2009, after Sandra […]
By Canadian Underwriter | June 19, 2009
Claims
The University of Western Ontario, in affiliation with the Institute for Catastrophic Loss Reduction (ICLR), has received funding to build the first wind tunnel that will simulate a tornado. The Canadian Foundation for Innovation has confirmed Cdn$9.5 million to build the WindEEE (Wind Engineering, Energy and Environment) Dome.The Dome will be the world’s first six-sided […]
Manitoba Public Insurance (MPI) is requesting no overall increase in its basic Autopac rates beginning Mar. 1, 2010.If the Public Utilities Board approves MPI’s rates proposed for 2010, the average passenger vehicle premium will fall by $2 to Cdn$886, an MPI release says.A breakdown of the average applied rate changes are as follows:• Private passenger, […]
The only product in the Canadian (re)insurance market experiencing cutbacks is credit insurance, said Jack Lee, national marketing manager at BFL Canada, in BFL’s publication The Cover Note.In a question-and-answer section on the state of the (re)insurance market, Lee also commented that: “One would also expect directors’ and officers’ coverage to show caution, but insurers […]
Sixty-five per cent of survey respondents living in Alberta indicated they had not sought competitive auto insurance quotes in the past two years, according to a 2009 public perception survey commissioned by the Alberta Automobile Insurance Rate Board (AIRB).The survey included 800 interviews of adult Alberta residents, resulting in a 3.5% margin of error, accurate […]
By Canadian Underwriter | June 18, 2009
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