Industry
Companies with greater risk management and enterprise risk management (ERM) maturity levels are more likely to have higher credit ratings, according to RIMS ‘State of ERM Report 2008 — an in-depth study on ERM practices.’ There is a distinct correlation between companies that score higher on the RIMS Risk Maturity Model (RMM) and companies that […]
By Canadian Underwriter | November 20, 2008
1 min read
U.S. property and casualty companies that diversified into life insurance have been hit hardest by US$55 billion in GAAP equity losses over the first nine months of 2008, according to a recent report by Fitch Ratings.Fitch analyzed a “public company universe” of 52 companies in its recent ‘Nine-Month 2008 Results Review.’ Shareholders’ equity for 46 […]
2 min read
Policy Works Inc. has released a second white paper in a campaign to communicate with commercial brokers. The white paper, ‘To Trust or Not To Trust: 7 Tactics to Help Brokers Build Trust,’ investigates why consumers have feelings of distrust towards the insurance industry. It further examines the concept of trust as a multi-factor construct […]
Brokers must maintain a balanced portfolio and resist relying too heavily on European-based insurers, warned Colin Simpson, senior vice president and chief strategy officer of Kingsway Financial Services.Simpson spoke at the Insurance Institute of Ontario’s ‘At the Forefront’ breakfast in Toronto on the need for brokers to support domestic insurers to ensure the survival of […]
After several years of strong operating results, Canada’s federally-regulated property and casualty insurers are starting to show signs of stress, the Office of the Supervisor of Financial Institutions (OSFI) said in its 2007-08 Annual Report.The industry’s overall combined ratio (COR) increased from 88.6% to 91.9% in 2007, OSFI noted. But the solvency regulator further observed […]
By Canadian Underwriter | November 19, 2008
An Ontario law firm has filed a Cdn$550-million class action against the U.S. American International Group Inc. (AIG), AIG Financial Products Corp. (AIGFP) and various directors and officers, alleging in a statement of claim that disclosures made by the American company caused massive losses to Canadian investors. The allegations have not been proven in court. […]
Insuring troubled assets through the creation of an ‘asset stabilization pool’ would help to strengthen America’s economy, Aon told the House Committee on Financial Services in Washington. The plan involves the sharing of risk by participants in an entity referred to as the “asset stabilization pool,” according to D. Cameron Findlay, executive vice president and […]
The Nova Scotia Supreme Court has allowed the admissibility of six doctors’ records in a personal injury case even though the physicians were not available to testify, but the opinions contained in the doctors’ records are not admissible as truth.In Tingley v. Wellington Insurance, the plaintiffs, Patricia Tingley, Margaret Burton, Kelli Smith and Todd Smith, […]
Ontario has introduced new legislation designed to strengthen the province’s graduated licensing system, crack down on suspended drivers and help keep impaired drivers off roadways.Proposed changes to Ontario’s Graduated Licensing System would mean it would take a new driver 16 months longer to obtain a driver’s licence (i.e. 36 months, instead of the current 20 […]
By Canadian Underwriter | November 18, 2008
Only 57% of Canadian drivers put snow tires on their cars; of the 43% who don’t, half (54%) are not willing to spend the money to do so, according to an RBC Insurance/Ipsos Reid consumer survey.The survey was conducted between Mar. 27 and Apr. 10, 2008. The poll was based on a randomly selected sample […]
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