Industry
The recommendations from the Financial Services Commission of Ontario (FSCO) regarding the five-year review of automobile insurance is good news for accident victims facing massive deductibles imposed by auto insurers, according to the Ontario Trial Lawyers Association (OTLA) and the Ontario Bar Association (OBA). The OTLA and the OBA welcomed the report, focusing on Recommendation […]
By Canadian Underwriter | April 6, 2009
1 min read
Claims
Despite outlining 643 insurance-related activities addressing climate change in the United States and abroad, the U.S. national investor coalition Ceres says the response of insurance companies to climate change still doesn’t match the urgency of the risks associated with the issue.Ceres is a U.S. coalition of investors and environmental groups that commissioned the report, From […]
2 min read
As of June 30, 2009, Canadian companies, their employees and Canadians who do business in the United States may be required to report detailed information to the U.S. Internal Revenue Services about their Canadian bank and financial accounts if the account value exceeds US$10,000.Failure to comply or fill in the FBAR (report of foreign bank […]
Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has made 39 recommendations to the Minister of Finance on how to improve Ontario’s auto insurance system.FSCO has posted a final report on its five-year review of the province’s auto insurance system at http://www.fsco.gov.on.ca/english/insurance/auto/5yr-review/default.aspThe recommendations seem to have a little something for everyone — insurers, […]
By Canadian Underwriter | April 3, 2009
New Brunswick’s Consumer Advocate believes an “alternative” to minor auto injury caps should be explored.“One of the hottest issues in 2008 has certainly been the debate and the ongoing court litigation surrounding the minor injury cap legislation in this province as well as in other provinces in this country,” the Consumer Advocate 2008 Annual Report […]
Kingsway Financial Services Inc. has appointed Serge Lavoie President and CEO of its business in Canada, reporting to Colin Simpson, senior vice president and chief operating officer. This move follows the announcement in early February that the Company would be consolidating Kingsway Financial’s operations in Canada into a singleoperating unit.Kingsway currently does business in Canada […]
U.S. insurance agents are poised to go the way of the traditional travel agent — sidestepped and left behind in an age of Internet-driven consumer behaviour, an Insurance Profit Systems (IPS) survey found.IPS directed 35,000 subscribers to its blog and faxed its survey to 9,000 of its clients, customers and members.According to the survey results, […]
As disappointing as the Canadian property and casualty insurers’ underwriting results were in 2008, the release of Cdn$1.42 billion in reserves last year actually flattered the final tally, industry leaders learned at the 2009 Swiss Re Breakfast held at the National Club in Toronto.Overall, the Canadian property and casualty market saw its combined ratio rise […]
By Canadian Underwriter | April 2, 2009
Court challenges to the caps on claims payments made for minor auto injuries in Alberta and Nova Scotia have substantially altered insurers’ loss ratios and capital positions, Canada’s trade association for insurers says.Speaking at the 2009 Swiss Re Breakfast in Toronto, Barbara Sulzenko-Laurie, vice president of policy at the Insurance Bureau of Canada (IBC), says […]
Swiss Re has announced restructuring initiatives that include the appointment of Agostino Galvagni as chief operating officer of the executive committee, effective May 1, 2009.The reinsurer has also announced it intends to reduce its current global headcount of 11,560 by roughly 10% over the next 12 months, according to a release. The company intends to […]
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