Industry
A “plain language gap” is becoming evident in the financial services industry and it is a growing cause of concern, Canada’s Superintendent of Financial institutions Julie Dickson told the American Bar Association in a speech made in Vancouver, B.C.”Indeed, these gaps are likely responsible for much of the unraveling we have seen in the financial […]
By Canadian Underwriter | April 21, 2009
2 min read
The Government of Canada is proposing to crack down on auto theft, by creating a separate offence of “theft of a motor vehicle” that would carry a mandatory prison sentence of six months for three or more convictions.The proposed new legislation would also establish a new offence for altering, destroying or removing a vehicle identification […]
1 min read
The Insurance Bureau of Canada (IBC) has rejected the contention of the Canadian Bar Association (CBA) that New Brunswick’s cap on minor auto injuries should be removed.In particular, IBC has challenged any assertion that bodily injury claims costs were not responsible for the spike in insurance claims costs and insurance premiums prior to 2003.The New […]
By Canadian Underwriter | April 20, 2009
Amid an unprecedented economic crisis in the United States, insurance premiums for businesses continued to slide towards a “soft landing” rather than spike upwards in the form of rate increases, according to the 2009 First Quarter RIMS benchmark Survey.”While banks and other financial institutions bought directors and officers (D&O) insurance at substantially higher rates, the […]
The Generation Group, an integrated communication and technology company headquartered in Montreal, has just acquired the exclusive distribution rights in North America and China for a Customer Experience Management (CEM) solution created by Boxalino, a Swiss company, using technologies driven by artificial intelligence.For this initiative, a new Canadian company was created, named Guidyu, the Generation […]
The American Institute for CPCU/Insurance Institute of America has joined with the Risk and Insurance Management Society (RIMS) to develop a new course entitled Enterprise-wide Risk Management (ERM): Developing and Implementing.The course is to be offered through the Center for the Advancement of Risk Management Education (CARME).Designed for practitioners with strong risk management and business […]
American International Group Inc. (AIG) has agreed to sell its 21st Century Insurance Group, comprising AIG’s U.S. personal auto insurance business, to Farmers Group, Inc. (FGI), a subsidiary of the Zurich Financial Services Group (Zurich).Under the terms of the transaction, FGI will pay AIG US$1.9 billion, consisting of US$1.5 billion in cash and $400 million […]
By Canadian Underwriter | April 17, 2009
Insurance Brokers Association of Ontario (IBAO) has partnered with the Ontario Association of Chiefs of Police (OACP) for its 2009 Crime Prevention Program.The 2009 program will see 25,000 educational booklets handed out across the province by police officers in an effort to educate Ontarians about the consequences and preventative measures related to auto theft and […]
Moody’s Investors Service has revised its outlook for the U.S. commercial lines insurance sector to negative from stable.The downgrade is based on a “confluence of factors,” including intensified stress on insurers’ investment portfolios and financial inflexibility arising from capital market turmoil, together with continued cyclical weakening of underwriting, a Moody’s release says.In addition to above-average […]
Auto rate applications approved by the Financial Services Commission of Ontario (FSCO) for 2009 Q1 averaged +0.95% based on the entire market. In 2009 Q1, the average rate change was +3.09% for the 30.91% of the market that had approved changes, when weighted by market share, according to FSCO. Rate changes approved for the entire […]
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.
