Industry
Aon Corporation (NYSE: AOC) saw its 2008 Q4 net income decrease 95%, down to US$10 million, compared to US$207 million for the prior-year quarter.The company said the drop was “primarily due to an expected [US]$116 million after-tax loss on the disposition of the remaining property and casualty insurance businesses that are now included in discontinued […]
By Canadian Underwriter | February 6, 2009
2 min read
The issuance of cat bonds decreased in 2008 amid global financial market turmoil, but it was still the third most active year since catastrophe bonds were introduced in 1997, reports Guy Carpenter & Company, LLC.In its cat bond market update, Guy Carp notes that in 2008 there were 13 issuances, with all but two occurring […]
1 min read
Adjusters should always inquire as to what medications a claimant takes on a regular basis, because the side effects of some of them might be misinterpreted as psychological impairments that form the basis of a claim. “We don’t realize how important this is,” said Dr. Zohar Waisman, a psychiatrist and assessor at Evolve Assessments & […]
Environment Canada (EC) will require companies to report their use of engineered nano-materials in a step toward developing a regulatory framework around the use of nano-technology. EC will publish a notice in Feb. 2009 that will target companies or institutions that manufactured or imported a total quantity greater than one kilogram of nano-material during the […]
By Canadian Underwriter | February 5, 2009
Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has served notice that it considers the required transition to International Financial Reporting Standards (IFRS) in 2011 to be an “enterprise risk,” and so “we are therefore monitoring the company’s response to that risk.”Specifically, FSCO is calling on all Ontario Regulated Insurance Companies (ORICs), including […]
Swiss Re Group is expecting to report a net loss for 2008 of roughly CHF1 billion (roughly the same in Canadian dollars). Significant measures are being taken to reinforce the company’s capital strength, which includes raising roughly CHF$3 billion of capital from Berkshire Hathaway Inc., subject to shareholder approval, the Group notes in a release. […]
Insurance companies should be looking to hire multi-disciplinary forensic companies as a way to save money time and resources, adjusters heard at an annual association conference.Jamie Catania, principal at Giffin Koerth Inc., discussed the increasingly specialized nature of forensics at the Ontario Insurance Adjusters’ Association 2009 Professional Development & Claims Conference.Forensics has moved well beyond […]
The hard insurance market cycle has indeed arrived, only it’s “invisible,” Marsh & McLennan Companies president and CEO Brian Duperreault told a joint meeting of the U.S. Association of Professional Insurance Women (APIW) and Chartered Property Casualty Underwriters (CPCU) Society in mid-January.Although a hardening market is coming into play, a market cycle that typically features […]
By Canadian Underwriter | February 4, 2009
Health Claims for Auto Insurance (HCAI), an electronic claims system funded by insurers to the tune of Cdn$20 million, is expected to be rolled out sometime during 2010, the Insurance Bureau of Canada (IBC) has announced.HCAI was designed to be a significant upgrade over the standardized, paper-based, medical-rehab insurance system implemented in Ontario in 2001.Currently, […]
ING Groep is selling its shares in ING Canada, meaning ING Canada will become a 100% publicly traded company on the TSX stock exchange, possibly by the end of February.”On that day, and for the first time in our industry’s recent history, a Canadian-controlled company assumes the leadership position of the industry,” says a memo […]
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