Industry
The Insurance Brokers Association of Ontario (IBAO) and Compu-Quote have announced the availability of conversion software for brokers using the ezITV tool.In late 2008, Compu-Quote announced the change of building replacement cost calculator within its rating services, sparking concerns among brokers about the potential loss of data that they had been collecting as part of […]
By Canadian Underwriter | February 26, 2009
1 min read
AIR Worldwide Corporation has announced it is sponsoring the Global Earthquake Model (GEM). The GEM project is a five-year project led by the Organization for Economic Co-operation and Development (OECD) to produce the world’s first global, open source model for seismic risk assessment. Munich Re, Zurich Financial Services, and Willis are also GEM private sponsors. […]
By Canadian Underwriter | February 25, 2009
Guy Carpenter Company is developing a reinsurance facility for micro-insurance and microfinance company operations (MFIs) after being awarded a grant by the Microinsurance Innovation Facility (MIF). The MIF — a partnership between the International Labour Organization and the Bill & Melinda Gates Foundation — promotes insurance coverage in developing countries for low-income people who otherwise […]
Despite calls for a new financial order in the wake of a global economic recession, the creation of a global financial regulator is neither practical nor desirable, the Conference Board of Canada says.The Conference Board makes a number of recommendations to avoid a recurrence of the current financial meltdown in its recent report, International Financial […]
A Quebec firm and two individuals have been found guilty and fined a total of Cdn$5,500 by the Court of Quebec for operating as an adjustment firm without the proper certification.The Autorité des marches financiers (AMF) brought four charges against Jacques Belval, Warren Jang and Developpement W.J. Infinité Projet Inc. The Court of Quebec found […]
2 min read
Claims
Insurers are increasingly using scenario analysis to evaluate multiple risks, but the industry could do more to fully exploit state-of-the-art approaches, Swiss Re’s new sigma study says.Scenario analysis helps insurers make business decisions by considering a number of potential future developments, allowing them to manage a broad range of interrelated risks.Unlike stress testing, which can […]
By Canadian Underwriter | February 24, 2009
In order to effect change in government policy, members of the insurance industry need to become ‘lobbyists’ at the grassroots level and focus on developing a relationship with their local elected government official.Dennis Prouse, director of federal government relations for the Insurance Bureau of Canada (IBC), offered the seminar entitled Insurance in Politics: Where do […]
Steven Stieber will be honoured with the Ontario Bar Association’s 2009 Award for Excellence in Insurance Law on Apr. 28, 2009. Stieber is being recognized for his outstanding achievements in the practice of insurance law and his contributions to the legal profession over many years. He is currently partner in the law firm of Stieber […]
Moody’s Investors Service has downgraded the insurance financial strength (IFSR) and senior debt ratings of Swiss Reinsurance Company (Swiss Re) and associated companies from Aa3 to A1. The ratings have been assigned a negative outlook, according to Moody’s. The downgrade concludes the review for possible downgrade that was initiated on Feb. 6, 2009. Short-term ratings […]
A mining company in British Columbia that is suing its insurers for coverage in an environmental claim may have its case heard in both the U.S. and Canadian courts, opening up the possibility of conflicting rulings in different jurisdictions.In Teck Cominco Metals Ltd. v. Lloyd’s Underwriters, the Supreme Court of Canada ruled on Feb. 20 […]
By Canadian Underwriter | February 23, 2009
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