Industry
Fair value accounting (FVA) is the innocent bystander hurt by the current financial crisis, not the villain perpetrating market volatility, panelists at a KPMG seminar said.“Fair value is not responsible for where we are today,” panelist John Reucassel of BMO Capital Markets said. “To suggest otherwise is ridiculous. “We are where we are today because […]
By Canadian Underwriter | November 27, 2008
2 min read
Although the trend towards principles-based regulation will soldier on, companies may find the regulatory pendulum swinging back somewhat more to rules-based regulation in light of the current financial crisis, panelists told a KPMG ‘Regulatory Update’ seminar.“It will be interesting to see, in the current economic climate and market conditions, whether the movement towards principles-based [regulation] […]
Supreme Collision Centre has opened a fourth location — this one in Bolton, Ontario — and the PPG CertifiedFirst Network member is taking extra steps to create a ‘green,’ environmentally-friendly shop and reduce cycle times. Ron Doering, general manager and co-owner of the newest GTA location, said it was his intention to do all the […]
Auto insurance rate regulators across the country have established the Canadian Auto Insurance Rate Regulators (CARR) Association.”Our vision is to be a recognized inter-jurisdictional Canadian association for automobile insurance rate regulators working together to improve rate regulation processes,” said association chairman Harry Gough, currently the vice chair of the Alberta Auto Insurance Rate Board.The CARR […]
By Canadian Underwriter | November 26, 2008
1 min read
Saskatchewan’s Court of Appeal has denied leave to appeal to a group of insurers that argued the addition of a plaintiff to a case fell outside of a two-year limitation period. The Appeal Court agreed with the decision of the chambers judge to reject the insurers’ arguments, although the appellate court believed the chambers judge […]
Seventy-two vehicles earned the Insurance Institute for Highway Safety (IIHS) Top Safety Pick award for 2009, more than double the number of 2008 recipients and more than three times the number of 2007 winners.Top Safety Pick recognizes vehicles that do the best job of protecting people in front, side and rear crashes based on good […]
Alberta’s Grid Risk-Sharing pool is reporting Cdn$171.1 million in total claims incurred but not reported (IBNR) as of Oct. 31, 2008, including a provision of about Cdn$81.5 million for claims liability related to Alberta’s court’s cap decision.Alberta’s Non-Grid Risk-Sharing Pool has reported a total of Cdn$44.1 million in IBNR claims as of Oct. 31, 2008, […]
The Ontario Court of Appeal has upheld an insurer’s duty to defend in a commercial liability case in which a No Frills grocery store employee was injured while engaged in horseplay at work.Dan Mitsios and Kevin Walters both worked at a No Frills grocery store. Mitsios sprayed Walters with water while he was cleaning the […]
By Canadian Underwriter | November 25, 2008
Global reinsurers have had excessive capital available to absorb the shocks of the past year, but much of that cushion has eroded, likely triggering price increases during the Jan. 1, 2009 renewals, says Standard & Poor’s (S&P’s).S&P’s predicts an average price increase of between 5% and 10%, according to its report, ‘Global Reinsurance: Excess Capital […]
Insurers’ core business models — underwriting risks — will likely not be changed as a result of the ongoing credit crisis, asserts Patrick Liedtke, secretary general and managing director of The Geneva Association.The Geneva Association, also known as the International Association for the Study of Insurance Economics, includes 80 CEOs from global insurance companies.In his […]
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