Industry
An insurance company can put itself in a much better position if it questions the validity of an accident when Statutory Accident Benefit Schedule (SABS) claims are involved, John Desjardins, partner, Regan Desjardins, told delegates at the Toronto Fraud Forum on Oct. 2. Look at the different pieces of information available, especially reports and notes […]
By Canadian Underwriter | October 3, 2008
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The Insurance Bureau of Canada is hosting its eighth annual Regulatory Affairs Symposium on Nov. 5, 2008. The symposium, ‘Current Regulatory Environment For P&C Insurers,’ will be held at the St. Andrew’s Club & Conference Centre in Toronto, with registration and breakfast commencing at 7:45 a.m.The future of auto insurance rate regulation, governance risk and […]
1 min read
American International Group Inc. (AIG) intends to retain its foreign general insurance businesses, its U.S. property and casualty businesses and to retain a continuing ownership interest in its foreign life insurance operations.”Literally, everything else that does not fit that definition, we are considering for sale,” Edward Liddy, AIG’s chairman and CEO, said in a Webinar […]
The Office of the Superintendent of Financial Institutions (OSFI) is reassuring the insurance industry that its scheduled changes to Part XIII of the Insurance Act are not intended to disenfranchise a class of Canadian policyholders in favour of protecting foreign policyholders. Philipe Sarrazin, OSFI’s director of policy and legislation, spoke at the National Insurance Conference […]
By Canadian Underwriter | October 2, 2008
Insurers should reconsider their future return on equity (ROE) targets in light of the volatility existing in the Canadian private auto insurance markets, actuarial panelists told delegates attending the National Insurance Conference of Canada in Ottawa-Gatineau, Quebec.”Return on equity: this is in my view a change in the landscape, and is an area or issue […]
The US$700-billion bailout package the U.S. Senate passed on Oct. 1 will not solve the fiscal problems plaguing the U.S. economy, but it will help to some degree, Don Drummond, TD Bank’s chief economist, told delegates attending the National Insurance Conference of Canada in Ottawa-Gatineau, Quebec.The question, ‘Will the bailout package provide sufficient liquidity?’ was […]
The Office of the Superintendent of Financial Institutions (OSFI), Canada’s federal insurance solvency regulator, makes no apologies for insisting on eliminating debt from the balance sheets of Canadian property and casualty companies, noting that its strategy to reduce leverage has allowed Canadian property and casualty insurance companies to weather the current financial turmoil in the […]
Marsh Canada Limited and XN Risk have jointly announced the launch of a program that combines comprehensive directors and officers liability (D&O) protection with an insured private health care treatment plan. The plan provides key directors and officers with priority access to leading health care treatment.The program is the first executive risk insurance product of […]
By Canadian Underwriter | October 1, 2008
David H. Laidley, Mary Theresa McLeod and Michael M. Shaw have been appointed to the board of directors of Aviva Canada Inc., effective immediately. Laidley is a former chairman of Deloitte & Touche LLP. He has a broad background in accounting, auditing and business, and is currently the chairman of Deloitte’s global captive indemnity insurer, […]
The Hartford has issued a public statement to calm investors after Fitch Ratings revised its outlook on The Harford Financial Services Group’s life insurance and property and casualty operations from ‘stable’ to ‘negative.’Although Fitch revised its outlook, it maintained its ratings for The Hartford’s companies. Most of the company’s P&C insurance subsidiaries are rated ‘AA.’Nevertheless, […]
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